4th Q Loss Prompts Revised Strategy at SandRidge Energy

  The leadership challenges continue at Oklahoma City’s SandRidge Energy where following the termination of CEO James Bennett, the company reported a net loss of $19 million for the fourth quarter of 2017. New CEO Bill Griffin promptly announced he is at work on what he called a “revised strategy.” “SandRidge enters 2018 with a …

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Tulsa’s WPX Energy Reports $35 million 4th Q Loss

Even with a 68 percent increase in oil production from 2016 to 2017, Tulsa-based WPX Energy reported a fourth quarter loss this week of $35 million. It translated into a 9-cent a share loss on a diluted basis.  Earnings before taxes totaled $255 million which was 89 percent more than a year ago. For all …

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ONEOK Announces $2.3 billion in Projects

Tulsa-based ONEOK Inc. announced this week it intends to spend $2.3 billion in constructing new natural gas systems in the coming two years. Plans call for projects in Oklahoma, Texas and North Dakota. “With more than $4 billion of announced capital-growth projects since June 2017, we continue to build off of our significant asset footprint,” said Terry K. …

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Senators Show It’s Not All One-sided Politics in Washington

Joining with a Democratic U.S. Senator from Rhode Island,  Sen. Jim Inhofe of Oklahoma says the time is right to close the infrastructure gap in the U.S. The two said both sides of the aisle want to see improvements. Writing in the Wall Street Journal this week, Sen. Inhofe and Sen. Sheldon Whitehouse said it …

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Tulsa’s Unit Corporation Reports 4th Q Income Growth and Production

Tulsa’s Unit Corporation reported fourth quarter net income of $89.2 million this week and indicated its oil and natural segment production grew by 6% over the third quarter of 2017. The net income amounted to $1.71 per diluted share. It also compared to net income of $1.7 million or 3-cents a share for the fourth …

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Wind Group Spent big in Tax Fight—-Step Up Oklahoma Won’t Admit its Spending

In the wake of the failure of the civic and business group Step Up Oklahoma to get its state budget plan approved, the group is keeping secret how much money it spent on its advertising campaign. Other groups are open about their spending including OK Wind Power which claims it spent more than $220,000 on …

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Earnings and Oil Production Are Up at Continental Resources

A pretty stunning earnings report was released this week by Oklahoma City-based Continental Resources a the company said its 4th quarter oil production was up 44% over the same time period in 2016. The company reported $841.9 million in 4th quarter 2017 net income or $2.25 per Diluted Share. However of the total net income,  …

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Chesapeake Reports Increase in Oil Production and Earnings for 2017

With a 3 percent increase in oil production in 2017, Oklahoma City’s Chesapeake Energy reported its total net income for the year was $953 million.  Before taxes and interest were deducted, the firm’s 2017 earnings totaled $2.376 billion. The net income for the year translated into $0.90 per diluted share. Fourth quarter net income was …

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Mustang Gets Ponca City’s Help in Oil Drilling Fight

In what will apparently be the first legal challenge to a 2015 state law regarding the power of cities and towns to restrict oil and gas drilling in city limits, Ponca City has joined the city of Mustang in its fight. After the state supreme court said it would hear arguments in the case involving …

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Study Released on Chesapeake Energy Well that Caused Earthquakes at DFW Airport

A new study on earthquakes under the DFW International Airport says they continued for seven years after Oklahoma City-based Chesapeake Energy stopped operations of a nearby wastewater injection well. The study was carried out by scientists at Southern Methodist University in Dallas. Writing in the Journal of Geophysical Research, the scientists said the quakes started …

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