A 2Q loss of $239 million is reported by Continental Resources

After shutting in oil volumes in the second quarter of 2020, Oklahoma City’s Continental Resources still reported a net loss of $239.3 million or 66 cents a diluted share. The company’s earnings report, released Monday showed an adjusted net loss for the quarter was $255.7 million or 71-cents a share. Revenue for the quarter was …

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Slow bankruptcy process for Chesapeake Energy and Unit Corporation

  More than a month after Oklahoma City’s Chesapeake Energy filed for Chapter 11, becoming the largest U.S. oil and gas producer to seek bankruptcy in recent years, there are daily filings in the case in the bankruptcy court of the Southern District of Texas. If one thing is clear, the process is keeping busy …

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Energy news in brief

** Apache Corp. Apache Corporation and Total S.A. announced a major oil discovery at  its 1.4-million-acre offshore Suriname tract. The Kwaskwasi-1 well was drilled offshore Suriname in Block 58. The well was drilled using the Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest. ** Dominion Energy is replacing its …

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Bureaucratic rules reduction upsets environmentalists

  As expected, environmental groups are critical of the Trump administration for seeking to ease more rules for oil and gas drilling that were adopted under the Obama administration. The Associated Press reports the latest changes could save energy companies more than $130 million over the next ten years. The U.S. Bureau of Land Management …

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Internet connection available for low income students thanks to education grant

  Thanks to the CARES Act, low income students in 175 school districts in Oklahoma will be eligible for internet access. The Oklahoma Department of Education says the districts will receive mobile internet access and devices through 50,000 Verizon Unlimited 4G data plans and Jetpacks. Click here to read story at The McCarville Report.  

Arkansas farms create solar projects to power their operations

  Two major farming operations in northeast Arkansas have developed the first agricultural energy project combined two different solar technologies as a means of transforming how they get power but also saving on energy costs. Southland Gin and Delta Farms, working with Craighead Electric Cooperative and Today’s Power, Inc. came up with the project that …

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Environmentalists critical of New Mexico regulators

  New Mexico’s oil and gas industry regulators were heavily criticized by environmental groups during a recent virtual public hearing on wastewater from petroleum extraction. Environmentalists argued against the reuse of wastewater for irrigating crops in the state reported Reuters. But their arguments were met with criticism from the state’s oil and gas groups. The state …

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7-Eleven Corp. buys Marathon gas stations in $21 billion deal

  The number of 7-Eleven stores in the U.S. just increased by nearly 4,000 as Seven & I Holdings Co., the world’s largest convenience-store franchiser agreed to buy Marathon Petroleum Corp.’s Speedway gas stations in a $21 billion deal. The transaction, to be paid in cash and partly financed using debt, will add about 3,900 …

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Chapter 11 bankruptcy filed by offshore driller Noble Corporation

  Not to be confused with Noble Energy, the firm just acquired by Chevron in a $5 billion deal, offshore drilling contractor Noble Corp. has filed for bankruptcy after citing $3.4 billion in debt. The Chapter 11 filing in Texas would eliminate all of the company’s bond borrowings by swapping debt for equity, the company …

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Investors review Magellan Midstream’s earnings

  While Tulsa’s Magellan Midstream reported what one advisor called “abysmal” earnings in the second quarter 2020, the pipeline company is still getting recommendations for investment. Motley Fool reviewed the second quarter results of the company after it reported a 24% drop in earnings. Click here to view the recommendations and highlights of the company’s …

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