A year after filing Chapter 11 bankruptcy and emerging in May 2021, Oklahoma City’s Gulfport Energy Corporation reported improved earnings for the third quarter of the year. The company stated its net cash from operating activities grew to $126.3 million and delivered $69.7 million of free cash flow. As a result, Gulfport increased its …
Simmons: Methane regulations ignore industry efforts
The leader of the Petroleum Alliance of Oklahoma, Brook A. Simmons is not letting up on his critical response to the latest proposed methane rule from the Environmental Protection Agency. In yet another statement this week from Simmons, he called the new EPA rule the “most stringent methane emissions regulations ever” and said it …
Oklahoma’s Harold Hamm among world’s richest oil men
This week’s Bloomberg Billionaires Index showed how energy billionaires are becoming richer with many, including Oklahoman Harold Hamm of Continental Resources seeing large jumps in their wealth. Hamm ranked 137th on the entire Bloomberg list but when compared to other oil & gas billionaires, he was ranked 3rd richest oilman in the world. The top honor …
Diamondback Energy pledges to hold costs down for another year
Shale driller Diamondback Energy Inc. says it is preparing for a 10% jump in costs next year amid supply-chain snarls hitting the oil industry. The Permian Basin-focused driller, headquartered in Midland, Texas but with offices also in Oklahoma City, made a pledge this week to hold output steady through at least the end …
St. Louis beer maker worried gas pipeline might be closed
A polka-beer drinking song says “In Heaven, there is no beer—that’s why, we drink it here.” But a court battle over a natural gas pipeline in Missouri has some wondering if there’ll be no beer here. Spire’s natural gas pipeline battle in St. Louis finally got the attention of major businesses including the well-known …
Chesapeake Energy reports improved earnings for 3Q
Chesapeake Energy reported its third quarter operations generated $443 million in operating cash flow allowing the company to end the quarter with $849 million cash on hand. Chesapeake’s Board of Directors increased its base quarterly dividend on its common shares to $0.4375 per share, representing a 27% increase compared to the previous dividend amount. …
ONEOK records big jump in 3Q earnings
A 26% increase in net income to $392 million and 88 cents a share dividend for ONEOK Inc in the third quarter prompted the company to increase its guidance for the remainder of the year. ONEOK’s big jump in earnings compared to the third quarter 2020. The company reported a 16% increase in …
Crude oil prices slip in US and remain steady in Europe
While the world’s leaders talked global climate change in Glasbow, Scotland, crude oil prices dropped in the US and barely managed to hold even in Europe. Oklahoma energy stocks struggled during the day. West Texas Intermediate crude for December delivery dropped 14 cents or 0.17% to $83.91 a barrel. Global benchmark Brent crude for …
Cash flows to record amounts for Devon Energy
Devon Energy’s third quarter earnings were so strong, the company said it intends to offer a $1 billion share buyback as a result of the markedly improved quarter. The company’s net earnings were $838 million or $1.24 per diluted share for the quarter and adjusted core earnings were $733 million or $1.08 per share. …
Turnaround made by ConocoPhillips
From a third quarter 2020 loss of $0.5 billion and 42 cents a share to earnings of $2.4 billion and $1.78 in the third quarter of 2021—it’s what ConocoPhillips reported this week. What a difference a year made for the Houston-based company with many connections to Oklahoma. The company announced that excluding special items, …
