Another Permian Basin merger has gone down as Callon Petroleum announced a $475 million cash-and-stock deal to acquire Percussion Petroleum Operating II LLC. The deal will add about 18,000 net acres and approximately 70 high-return well locations in the Permian, Callon said in the announcement. The deal also includes potential contingent payments of up to …
New Mexico governor is optimistic her state will be picked for federal hydrogen project
New Mexico Gov. Michelle Lujan Grisham predicts her state will emerge as a national leader in hydrogen fuel production with the help of federal funding. In a recent speech, the governor was optimistic the federal government will pick New Mexico, Colorado, Utah and Wyoming as one of the nation’s regional hubs for hydrogen development reported …
First oil and gas lease sales to happen in Wyoming and Montana since Biden’s freeze
The federal Bureau of Land Management will hold at least two oil and gas lease sales in Montana and North Dakota in September, the first sales since before the Biden administration paused leasing in 2021. The Bureau of Land Management has scheduled a September lease sale for 25,759 acres, mostly in the north-central region …
Flood awareness month proclaimed by Governor Stitt
In Oklahoma, May has historically been the month with the highest number of flood disasters. Governor Kevin Stitt has proclaimed May 2023 as Flood Awareness Month. Flooding causes billions of dollars in property damage and numerous deaths each year in the United States. However, many people are unaware that losses due to flooding are …
Banks banned from state business over their ESG policies
Oklahoma Treasurer Todd Russ notified 13 financial institutions they are no longer eligible for state contracts as a result of Oklahoma’s new anti-ESG policy law. The law went into effect Nov. 1 of 2022 and since then, the Treasurer’s office was compiling a list of financial institutions that discriminated against oil and gas companies in …
Higher earnings for Williams Cos. in 1Q
Williams recorded higher earnings in the first quarter of the year with a 37% increase over a year ago in adjusted net income as it reached $684 million or 56 cents a diluted share. The Tulsa-based company reported net income of $926 million or 76 cents a diluted share—a 144% gain over the first …
Broadband group reaches milestone in Oklahoma
High-speed internet access is expanding in rural Oklahoma. The Cooperative Broadband Coalition, or CBC, celebrated a major milestone on Monday: 100,000 Oklahomans who previously did not have access now had access to high-speed. CBC Chairman Hunter Robinson said this is an amazing accomplishment and will improve the quality of life in rural Oklahoma. Click …
Cushing oil hub sees slight gain in stored crude oil
The Cushing hub in northern Oklahoma saw a slight increase in the amount of crude oil in storage in the past week as it reached a total of 33.6 million barrels. The total compared to the 33.1 million barrels reported as of April 21 of this year according to the U.S. Energy Information Administration …
Congressman targets Biden administration’s latest trucking rule
Oklahoma Congressman Josh Brecheen is targeting the Biden administration over new rules requiring big trucks to have speed limiting devices. The U.S. Representative introduced the Deregulating Restrictions on Interstate Vehicles and Eighteen-Wheelers (DRIVE) Act, which would prohibit the Federal Motor Carrier Safety Administration (FMCSA) from implementing any rule or regulation requiring vehicles over 26,000 …
Market volatility might result in Chesapeake Energy delay in more new wells
Leadership at Chesapeake Energy hinted strongly this week it might hold off on bringing more wells online if low natural gas prices continue to be a challenge. Executives informed those on a conference call that they anticipate still more volatility in the natural gas markets. Chesapeake said it had opted to conduct some maintenance …
