All it took was a forecast from the International Energy Agency for crude oil prices to climb even higher in Thursday’s trading. Numerous Oklahoma energy stocks did the same. It came after the EIA increased its oil demand growth forecast for the year. There was also the positive sign that soaring natural gas prices …
August 11, 2022 archive
Lankford joins push for transparency in foreign agricultural land purchases
Recent revelations of China’s growing number of land acquisitions in the U.S. have Oklahoma U.S. Sen. James Lankford and others concerned. But the Senator is also focused on events in Oklahoma stemming from the state’s so-called “legal” marijuana trade. As a result, the Senator announced this week plans to introduce the Security and Oversight of …
LSB Industries announces secondary offering of 13,500,000 shares of common stock
LSB Industries announced this week that affiliates of the holding company, Eldridge Industries LLC intend to offer for sale an aggregate of 13,500,000 shares of the company’s common stock pursuant to the firm’s automatic shelf registration statement filed with the Securities and Exchange Commission. The Selling Stockholders intend to grant the underwriters a 30-day …
NGL Energy Partners went from net loss to net income in a year
Quite a turnaround for NGL Energy Partners LP as the Tulsa company reported this week it went from a net loss in the first quarter of the 2022 fiscal year to $23.1 million in net income for the first quarter of its 2023 fiscal year. The firm said it had a net loss of …
Empire to discuss 2Q earnings report in coming week
Tulsa’s Empire Petroleum Corporation plans to release its second quarter earnings report in the coming week. The company announced it will release the results early in the morning on Tuesday, August 16 followed by a 10 a.m. Oklahoma time conference call. The release will be prior to the open of markets. Leadership plans to …
More fraud charges against Grady County contractor
Oklahoma Attorney General John O’Connor filed an additional Embezzlement charge in Grady County against a contractor accused of defrauding Oklahomans of thousands of dollars for home repair work he never completed. In July 2021, the Oklahoma Attorney General’s Office Consumer Protection Unit began investigating a consumer fraud case involving Norman “Buddy” Gomes, 40, who …
Yale, Oklahoma avoids bankruptcy over February 2021 storm bills
The small town of Yale in northern Oklahoma avoided bankruptcy this week over its massive bills with a natural gas supplier stemming from the February 2021 winter storm Uri. The Stillwater News Press reported the town was able to avoid declaring bankruptcy for its Water and Sewage Trust Authority that had been sued by BlueMark …
More Garvin County wells
They’re nothing like the combined production of wells we reported on earlier in the week in Oklahoma’s Garvin County, but a few more completion reports added to the number of wells recently drilled in the county. This time, it was Oklahoma City-based Continental Resources with reports of completions of two wells on a single pad. …
Big oil discovery worth a billion barrels reported in Wyoming
If oil and gas explorers in Wyoming are excited these days, there’s a darned good reason for it. A new oil discovery estimated at 1 billion barrels was recently made in the central part of the state, a state that has active operations by several Oklahoma producers. The Cowboy State Daily reports that Canadian …
$164 million 2Q loss reported by EV maker Canoo
Weeks after securing a large contract with Walmart, financially challenged electric vehicle startup Canoo, the company with plans for a manufacturing plant in Pryor, Oklahoma, reported growing second quarter losses. Canoo also is moving headquarters to Bentonville, Arkansas but its quarterly report revealed a loss of $164.4 million or 68 cents per share. It …