While oil futures hit a nearly 5-month low in Thursday’s trading, some of the energy stocks based in Oklahoma and those with activities in the state saw improvements. Alliance Resource Partners, L.P. gained 6 cents for a 1.87% increase to $3.27 per share. Blueknight Energy Partners finished up 2 cents for a 1.48% gain …
Oil futures took a nose dive in Thursday’s trading, reaching their lowest level since June. Analysts blamed rising COVID-19 cases that resulted in tighter restrictions on Europe and also highlighted the worries about the outlook in the U.S. and the rest of the world. West Texas Intermediate crude for December delivery fell $1.22, or 3.3%, …
** Iraq, the United Arab Emirates (UAE), and Kuwait – the biggest OPEC producers behind Saudi Arabia – are reportedly not particularly inclined to support a rollover of the cuts of 7.7 million barrels per day (bpd), because such cuts are too deep for their economies and budget incomes to sustain. This news came from Reuters on Thursday, …
The impact of the COVID-19 pandemic and resulting devastation to the world’s oil and gas industry led to a third-quarter 2020 loss of $0.5 billion or 42 cents a share by ConocoPhillips, the company announced Thursday. The massive loss compared to third-quarter 2019 earnings of $3.1 billion or $2.74 per share. The company stated …
Leadership at the Southwest Power Pool, of which Oklahoma is a part, expect wind to be their top fuel source for electricity generation this year. Arkansas Business reported the expectation came out of the Pool’s quarterly meeting held recently in Little Rock, Arkansas where the Pool is headquartered. Wind and other renewable sources of …
Oklahoma City’s Mammoth Energy Services managed to turn things around in the third quarter of the year, reporting actual net income of $3.4 million or 7 cents a share compared to a second quarter net loss of $15.2 million and 33 cents a diluted share. The $3.4 million in net income also compared to …
Oklahoma City’s Devon Energy reported Thursday it suffered a net loss of $92 million or 25 cents a share in the third quarter. Despite the loss, the company stated in a filing with the Securities and Exchange Commission, “The company’s financial position continues to remain exceptionally strong with excellent liquidity and low leverage.” Devon’s …
An estimated 600 people were evacuated early Thursday morning following the derailment of 25 cars of a train in the southeast Texas community of Mauriceville. The derailment happened about 100 miles east of Houston and at least 15 of the derailed cars were loaded with chemical products. The Orange Leader reported that four of …
Reports indicate that Exxon Mobil Corp. plans to cut 15% of its global workforce by the end of 2022. Bloomberg reported the cuts will include 1,900 jobs in the U.S. with most of them in Houston, Texas. The entire layoffs around the globe will total about 14,000 workers. Other layoffs will occur in Europe …
Utility companies say an estimated 370,000 customers lost electrical power in this week’s ice storm that literally put much of Oklahoma in the dark. Most of those who lost power lived in the western half of the state but included a large segment of Oklahoma City. OGE reported it has 2,500 personnel on the …
