Crude oil prices managed another gain in the second day of trading this week but Oklahoma energy stocks didn’t follow the same path. West Texas Intermediate crude for June delivery went up 36 cents to $65.28 a barrel in trading on the New York Mercantile Exchange. Global benchmark Brent crude for July delivery rose …
Chesapeake Energy’s 1Q earnings report since bankruptcy
After emerging from Chapter 11 bankruptcy and restructuring, Oklahoma City-based Chesapeake Energy reported it not only generated $409 million in first quarter 2021 operating cash flow, it ended the quarter with $340 million in unrestricted cash on hand. The company had nearly $500 million unrestricted cash on hand at the end of April and …
Cole introduces legislation in response to McGirt vs. Oklahoma
Congressman Tom Cole (OK-04) on Tuesday introduced legislation in the U.S. House of Representatives related to last summer’s ruling on McGirt vs. Oklahoma by the Supreme Court of the United States. If enacted, the legislation would authorize the Chickasaw Nation, Cherokee Nation and the State of Oklahoma to find agreement and compact without federal government involvement. …
Giant solar operation sits next to Permian Basin’s oil and gas ops
West Texas isn’t home to just the massive Permian Basin oilfields but now is the site of a 3,600 solar operation that will help meet the growing demand for electricity in that part of the state. Orsted announced completion of its Permian Energy Center project, a 460 MWAC hybrid solar and battery storage facility …
Electric planes take flight
Electric airplanes are slowly becoming popular in the aviation industry. Aviation Week Network calls it the Electric Revolution and undoubtedly electric plans will soon be flying in Oklahoma, if they aren’t already. The Network says the list keeps getting longer as more and more electric-powered aircraft development programs target the general aviation market. Click …
Rep. Bice wants to know if science was behind Biden’s Paris accord pledge
Oklahoma’s freshman U.S. Rep. Stephanie Bice wants to know more details of the Biden administration’s emissions reduction pledge to the Paris Agreement. As the Ranking Republican on the House Committee on Science, Space, and Technology Subcommittee on Environment, Rep. Bice led a letter to National Climate Advisor Gina McCarthy making the request. “We’re seeking answers on how …
Laredo Petroleum makes $715 million acquisition in West Texas
Laredo Petroleum, Inc. announced this week its $715 million acquisition of Sabalo Energy, LLC, a Corpus Christi, Texas- portfolio company of EnCamp Investments L.P. The deal involved $625 million in cash and nearly 2.5 million shares of Laredo common equity and expands holdings by another 21,000 contiguous acres near Big Springs in Howard County, Texas. …
Oklahoma legislators to explore impact of February storms
The Oklahoma legislature plants joint House and Senate hearings to explore the utility cost issues that arose from the February winter storm that smashed Oklahoma, Texas and other Midwestern states. The House and Senate announced the hearings on Tuesday. Committee members will hear from a number of industry stakeholders regarding various topics concerning the winter …
Janitors losing their jobs at Chesapeake Energy campus
At least 56 janitorial workers for Ohio-based ABM Industry Groups are losing their jobs over a new contract for services at Oklahoma City’s Chesapeake Energy campus. ABM Industry Groups, LLC, based in Cleveland, Ohio informed the Oklahoma Office of Workforce Development that it would no longer provide janitorial services for Chesapeake Energy effective July …
Oklahoma gasoline prices unaffected by Colonial pipeline attack
After the Russia-based DarkSide ransomware gang hit the Colonial Pipeline, the company began limited shipments Monday night. Oklahoma most likely won’t be affected by the shutdown according to AAA Oklahoma. The line runs from Greensboro, North Carolina to Maryland. However, Colonial’s two main lines that connect the refinery operations in Houston, Texas to North Carolina …
