Crude oil futures finished lower on Wednesday as investors weary over an uptick in global coronavirus infections which may lead to further disruption within a fragile economic environment. West Texas Intermediate crude spiked before settling at $39.00 a barrel on the New York Mercantile Exchange. Brent crude futures rose to $41.00 per barrel earlier in the …
2020 archive
Boeing Announces $449 Million Loss for 3Q 2020, Job Loss Imminent
As losses continue to rapidly rise due to decreased revenue associated with the pandemic, Boeing Co. announced that it will cut an additional 7,000 jobs in order to shore up lower demand for new aircraft, according to an article by the Associated Press. The company said that when retirements and other employee departures are included, …
ONEOK Posts 14% Increase for Third Quarter 2020 Financial Results
Tulsa-based ONEOK, Inc. announced its third quarter 2020 financial results showing an increase of 14 percent in operating income. This amount represents a whopping 55% increase in operating income compared with 2Q 2020 results, according to a company press release. The company said its net income for the quarter was $312.3 million or 70 cents …
Oklahoma Achieves B Ranking Under 2020 Digital States Survey
The Center for Digital Government announced the results of its 2020 Digital States Survey, a biennial evaluation of the technology practices of all 50 states. Oklahoma maintained its B grade evaluation based on quantifiable results of the state’s use of technology to improve service delivery, increase capacity, streamline operations and achievement of policy goals. Since the last …
Management shakeup at Unit Corporation—CEO Merrill leaves the company
A big change in management at Tulsa-based Unit Corporation was announced Tuesday, including the departure of David Merrill has President and Chief Executive Officer. He not only stepped down as the company’s leader but resigned as well from the Board of Directors. The board of directors (Board) has named current Chairman, Philip Smith, to the …
Williams Announces Quarterly Cash Dividend
Tulsa-based Williams’ board of directors has approved a regular dividend of $0.40 per share, or $1.60 annualized, on the company’s common stock, payable on Dec. 28, 2020, to holders of record at the close of business on Dec. 11, 2020. The dividend is consistent with the third-quarter 2020 dividend and is a 5.3% increase …
Valero to pay $2.85 million fine for violating pollution standards
Valero Energy Corp. agreed to pay a $2.85 million fine and to improve its emissions controls and fuel quality management to settle alleged violations of the Clean Air Act that the Environmental Protection Agency identified in an audit. The EPA said the San Antonio independent refiner produced millions of gallons of gasoline between 2012 and …
Energy news in brief
** Southeast Texas player Yuma Energy is not doing reorganization, it’s liquidating. The Delaware corporation — which according to documents consulted by The Texas Energy Report, lists a Houston address — has had its voluntary Chapter 11 petition for relief under US bankruptcy laws converted to a Chapter 7 liquidation in Bankruptcy Court for the Northern District …
Mid-Con Energy merging with Contango Oil and Gas
The oil and gas industry’s latest merger, that of Tulsa’s Mid-Con Energy Partners and Fort Worth-based Contango Oil and Gas should be completed by early next year according to officials involved in the all-stock deal valued at about $400 million. The combined company will be headquartered in Fort Worth, TX but will continue to …
Wheeler calls on DOJ to investigate Greens
EPA Administrator Andrew Wheeler has asked the Justice Department to investigate several environmental groups over concerns they were receiving secret funding from foreign governments, such as China and Russia. POLITICO reported that Wheeler on Monday asked the Justice Department to investigate several environmental groups, including the Sierra Club and the Sunrise Movement, over concerns they …