Continental Resources reported more than $1 billion in cash flow and adjusted net income of $437.2 million along with $1.20 adjusted share from its third quarter operations but analysts say it also missed the adjusted share mark by 20 cents. Its year to year revenue totaled $1.34 billion, again $70 million lower …
November 2021 archive
Oil and gas prices boost Oklahoma government revenues
Rapidly rising crude oil and natural gas prices helped push Oklahoma Gross Receipts to the Treasury into uncharted territory in October, State Treasurer Randy McDaniel announced Wednesday. Gross receipts of $1.27 billion for October and $14.7 billion for the past 12 months set record highs yet again. Monthly receipts are up by 16 percent …
Mammoth Energy and shareholders reach lawsuit settlement
Mammoth Energy Services announced Wednesday a proposed settlement of derivative lawsuits filed by shareholders following federal investigations of contracts the company had to restore electrical power in Puerto Rico after the 2017 Hurricane Maria. The Oklahoma City company had been hit with four such lawsuits in 2019, two in Oklahoma City federal court and …
Evergy discredits Sierra Club report on coal-power plant closings
Kansas electric utility Evergy refutes a Sierra Club report that says customers could save a lot of money by Evergy shutting down its coal-fired power plants by 2030. The utility says such a shutdown is impossible reported KMUW radio. “That cannot and will not happen,” said a spokesman for Evergy. Click here for KMUW.
Net income soared for Oklahoma refinery operator
Pipeline and refinery operator Holly Energy Partners reported third quarter 2021 net income that was nearly two and one-half times that of a year earlier. But it also saw a decline in revenues in the third quarter. The Dallas-based company, with pipeline and refinery operations across Oklahoma and other oil and gas producing states reported …
Energy headlines for Thursday
** As he tries to wrangle environmental support abroad, President Joe Biden faces a new climate challenge in Washington, where the Supreme Court could upend the EPA’s power to regulate carbon emissions under a long-standing air pollution law reports Roll Call. ** Sen. Kyrsten Sinema (D-Ariz.) is privately questioning a proposed fee on methane emissions targeting …
Earnings improve for Gulfport Energy after emerging from bankruptcy
A year after filing Chapter 11 bankruptcy and emerging in May 2021, Oklahoma City’s Gulfport Energy Corporation reported improved earnings for the third quarter of the year. The company stated its net cash from operating activities grew to $126.3 million and delivered $69.7 million of free cash flow. As a result, Gulfport increased its …
Simmons: Methane regulations ignore industry efforts
The leader of the Petroleum Alliance of Oklahoma, Brook A. Simmons is not letting up on his critical response to the latest proposed methane rule from the Environmental Protection Agency. In yet another statement this week from Simmons, he called the new EPA rule the “most stringent methane emissions regulations ever” and said it …
Oklahoma’s Harold Hamm among world’s richest oil men
This week’s Bloomberg Billionaires Index showed how energy billionaires are becoming richer with many, including Oklahoman Harold Hamm of Continental Resources seeing large jumps in their wealth. Hamm ranked 137th on the entire Bloomberg list but when compared to other oil & gas billionaires, he was ranked 3rd richest oilman in the world. The top honor …
Diamondback Energy pledges to hold costs down for another year
Shale driller Diamondback Energy Inc. says it is preparing for a 10% jump in costs next year amid supply-chain snarls hitting the oil industry. The Permian Basin-focused driller, headquartered in Midland, Texas but with offices also in Oklahoma City, made a pledge this week to hold output steady through at least the end …