** Exxon Mobil Corp is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with a multi-billion-dollar quarterly loss looming. It was unclear how extensive the cuts will be. The largest U.S. oil company slashed this year’s budget by 30% in April. ** Mexico’s Pemex’s trading …
July 2020 archive
New regulations in Colorado resort county seek to drive carbon from homes
The wealthy who make their mountain homes in Aspen, Colorado, including those who warn the world about the effects of global warming while whisking around in their private jets, now face new greenhouse gas emission rules in the city of western Colorado. Rules went into effect July 30 as the city examines ways to …
Judge upholds Colorado’s new air-quality rules
The northern Colorado county that is home to a large part of the state’s prolific oil-producing BJ Basin challenged Colorado’s new state air-quality rules and lost this week. A Denver district judge has rejected Weld County’s challenge of the rules that were aimed at reducing oil and gas emissions reported the Denver Post. Judge …
After unexpected compromise in Iowa, net metering fight moves to dockets
Months after an unexpected compromise between Iowa utilities and clean energy groups to preserve net metering in the state, the sides are sparring again about how the new law should be interpreted by regulators. And the latest fight involves a gigantic truck stop in the state. The state’s two major utilities, Interstate Power …
Minnesota firm buys wells being drilled by Oklahoma operators in North Dakota
Minnesota-based Northern Oil and Gas, Inc. is acquiring some Williston Basin wells being drilled by Oklahoma’s Continental Resources Inc. and WPX Energy. It is described as a $3.5 million cash deal and 2.95 million shares of Northern Oil and Gas in exchange for 400 net acres, 0.7 net producing wells, 1.9 net wells in …
Phillips 66 cuts losses but it’s still losing money
Phillips 66 is making strides in cutting costs but the Texas company with operations throughout Oklahoma still reported a second-quarter loss of $141 million or 33 cents a share. It was less than the $2.5 billion the company lost in the first quarter of 2020. The company’s adjusted loss for the second quarter was $324 …
SandRidge Energy CEO added to board of directors
The Board of Directors at Oklahoma City’s SandRidge Energy has added company President and CEO Carl Giesler, Jr. to the board. In a filing made with the Securities and Exchange Commission, the company said Giesler’s term will end at the annual meeting of stockholders to be held in 2021. “Mr. Giesler’s appointment was …
Oklahoma Regulators review their rules and find some are outdated
A review of operations at the Oklahoma Corporation Commission stemming from an executive order found dozens of rules out of thousands that are duplicative or outdated. The review came about after the Judicial and Legislative Services Division of the Commission created Executive Order 2020-03. A Compliance Report Team, consisting of OCC staff attorneys and representatives …
ConocoPhillips to restore production by the end of September
ConocoPhillips is indicating it will slowly restore its crude oil production in the coming weeks and do so by the end of September. The Houston, Texas company said it expects production reductions in the current quarter to be about half of what they were in the last quarter. In April, ConocoPhillips had cut nearly …
Driller files for Chapter 11 bankruptcy
A Plano, Texas driller, Denbury Resources Inc. has become the latest oil producer to enter bankruptcy court for protection from its debtors. The driller filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Texas. It joins a long list of other oil and gas producers that have been …