April 10, 2018 archive

Devon Begins Layoffs of 300 Workers After Reporting Strong Revenue Growth in 2017

Just a few months after Devon Energy issued a 2018 outlook predicting 25% growth in  oil  production and announcing strong revenue growth in the fourth quarter of 2017, the Oklahoma City company announced the start of the layoff of 300 workers. The company announced it expected to save $200 million by 2020 as a result …

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Email Suggests Pruitt Did Sign Off on Controversial Pay Raise

An email now suggests Scott Pruitt maybe did sign off on controversial pay raises for an aide he brought with him from Oklahoma when he took over the Environmental Protection Agency. It’s what The Atlantic reported this week and the email is in direct contradiction to what Pruitt, the former Oklahoma Attorney General told Fox …

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Longtime Phillips Executive Joins Plains All American

A promotion has been announced for the senior management team at Houston-based Plains All American Pipeline L.P. A man with more than 20 years of experience at Phillips 66, Chris R. Chandler will join the company as Sr. Vice President of Strategic Planning and Acquisitions. He most recently was general manager of Corporate Strategy at …

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Enable Midstream to Release 1Q Earnings Report May 2

Oklahoma City-based Enable Midstream Partners LP plans to release its first quarter 2018 earnings report on May 2, 2018. The actual release will be made before market hours on that Wednesday followed by a conference call at 9 a.m. CDT where company leaders will discuss the results. The fourth quarter earnings released in February 2018 …

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Governor Signs Bill into Law Affecting Royalty Payment Interest Rates

Governor Mary Fallin has signed into law a bill making changes to the interest rate paid by oil and natural gas producers when there are issues with royalties on minerals. The governor signed House bill 2775 making it effective Nov. 1 at which time changes to the Production Revenue Standards Act will happen. Under the …

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Realtors Take Issue with Call by Striking Teachers to Eliminate Capital Gains Tax Exemptions

The call by striking teachers for the state to eliminate the tax deductions or exemptions from capital gains is being opposed by at least one group. The Oklahoma Association of Realtors came out this week with a video and statement indicating such a move would be harmful to Oklahoma’s economy. Capital gains exemptions are common …

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Chesapeake Considers Possible Sale of Billions in Senior Notes

Chesapeake Energy in Oklahoma City has filed forms with the SEC indicating the possible sale of several billion dollars in Senior Notes. In the filing made this week with the Securities and Exchange Commission, the energy company indicated the information in the prospectus was not complete and could be changed. Chesapeake also noted that it …

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AG Bends—Releases Controversial Audits of Tar Creek Superfund Site Buyouts

After being sued by a Washington D.C. watchdog group and facing criticism, Oklahoma Attorney General Mike Hunter has released controversial audits of how the buyout of homes and businesses was handled at the Tar Creek Superfund site. He announced the release after getting approval from Judge Thomas Prince who presides over Oklahoma’s Multicounty Grand Jury.  …

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State Regulators Respond to Oklahoma’s Latest Earthquakes

State regulators are waiting to see if their latest attempts to ease the potential for an increase in northern Oklahoma earthquakes will work. Following what was originally rated a 4.6 magnitude earthquake, the Oklahoma Corporation Commission directed the operator of one wastewater disposal well to reduce the volume of injection. The volume was to be …

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