** The Biden administration on Friday said it would resume plans for oil and gas development on federal lands following a court ruling this week that temporarily restored a measure meant to factor the cost of global warming into federal decision-making. ** White House press secretary Jen Psaki urged operators of gasoline stations to pass on …
Former legislator continues fight against storm recovery act in Oklahoma
Yet another back-and-forth round of filings took place this week before the Oklahoma Supreme Court in the constitutional challenge of the February 2021 Regulated Utility Consumer Protection Act that allowed the use of ratepayer-backed bonds to help utilities recover their storm costs. After Attorney General John O’Connor’s filing of non-intervention in the challenge filed by …
US crude closed at $105 while volatility was in control of prices
Crude oil prices managed another gain on Friday for the week, but were still down 4% for the week as volatility gripped control over little progress seen in talks between Russia and Ukraine. Prices for West Texas Intermediate crude for April delivery went up $1.72 to settle at $104.70 a barrel on the New …
Baker Hughes rig count steady across U-S and Oklahoma
The weekly count by Baker Hughes of oil and gas rigs in the U.S. and Oklahoma was unchanged this past week, an indication that many energy companies continue their resolve to maintain dividend growth rather than financing additional exploration. The oil and gas servicing company reported Friday the number of rigs in Oklahoma was …
Supreme Court asked to okay total of $3 billion in storm costs bonds
Make it $3 billion in ratepayer backed bonds a state agency wants the Oklahoma Supreme Court to approve to cover 2021 February winter storm costs experienced by four utilities. Filings were made March 16 by the Oklahoma Development Finance Authority to cover storm costs experienced by Public Service Company of Oklahoma, Oklahoma Natural Gas …
Dems target Devon and others—want congressional hearing
Democrats on a House Committee have put oil and gas companies again in their targets, planning to call leaders of three such firms, including Oklahoma-based Devon Energy to an April hearing on Capitol Hill. Whether the executive leaders of Devon Energy, EOG Resources and Occidental Petroleum will comply is another matter. An earlier …
Oil companies offer millions in aid to Ukrainian war refugees
Not to be outdone by Oklahoma City’s Devon Energy and its $20 million in humanitarian aid for Ukrainian war refugees, Pioneer Natural Resources in Dallas matched the offer. It also announced $20 million humanitarian aid to relief organizations operating in Ukraine and the surrounding region. The announcement came the same day that Devon made …
Enverus reports US increase in rig activity
The U.S. rig count rose by seven in the last week to 766 as of March 16, according to Enverus Rig Analytics. Activity levels are up 5% in the last month and 64% in the last year. The count was as high as 768 in the last week compared to a peak of 759 …
Devon Energy pledges $20 million in humanitarian aid in Ukraine
With the number of refugees fleeing Ukraine amidst its war with Russia reaching into the millions, Oklahoma’s Devon Energy announced a pledge of up to $20 million to support humanitarian efforts. The oil and gas company stated the money will be split among several organizations providing emergency medical care, food supplies, financial support and …
Crude oil settled back above $100 while OK energy stocks jumped
Worries about anticipated crude oil supplies caused by sanctions on Russia resulted in a price rebound on Thursday as crude rose 8% and finished above $100 a barrel. Oklahoma energy stocks rebounded as well with some seeing gains of more than 10%. West Texas Intermediate crude for April delivery went up $7.94 and closed …
