April 23, 2018 archive

Group Drops Petition Drive for Higher Gross Production Taxes on Oil and Gas

The group of oil producers and educators behind a petition drive to increase the gross production tax on oil and gas wells in Oklahoma dropped the effort on Monday. Restore Oklahoma Now, Inc. announced it had withdrawn the petition to raise the GPT on new wells to 7% in order to raise $300 million for …

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Oil Prices Rebound on News of Death of Rebel Leader in Yemen

After early declines in Monday trading, oil prices settled higher for the day.  Analysts believe concern over potential oil flow disruptions caused by a Saudi-led air strike that killed the head of the Houthi rebels in Yemen was behind the rebound. West Texas Intermediate crude on June contracts were up 24 cents and settled at …

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Roundup Ruling to Affect Oklahoma Lawsuits

A ruling by a California appeals court against Monsanto is likely to have an impact on lawsuits brought by a handful of Oklahomans who filed suit claiming the company’s product Roundup caused their cancer. The California court refused to revive Monsanto’s lawsuit which had been filed after the state’s Office of Environmental Health Hazard Assessment …

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Oil and Gas Community Pitches In to Help Wildfire Victims

The oil and gas community has pitched in over the past few weeks in helping residents deal with the deadly and devastating wildfires in northwest Oklahoma. “The last three days our little county has been literally burning to the ground and while people were losing a lifetime of hard work and livelihood, the oilfield stepped …

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Wildfires Leave $1.6 million Damage to Western Farmers Electric Cooperative

While rain helped firefighters gain more control of the two monstrous wildfires in northwest Oklahoma, the fires have caused an estimated $1.6 million to the Western Farmers Electric Cooperative. In a recent update, WFEC said the fires destroyed lines and utility poles. The most significant damage was in Dewey County where it totaled $745,000 to …

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Court Rules Fracking Gas Without Permission is Trespassing

Oklahoma City-based Chesapeake Energy leaders might be wondering about the impact of a Pennsylvania Superior Court ruling on their operations in the state. The Court has ruled a natural gas drilling company trespassed by  operating a well through which hydraulic fracturing was used to remove natural gas from beneath the property of a family next …

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Schlumberger reports drop in 1Q Earnings

  Schlumberger Limited reported its first quarter 2018 revenue totaled $7.8 billion, a drop of 4 percent compared to the fourth quarter of 2017 and a 14 percent decline from a year ago. The Paris-based company with a major offices in Oklahoma City said its pretax operating income of $974 million  took a 29% nose …

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Halliburton Reports 1Q Income of $46 million

Halliburton says it had first quarter 2018 income of $46 million on its worldwide operations including those in Oklahoma and Texas. The income figured to be $0.05 per diluted share. The $46 million compares to a $32 million loss reported in the first quarter of 2017 or $0.04 per diluted share. The adjusted income excluding …

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Wind Leader Accuses House Leadership of Deceit and Duplicity

House leadership at the Oklahoma state capitol has reportedly turned down economic concessions made by the wind industry in a fight over taxes. Mark Yates, Oklahoma Director of the Wind Coalition says if the House follows through with its plans it will be “recorded as one of the darkest years in our history.” It’s the …

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Late Completion Filing Shows Large Well in Kingfisher county

The latest completion reports published by OK Energy Today indicate at least a dozen oil wells drilled and producing for Oklahoma Energy Acquisition in Kingfisher County. But all were actually drilled last summer and completed in the fall. So the company was just filing the reports. The largest of the wells was the Themer 1706 …

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