Falling crude oil prices hits Oklahoma firms hard


From Devon Energy to SandRidge to Williams….they all suffered Monday in trading on the New York Stock Exchange as oil prices dropped.

Devon Energy, the large company known for its landmark Devon Tower in downtown Oklahoma City saw stock drop by $5 a share from the previous close of $13.37 a share. Trading late Monday showed Devon shares in the $8.37 a share range.

“Devon Energy is evaluating how it will respond to the shock to global energy and financial markets caused by collapsing oil prices, which saw WTI lose 25% on Monday to $31 per barrel.,” said Tim Harley, company spokesman. “The energy markets were already under intense pressure by uncertainty associated with the COVID-19 coronavirus epidemic.”

He said the company’s financial position is “exceptionally strong with excellent liquidity and low leverage and is enhanced with over 40% of its estimated oil production hedged at a protected price of $53 WTI.

“Devon will provide any meaningful updates of operational plans as they become available.  Devon will remain vigilant with all COVID-19-related prevention issues such as limiting business travel and extensive cleaning of our facilities.”

SandRidge Energy shares were off 87 cents reaching Monday afternoon to $1.11. The previous close was $1.98.

Chesapeake Energy was down 6 cents to 16 cents a share. ONEOK was down $23.11 hitting the $38 a share range.

Phillips 66 stock from more than $7 a share reaching more than $62 a share.

National Oilwell VARCO dropped $4.54 and hit $11.14 at the end of the day.

Continental Resources