Inhofe and others move to close loopholes used by anti-fossil fuel states

Oklahoma U.S. Sen. Jim Inhofe and two other Republican Senators have introduced a measure to close Clean Water Act loopholes used by some states against fossil fuel development. He and Senators John Barrasso of Wyoming, Shelley Moore Capito of West Virginia and Steve Daines of Montana introduced the Water Quality Certification Improvement Act of 2018.  …

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ONEOK reports increased 2Q earnings

ONEOK reported its second-quarter 2018 net income totaled $281 million  while operating income was up 40 percent and adjusted earnings increased 30 percent from a year ago. The Tulsa-based utility said the net income was 68 cents a diluted share compared to 33 cents last year at this time. Distributable cash for the second quarter …

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Chesapeake Energy reports a $40 million 2Q loss for stockholders

Oklahoma City’s Chesapeake Energy reported a $16 million second quarter net loss and a net  loss of $40 million available to common stockholders on the heels of the company’s $2 billion sale of Utica Shale assets in Ohio. It also still has more than $9 billion in debt. The earnings report released this week showed …

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New Cushing to Louisiana crude oil pipeline to be built

A new crude oil pipeline is going to be constructed in Oklahoma and will carry oil from Cushing to Louisiana. Tallgrass Energy, LP based in Leawood, Kansas announced plans to develop the Seahorse Pipeline to the St. James, Louisiana refining complex. The company also plans to construct a separate new export-capable liquids terminal strategically located …

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Dallas firm divests $201 million in West Panhandle assets

Oil assets in the Texas Panhandle were sold this week in a $201 million deal involving Pioneer Natural Resources Company of Dallas and an undisclosed buyer. Pioneer Natural made the announcement saying it sold all of its assets in the West Panhandle field and the agreement is expected to close in the third quarter of …

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Investment firm acquires EnerVest’s South Texas operations

  EnerVest, a company with operations in Oklahoma City and Elk City completed the sale of its South Texas Division to TPG Pace Energy Holdings Corporation. As a result, TPGE changed its name to Magnolia Oil and Gas Corporation and will see its Class A Common Stock and Warrants traded on the New York Stock …

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New board member named at Williams Companies in Tulsa

After recently retiring from the New York State Common Retirement Fund, Vicki Fuller has been named as an independent director on the Board of Directors at the Williams Companies, Inc. in Tulsa. The appointment is immediate for Fuller who spent six years as chief investment officer at the New York State Fund, which is the …

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Holly Energy makes $17.5 million purchase in Tulsa

A $17.5 million purchase of loading facilities in Tulsa by Dallas-based Holly Energy Partners, L.P. from Holly Corporation became official on Wednesday. The purchase  involved truck and rail loading and unloading facilities at Holly’s refinery in Tulsa.  In announcing the acquisition, the company said it anticipates nearly $2.7 million incremental annual revenue. The company paid …

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Rumbling earthquake recorded Wednesday morning near Blanchard

An earthquake measuring 3.5 magnitude rattled south central Oklahoma early Wednesday morning. The U.S. Geological Survey said the quake’s epicenter was located about 6 miles southeast of the city of Blanchard. It was recorded at 5:11 a.m. So far, there are no reports of damage. The Oklahoma Geological Survey recorded at least 4 smaller earthquakes …

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Chesapeake’s $2 billion sale of Utica shale holdings prompts review by Moody’s

Chesapeake Energy’s announced $2 billion sale of its Utica Shale holdings last night prompted Moody’s Investors Service this week to consider upgrading the company’s credit. Moody’s said it was in the process of reviewing the company’s corporate family rating which is six notches below investment grade and its senior unsecured rating. Moody’s indicated it might …

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