ConocoPhillips unloads Barnett shale play holdings in $230 deal

ConocoPhillips is unloading its interests in the Barnett shale play around Fort Worth, Texas. It is a $230 million agreement reached with Lime Rock Resources, a Houston, Texas firm that operates in four main regions in six states.  The company’s website states that it is actively seeking to add acquisitions to its existing areas and …

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WPX Energy reports increased oil production but an $83 million net loss for shareholders

Hedging activities led to a second quarter 2018 net loss of $83 million for common shareholders for Tulsa-based WPX Energy. The company said the loss was driven by $154 million of net losses associated with its hedge book resulting from higher forward oil rices along with a $71 million loss on extinguishment of debt. For …

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Williams sees drop in net income with less revenue coming in

Williams’ President and CEO Alan Armstrong is spot on when he says it’s clear the company’s focus on natural gas volume growth and—-continued confidence in low-price natural gas continues to drive demand for services. His comments came after the company reported unaudited second quarter 2018 net income of $135 million, an increase of $54 million …

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OSHA cites 3 companies over rig blast that killed 5 workers near Quinton

OSHA’s cited three companies over the January 2018 deadly rig explosion and fire that killed 5 workers near Quinton, Oklahoma. Patterson-UTI Drilling of Houston, Texas,  Crescent Consulting LLC of Oklahoma City and Skyline Directional Drilling LLC of Oklahoma City were cited for exposing employees to fire and explosion hazards in the incident. The workers died …

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2Q drop in net income for OKC’s Blueknight Energy Partners

Net income was down significantly in the second quarter 2018 for Oklahoma City’ls Blueknight Energy Partners, L.P. but the company’s total revenues were up by nearly twice as much as a year earlier. The company said net income was $1.8 million on revenues of $83.5 million for the three months ending June 30. It compared …

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Enable Midstream shows $30 million jump in adjusted earnings

Enable Midstream in Oklahoma City reported an increased second quarter earnings showing adjusted earnings totaled $245 million, an increase of $30 million compared to a year earlier. The company also said it achieved an all-time high for quarterly natural gas gathered, natural gas processed, natural gas liquids produced and crude oil gathered volumes. Enable indicated …

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Money is the fuel for a political campaign

If money is critical to a political campaign, then it might explain why Cathy Costello is ahead in at least one poll as she and Rep. Leslie Osborn compete for the GOP Labor Commissioner runoff. A review of campaign reports of both candidates shows Costello not only outraised Osborn in money for the June primary …

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Frugality and earnings calls at Chesapeake Energy

For some reason, Bloomberg News thought it might be interesting to compare earnings calls made by Chesapeake Energy’s CEO Doug Lawler and the company’s late founder, Aubrey McClendon. As it reported this week, it found Lawler’s reputation for being frugal with payrolls and drilling budgets carries over to his earnings calls where he limits them …

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Oklahoma regulators approve refund for PSO customers

Customers of Public Service Company of Oklahoma will be getting a refund for the rest of the year following action on Wednesday by the Oklahoma Corporation Commission. In a unanimous vote, the commission approved a $30 million reduction in PSO rates. The move resulted in a monthly saving of $6.08 for a PSO average customer. …

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OU Professor tapped by President to be head of Office of Science and Technology Policy

President Trump has tapped  Dr. Kelvin Droegemeier, who serves as secretary of science and technology on the governor’s  executive Cabinet, to serve the country as director of the Office of Science and Technology Policy. President Donald Trump announced he intends to nominate Droegemeier, of Norman, to the post, which provides the president and others within …

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