Reports suggest that Continental Resources founder Harold Hamm of Oklahoma City is among those oil company executives invited to meet Friday with President Trump at the White House to discuss the oil price war that has seriously wounded the U.S. oil and gas industry. POLITICO’s Morning Energy Report on Thursday indicated the meeting would involve …
April 2020 archive
New Mexico regulators approve abandonment of coal-fired power plant
Regulators in New Mexico have signed off on allowing the state’s largest electric utility to abandon a coal-fired power plant that’s been operating for nearly 50 years near Farmington. The decision by the New Mexico Public Regulation Commission was unanimous on Wednesday and will allow shareholders in Public Service Company of New Mexico to recover …
Murphy oil makes more cuts to capex, dividends and executive salaries
Arkansas-based Murphy Oil, whose CEO has been ill with the coronavirus and recently took a medical leave from his duties announced even more reductions this week in its remaining capital expenditures for 2020 as well as cuts in the salary of executives and dividends to shareholders. The reductions amount to a 48% cut in the …
New COO named at HollyFrontier
Dallas-based HollyFrontier Corporation, operator of refineries in Tulsa and in Kansas and other states gets a new Chief Operating Officer. The company announced Timothy Go will join HollyFrontier as Executive Vice President and COO effective in July 2020 after leaving his current role as CEO of Calumet Specialty Products Partners, L.P. He has 30 years …
North Dakota regulators OK carbon dioxide, natural gas liquids pipelines
North Dakota regulators approved two pipelines this week, one that will carry carbon dioxide from a ConocoPhillips plant to the southwestern corner of North Dakota, and another to transport natural gas liquids across the northwestern part of the state. The Public Service Commission granted permits for the projects in unanimous votes during a meeting held …
Hundreds furloughed by Tulsa coal mining decision
As a result of the decision announced this week by Tulsa’s Alliance Resource Partners to temporarily shut down coal mining operations in Illinois, hundreds of employees were furloughed. Alliance did not refer to the furloughs or temporary layoffs at the time of its announcement. But the decision left hundreds of employees furloughed at Riverview Coal …
Enable Midstream reduces capex by 48%
Oklahoma City-based Enable Midstream Partners, LP announced it is not only cutting its dividend payments this year but also reducing its 2020 capital expenditures by 48%. The 48% cut in capex totals about $115 million including an estimated $70 in maintenance capital. “Due to the sharp decline in commodity prices and producer activity across our …
BP latest to make cuts in spending
BP slashed its 2020 spending plan by 25% and will reduce output from its U.S. shale oil and gas business in the face of the recent collapse in oil prices due to corononavirus, it said on Wednesday. The London-based company said it now plans to spend $12 billion this year, down from $15 billion. …
Georgia Senator discloses more stock trades
Georgia U.S. Sen. Kelly Loeffler just disclosed more stock trades, including shares in retail companies she sold and ones she bought in Dupont, which makes medical supplies, The Atlanta-Journal Constitution reported. She and a handful of other Senators, including Oklahoma U.S. Sen. Jim Inhofe grabbed headlines for stock sales made after a Senate Intelligence …
Schlumberger layoffs, furloughs, exec pay cuts incoming
A report by the Houston Business Journal says oil field services giant Schlumberger Ltd. is making further changes to its operations as a new downturn grips the oil and gas industry, changes that will include layoffs, furloughs and other moves to save money. The company will accelerate efforts to restructure its land-based operations, which will include a …