** Oklahoma Gas and Electric is dealing with power outages due in part to strong winds that whipped Oklahoma and brought snow flurries and freezing temperatures. As of mid-day on Monday, the utility was down to about 6,000 customers without power,down from 8,500 earlier in the day. The largest outages were in Shawnee where 1,675 customers …
November 11, 2019 archive
BLM might expand employee numbers at new headquarters in Colorado
The creation of a new Bureau of Land Management headquarters in Grand Junction, Colorado might involve more employees than originally announced. Acting director William Pendley said up to 40 might be located in the Western Colorado city once the relocation is made from Washington, D.C. William Perry Pendley, who is meeting in Grand Junction this …
Permian drillers depending more and more on wind farms for electricity
A bit of irony exists as the oil and gas industry finds itself dependent on wind and solar power to make sure the shale boom continues. It’s in West Texas where there is growing demand for electricity to power the drilling rigs. It wasn’t but a few years ago, at least in Oklahoma, where the …
Permian Basin wildcatter isn’t letting up
(courtesy Bloomberg) Wildcatters in the oil and gas business pride themselves on being independent, tough and resilient. Midland, Texas billionaire Autry Stephens must be one of them. The Houston Chronicle reports on his aggressiveness in the Permian Basin. The drilling permits speak for themselves. Wildcatter billionaire Autry Stephens is not ceding control of the Permian …
A nervous wait for pensioners at bankrupt coal company
Those wondering if their pensions will be wiped out with the recent bankruptcy of the coal company Murray Energy will have to wait to learn what might happen. The company has $8 billion in debt and attorneys involved in the court proceeding say it’s just to early to determine how the company might emerge, if …
Kansas continues to exceed renewable energy goal
With $11 billion in wind energy in the past decade, the state of Kansas has topped its Renewable Energy Standard goal by 16.5 percent in the past year. KSNT TV reports the goal was to have 20 percent of an industry’s demand generated by renewable energy and in the past ten years, the state has …
Income reported by NGL Energy Partners
Instead of a loss reported a year ago, Tulsa’s NGL ENergy Partners LP reported income of $0.7 million from continuing operations for the third quarter 2019. A year ago, the company had a loss of $26 million. However, for the six months that ended Sept. 30, 2019, the Partnership had a loss of $1.7 million, …
Drop in commodity prices hits Unit Corporation
While Tulsa’s Unit Corporation’s BOSS drilling rigs are at 100 percent contracted, the company still reported a loss of nearly $207 million or $3.91 a diluted share in the third quarter of 2019. Like other energy companies, the reason is the drop in commodity prices. “The loss is primarily attributable to the deterioration in realized …
Nine Energy reports quarterly loss
Nine Energy Service, Inc., one of the STACK and SCOOP operators in Oklahoma reported a $21 million net loss or 70 cents a share in third quarter 2019 revenues. The Houston company reported total revenues of $202.3 million and said its third quarter 2019 adjusted net loss was $4.7 million or 16 cents per adjusted …
Devon warns its STACK operations would be the first to take a hit if slowdown gets worse
Just because it is one of the major energy companies in Oklahoma City with the iconic downtown 50-story office tower doesn’t mean Devon Energy is free of the same kind of oil and gas industry financial challenges faced by every other firm. And if dire steps are needed, Oklahoma’s STACK would be among the company’s …
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