After 70 years of being headquartered in El Dorado, Arkansas, Murphy Oil is moving to Houston. And last week’s decision has left the city devastated. Click here to view Associated Press report.
2020 archive
Companies ponder question of how to restore oil production
Just because U.S. and Canadian oil producers, including those in Oklahoma have shut-in as much as 4.5 million barrels of oil a day doesn’t mean they’re sitting idly around. They’re already planning how to resume production when that time comes. In Oklahoma and the U.S. companies have announced plans to stop more than 600,000 barrels …
$186 million in 1Q losses reported by Continental Resources
Continental Resources, Inc. announced first quarter 2020 operating and financial results with a net loss of $185.7 million or 51 cents a diluted share. The company wrote down $222.5 million in property impairments for the quarter compared to $25 million a year ago. “This has been an unprecedented global market environment, which has seen …
Mammoth Energy reports loss in 1Q
Mammoth Energy Services reported an increase in total revenue for the first quarter of 2020 but also an increased net loss of $84 million or $1.85 per fully diluted share. It was a $24 million dollar increase in net loss compared to the end of the previous quarter on December 31, 2019. Company leaders don’t …
SandRidge Energy shuts down headquarters in pandemic
The coronavirus has forced Oklahoma City-based SandRidge Energy Inc. to close its headquarters. In a filing with the Securities and Exchange Commission, the company informed government regulators their ability to respond for the filing of government forms was affected as well. “In particular, COVID-19 has caused the Company’s headquarters in Oklahoma City, Oklahoma to close due …
Decision time approaches for Oklahoma regulators on question of mandated reduction of produced oil
Oklahoma regulators will hold a hearing Monday whether to support a request of an oil and gas group to order reduced production of crude oil statewide, despite a 1988 Oklahoma Supreme Court ruling that said the Corporation Commission does not have the authority to issue such a ruling. Commissioners will meet Monday morning at …
Civeo reports 1Q losses of $147 million
Civeo Corporation, the man camp service provider that closed its Oklahoma operations in the middle of the pandemic and oil crisis reported a first quarter 2020 loss of $146.5 million or 87 cents a diluted share. The Houston-based company said its first quarter revenues were $138.8 million and operating cash flow amounted to $20.8 …
Continental Resources to release earnings report on Monday
We’ll learn later today how well Continental Resources Inc. did in the first quarter of the year. The Oklahoma City-based company will release its earnings report before the open of trading Monday on the New York Stock exchange. At 11 a.m. Central Time, the company will hold a conference call where executive leadership will discuss …
Chesapeake executives agree to compensation cuts
Executives at Chesapeake Energy are taking big pay cuts in light of the oil crisis and the coronavirus pandemic and their combined impact on the oil and gas company. A filing with the Securities and Exchange Commission stated that the companies two top officers, President and CEO Robert Lawler and Executive Vice President …
Oil approaches $25 a barrel mark
Will crude oil prices pick up where they left off on Friday and continue surging higher? That’s the question on Monday after crude prices finished higher last week as benchmark prices finished up by 25%. West Texas Intermediate was up 5% or $1.19 and finished at $24.74 a barrel, just under the $25 mark. Analysts …