Increased earnings and revenue were the order of the day for Houston-based Baker Hughes Co. The company, with major operations throughout Oklahoma, reported an 18% increase in first quarter revenue of $5.7 billion while adjusted operating income rose $160 million to reach $438 million. Cash flows generated from the company’s operating activities were $461 …
Trucking giant J.B. Hunt in the middle of a “freight recession” as revenues drop
Trucking firm J.B.. Hunt proclaimed this week it is in the middle of a “freight recession.” Leaders of the Arkansas-based truck line, whose trucks can be seen daily on Oklahoma interstates and highways, had earlier forecast a freight rebound this year. But it didn’t happen. Transport Drive reported Hunt’s revenue fell 7% in the …
Senator Mullin says Biden put politics over American energy prosperity
“The Biden administration prioritizes politics over American prosperity.” That’s the “in-your-face” assessment by Oklahoma U.S. Sen. Markwayne Mullin. Writing recently in the Washington Times, the Republican Senator charged the administration “has been gas-lighting our domestic energy producers for the past two years.” He accused the White House of using “faulty statistics” to justify its …
Oklahoma Senate supports bill preparing for disposal of wind farm blades
A bill designed to put strict requirements on wind turbine blade disposal operators won nearly a unanimous support in the Oklahoma Senate. House Bill 2359 was approved Wednesday on a vote of 46-1 with the lone opposing vote coming from Sen. Nathan Dahm. The bill already received unanimous support in the House on a …
FERC denies Southwest Power Pool plan for self-funding of transmission line improvements
Efforts by the Southwest Power Pool to standardize a pathway for transmission owners to build and profit from network upgrades were rejected recently by the Federal Energy Regulatory Commission. Oklahoma is a member of the Power Pool. The plan was opposed by the American Clean Power Association which argued utility self-funding could lead to …
Forced pooling the target of reforms in Colorado
Forced pooling, such as exists in Oklahoma, is getting more attention in Colorado where some lawmakers are seeking to reform the process. Some of the state’s lawmakers want more transparency in the process and a bill to do so will face a public hearing this week before a Senate committee. The bill has its …
Quarterly financial report to be released by Mammoth Energy Services
Mammoth Energy Services, Inc. in Oklahoma City will release its first quarter financial earnings report next week, hoping to build on a fourth quarter 2022 where total revenue soared by 80% over the previous year. The release will be made after the market closes on Thursday, April 27. Leadership will hold a conference call …
Head of SEC grilled by Lucas and others about rule changes
Congressman Frank Lucas (OK-03) joined his colleagues on the House Financial Services Committee for a hearing on “Oversight of the Securities and Exchange Commission”. Lucas questioned U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler on the negative impact of the SEC’s proposal to publicly disseminate large security-based swap positions. Lucas also expressed his concerns at …
Growing salaries for energy company CEOs
The issue of soaring executive salaries. It’s a topic undertaken this week by Zacks Equity Research which explored why ExxonMobil XOM and Chevron CVX increased their CEO pay amid declining median worker salaries. At least one report said the average CEO compensation in the U.S. was $11.6 million at 20 large exploration and production companies while …
Gulfport to unveil 1Q results
After reporting nearly $749 million in net income in the fourth quarter, Oklahoma City-based Gulfport Energy Corporation plans to release its first quarter earnings report May 2. The company said the release will be on that Tuesday after the market closes. A teleconference and webcast will be held the next day, Wednesday, May 3 …
