May 16, 2020 archive

Oil operators await NYMEX reaction to end of latest oil contracts

A month after oil futures plunged to nearly $38 negative, another oil contract for traders expires this week. And it’s led to a lot of speculation whether negative territory will be seen again. Whatever happens, it might play a role in affecting any decision by Oklahoma regulators on a request to declare produced oil “waste” …

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Chesapeake Energy shares soar in Friday’s trading

Days after Oklahoma City’s Chesapeake Energy admitted it might fail if it cannot file Chapter 11 bankruptcy, the company’s stock soared nearly 24% in trading on Friday. The shares rose so quickly Friday morning that five trading halts were triggered because of volatility according to a report by Market Watch. By day’s end, Chesapeake shares …

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Tulsa is a finalist for a Tesla car plant

Hopes are high. Fingers are crossed. Perhaps some good economic news can come out of the coronavirus pandemic as Tulsa is one of two finalists for a new Tesla assembly plant. The other is Austin, Texas according to the Tulsa World which quoted an unidentified person “brief on the matter.” According to the newspaper, Tesla …

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HEROES Act approved without support of Oklahomans in the House

Even though the $3 trillion Democrat coronavirus stimulus bill, the one labeled as a “parade of absurdities,”  included support for her plan to make cheap oil purchases for the U.S. Strategic Petroleum Reserve, Oklahoma Democrat congresswoman Kendra Horn couldn’t and didn’t vote for the measure on Friday. It passed on a 208 to 199 vote …

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Oil operators await possible action by regulators on “Waste” oil request

  Oklahoma Corporation Commissioners have yet to set a date for any public comment or decision on a request by some oil operators to declare the current production of crude oil a “waste” thereby allowing those operators to safely shut-in their wells. The Commission has a Tuesday morning signing agenda but it does not include …

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Riviera Resources unloads OKC offices in $21 million sale

  One Houston-based energy company has just wrapped up the more than $21 million purchase of the Oklahoma City offices of another Houston-based firm. EOG Resources Inc. completed the purchase of Riviera Operating LLC’s offices at 14701 Quail Springs Parkway in Oklahoma City for a price of $21,392,500. “We purchased the building and relocated our …

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Williams denied permit to build gas pipeline extension to New York City

  Tulsa-based Williams Cos. suffered another loss in its continuing efforts to build a controversial pipeline aimed at carrying natural gas to homes in New York City. On Friday, New York Gov. Andrew Cuomo (D) rejected a permit for Williams to build the Northeast Supply Enhancement Pipeline and lay a new conduit under Lower New …

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