May 29, 2019 archive

Oil and gas employment drops in OKC

Newly-released city and county jobless rates show the number of those employed in the oil and gas industry dropped in Oklahoma City and held steady in Tulsa. The Oklahoma Employment Security Commission reported overall unemployment rates for April were lower in 75 of Oklahoma’s 77 counties. The rates were up in the remaining two counties. …

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OGE awaits rate decision by Oklahoma regulators

The Oklahoma Corporation Commission is being urged by the Oklahoma Sierra Club and OGE customers to reject the company’s ongoing rate case. “We need to invest in low, zero-carbon resources for power generation,” said Johnson Bridgwater, director of the Oklahoma chapter of the Sierra Club. “We immediately need to stop investments in coal plants backed …

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Chapter 11 bankruptcy is filed by OKC’s White Star Petroleum

Oklahoma City-based White Star Petroleum LLC announced it is entering Chapter 11 bankruptcy protection. The firm’s filing indicated it has liabilities at nearly $500 million while assets total between $500 million and $1 billion. The filing came after five creditors filed an involuntary Chapter 11 case  without notice against White Star last week in Oklahoma …

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Texas oil production is up despite loss in jobs and drilling efforts

A new report in Texas shows the state’s oil production is still breaking records as prices improve while there has been a decline in the Texas Petro Index. The TPI is similar to the Energy Index in Oklahoma and is based on such things as rig count, drilling permits, well completions and employment. The latest …

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Severe storms pound state with large hail while floodwaters create more concerns in Tulsa

The round of severe weather Tuesday afternoon and evening in Oklahoma prompted authorities in several towns and cities to sound their tornado sirens. Fortunately, it was only circulation and possible funnel development in the storms as emergency management officials took no chances. In the end, there were no tornadoes that occurred Tuesday in the state. …

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Midstream Energy Fund expands holdings

Kansas City-based Tortoise Midstream Energy Fund announced it has reached an agreement to acquire the midstream energy asset management business of Advisory Research Inc. from its parent company Piper Jaffray Companies. The Advisory Research midstream energy infrastructure team has nearly $3 billion in assets under management in both balanced and equity strategies. The transaction brings …

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New report focuses on underground gas storage facilities

A national Natural Gas Storage Work Group has released a report on underground gas storage that evaluates potential vulnerabilities at gas storage operations and identifies prospective regulatory responses for consideration by state and federal agencies. Most underground gas storage facilities have safe histories of operation and allow large supplies of gas to be stored during …

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Governor signs mining-water bill into law

Oklahoma Gov. Kevin Stitt signed a bill into law this week amending the state’s mining rules and regulations as they relate to the impact on water. Senate Bill 1080 clarifies certain Oklahoma Water Resources Board requirements as they pertain to mining. The new law focuses on mines that overlay a “sensitive sole source groundwater basin …

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Top Chesapeake Energy leaders obtain more shares in the company

Filings with the U.S. Security and Exchange Commission show major acquisitions of shares by two top Chesapeake Energy officials. Chairman and CEO Robert D. Lawler and Executive Vice President and Chief Financial Officer Domenic J. Dell’Osso Junior each obtained 50,000 shares in the company. Each share had a value of $2.0199. The acquisition leaves Lawler …

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Devon sells Canadian holdings in $2.8 billion agreement

Oklahoma City’s Devon Energy announced Wednesday it has sold its Canadian operations in a $2.8 billion deal with Canadian Natural Resources Limited. The company said the transaction was still subject to customary terms and conditions and is expected to close by the end of the second quarter of 2019. Proceeds will be used by Devon …

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