December 2020 archive

WPX and Devon shareholders say ‘yes’ to merger

  The merger of Oklahoma City’s Devon Energy Corporation and Tulsa’s WPX Energy, Inc. was approved by shareholders of both companies this week. An announcement by the two firms indicated the merger is anticipated to close on Jan. 7, 2021 after shareholders voted in favor of all proposals necessary for the closing of the previously …

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Oklahoma rig count increased in past week as did national total

  The last oil and gas rig numbers to be released in 2020 by Baker Hughes Co. showed Oklahoma’s count increased by one to 17 in the past week. The number compared to 51 oil and gas rigs reported a year ago. The State’s increase came as national oil and gas rig figures grew by …

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Pioneer Natural Resources starts note buyback as part of merger

  Pioneer Natural Resources Company announced Wednesday the launching of a note buyback program involving $1.1 billion in senior notes due in 2027 and 2028 that were held by Parsley Energy, the company merging with Pioneer. The offer includes $700 million in 5.625% Senior Notes due 2027 and  $399,472,000 in 4.125% Senior Notes due 2028. The buyback offer has a …

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Energy news in brief

** According to FracTracker Alliance (an association that tracks drilled wells), the total number of active wells in the US are 1,666,715. ** The Russian subsidiary of Japan’s Honda Motor said it would stop supplying new cars to official dealers in Russia in 2022 as part of the company’s efforts to restructure its operations. Honda has no …

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Sen. Cruz defends billionaire oilmen who took $35 million coronavirus relief loan

  After being targeted by the Wall Street Journal, Texas U.S. Sen. Ted Cruz is pushing back in defense of oil and gas companies owned by two of his biggest political donors  who received a $35 million coronavirus pandemic relief loan. The Dallas Morning News reported the Senator fired back at Wall Street Journal reports …

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A plan to link Midwest wind power with West Coast solar power

  Whether their dream of linking Midwest wind powered electricity with solar power from California will ever be realized, two energy consultants have a plan. A big one. They are promoting a $9.5 billion project for an interstate transmission and storage program to link the two regional electricity grids. Reporter Karen Uhlenhuth wrote about it …

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FAA rules to help identify drone operators

  The government has finalized rules and regulations for drones that use the air space over people and it will have a direct impact on the growing commercial use of drones, whether it’s by utilities checking lines and power poles or by energy companies checking pipelines. The Federal Aviation Administration released the list of final …

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Devon makes $20 million sale of Wyoming assets

  Oklahoma City’s Devon Energy finished 2020 with a nearly $20 million sale of holdings in Wyoming to independent oil and gas company Denbury Inc. headquartered in Plano, Texas. The sale involved Devon’s assets in the Big Sand Draw and Beaver Creek oilfields of Freemont County, Wyoming. The acquisition by Denbury involved associated surface facilities …

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New Amtrak trainsets tested near Pueblo, Colorado to enter service in 2021

  Amtrak’s next-generation Acela trainsets capable of speeds up to 160 miles an hour has finished its testing in southeast Colorado and is about to enter service on the East Coast in the coming year. The Acela is the much faster and more modern Amtrak version than Amtrak’s Heartland Flyer that runs between Oklahoma City …

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Tuesday wasn’t kind to Oklahoma energy stocks

  Scrooge must still be hanging around the markets as Oklahoma energy stocks didn’t fare any better on Tuesday than they did Monday. It came on a day when crude futures saw increases in their prices. US benchmark, West Texas Intermediate crude for February delivery finished up 12 cents at $48.12 for a change of …

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