After reporting a record high quarterly dividend of $1.27 per share, Devon Energy will not be tinkering with a system that is successful not only for shareholders and investors but for the Oklahoma City company. “”Now looking beyond the current year, I want to emphasize there’s no real change to how we’ll manage our …
Regulators to be briefed on funding for well-plugging projects in Oklahoma
Oklahoma Corporation Commissioners will get an update Thursday morning on federal funding for orphaned well site plugging operations. In their 9:30 a.m. meeting, the regulators will get the update from the agency’s Oil and Gas Conservation Division regarding funding under the federal Infrastructure Investment and Jobs Act. Commissioners will also consider and take a …
Continental Resources loses court fight over $2.4 million in overbilling
The Oklahoma Supreme Court ruled against Continental Resources Inc. this week in a lawsuit in which the Oklahoma City-based oil and gas company alleged it had been overbilled $2.4 million by a North Dakota oilfield company. Continental’s lawsuit was against Wolla Oilfield Services, LLC, a North Dakota limited liability company that operates as a …
More energy headlines
** According to the most recent results from the Residential Energy Consumption Survey (RECS), 56% of U.S. homes used at least one internet streaming device with a TV in 2020—an increase from 29% in 2015. An equal percentage of U.S. homes, 56%, used at least one set-top box with a TV in 2020, which is a decline from …
Oklahoma tax collections hit record level in April but oil and gas figures declined
Oklahoma Treasurer Randy McDaniel announced gross receipts to the Treasury in April surged to a record high driven by income tax payments, but gross production taxes on oil and natural gas decreased. Revenue from gross production taxes totaled $132.1 million, a decrease of $1.6 million or 1.2%. Despite the decline for April, collections generated $1.36 …
Supreme Court Justices blast Attorney General for “failure” to represent OGE consumers
In the Tuesday Oklahoma Supreme Court ruling that upheld the constitutionality of an act allowing utilities to seek ratepayer bonds for 2021 winter storm costs, Attorney General John O’Connor was taken to the wood shed by one Justice for not standing up for the consumers of Oklahoma. “The utility consumers that the Attorney General …
Gulfport Energy reports strong quarterly showing
Improved earnings and natural gas production for Gulfport Energy Corporation led the company to expand its stock repurchasing program. The company reported Tuesday its first quarter financial results showing $235 million of adjusted EBITDA. The company also said it was moving to expand its stock repurchasing program from $100 million to $200 million. In …
OK energy stocks had a strong day in trading while oil prices dropped
Those worries about China and its nagging COVID-19 lockdowns dragged down oil prices by more than 2% on Tuesday as Europe moved closer to a total embargo of Russian crude oil. But Oklahoma energy stocks had a good trading day. West Texas Intermediate crude oil for June delivery in the U.S. dropped $2.76 before settling …
Magellan Midstream hit with lawsuit alleging monopoly practices
Tulsa’s Magellan Midstream was accused of “anticompetitive practices” and running a pipeline monopoly in a lawsuit filed this week by Converge Midstream, LLC in Houston, Texas. Converge’s lawsuit, Converge Midstream Partners, LLC v. Magellan Crude Oil Pipeline Company, L.P. and Magellan Midstream Partners, L.P. was filed Tuesday in State District Court in Harris County, Texas. The …
Supreme Court upholds winter storm bonding law
In an 8-0 ruling, the Oklahoma Supreme Court ruled Tuesday that the state’s controversial winter-storm bonding securitization law, one created after the disastrous February 2021 Winter Storm Uri, was constitutional. And it ruled the bonds in question were properly authorized. The decision came in the initial request of Oklahoma Gas and Electric in its …
