A day after slipping, the price of oil in the U.S. and overseas was up reaching $25.09 a barrel for West Texas Intermediate crude. It was a gain of $1.46 on Wall Street while in London, Brent crude rose $1.79 to reach $33.60 per barrel. The favorable response on Wall Street came a day …
Oklahoma City’s Continental Resources Inc. has suspended its quarterly dividend because of what it calls the “demand destruction” caused by COVID-19 pandemic. In an announcement this week, Bill Berry, Chief Executive Officer said the company will continue taking “decisive” action to maximize cash flow generation, accomplish cost savings initiatives and prioritize the strength of …
Reports suggest that NextEra Energy, the Florida-based firm with numerous wind farm operations throughout Oklahoma might be in the hunt to acquire Kansas City-based Evergy. Other utility giants are also said to be interested in such an acquisition including American Electric Power, parent of PSO in Oklahoma and St. Louis-based Ameren. One report indicated …
Democrats in the U.S. House have come out against a request made by 30 Republican Representatives, including Oklahoma Reps. Tom Cole and Kevin Hern to provide royalty relief for oiol and gas producers drilling on federal lands during the coronavirus crisis. Led by Natural Resources chairman, Rep. Raul Grijalva of Arizona, the Democrats have urged …
The mad rush is underway. Oil drillers are trying to find places to store oil and the Cushing tank farm is reported to be quickly filling up. S and P Global Market Intelligence published a recent assessment of the situation, pointing out that Permian Basin shale drillers “now face a once-unimaginable threat—there could soon …
** The city council in Iowa City rejects a proposed lease agreement for a MidAmerican Energy solar project due to residents’ conservation concerns. ** Electric truck startup Rivian delays the launch of two models as the coronavirus causes a production slowdown at the company’s Illinois plant. ** An Ohio-based electric vehicle startup receives a letter of intent from a Florida company seeking to order …
Customers of Public Service Company of Oklahoma might soon see reduced electric bills as PSO applied with the Corporation Commission to reduce its monthly fuel cost recovery on bills. In a Wednesday announcement, PSO said the request is due to lower costs for purchased power and the fuel to generate electricity. The utility submitted a request …
The Energy Information Administration Tuesday released a sharp downward revision to its U.S. crude oil production forecast. Declines are now projected to be deeper and begin faster than the prior forecast issued less than a month ago, as the chart above shows. EIA now sees U.S. crude oil production falling to an average of 11.76 million barrels …
Holly Frontier Corporation, operator of refineries in Tulsa and Kansas and other states has moved to cut its 2020 capital expenditures by nearly 15%. The Dallas-based company said its capex will be reduced from the original budget of an estimated $729 million down to about $525 million. The revised capital budget was announced Wednesday as …
Rural electric cooperatives are among those standing in line for the country’s next coronavirus relief package. The National Rural Electric Cooperative Association, the group representing rural co-ops in Oklahoma and elsewhere in the U.S. asked congressional leaders for relief this week. More than 30 such electric cooperatives are members of the Oklahoma Electric Cooperatives …
