Denver’s Ovintiv Inc., the energy company with strong activity in Oklahoma’s STACK play, reported second quarter net earnings of $1.36 billion and the highest quarterly cash flow in more than a decade. Its cash flow was $1.22 billion while free cash flow totaled $713 million. Net earnings totaled $1.36 billion after-tax or $5.21 …
August 2022 archive
Crude prices slumped nearly 4% to six month lows
All it took was a government report to show crude and gasoline stockpiles unexpectedly surged last week and crude oil prices fell to nearly six-month lows. Prices dropped nearly 4% also as OPEC+ stated it would increase its oil output target by 100,000 barrels a day. West Texas Intermediate crude for September delivery …
Strong 2Q allows Laredo Petroleum to continue repurchase of shares and debt
A big second quarter for Laredo Petroleum was reported this week including net income of $262.5 million, cash flows from operating activities of $368.1 million, and free cash flow of $110.5 million. The company reported net income attributable to common stockholders of $262.5 million, or $15.41 per diluted share. Adjusted Net Income1 for the second quarter of 2022 was $127.8 …
Williams invests in technology to generate zero-emission hydrogen with natural gas
Williams announced a direct investment in Aurora Hydrogen, a company developing technology that converts natural gas to hydrogen with zero carbon dioxide (CO2) emissions. Aurora Hydrogen’s technology uses microwave energy to convert methane to hydrogen and solid carbon without generating CO2. Williams’ investment will support scaling production to 200 kg of hydrogen per day, …
Expanded Permian Basin activity for Devon Energy
Second quarter earnings were so strong for Devon Energy and Diamondback Energy that the two companies raised production guidance and capital budgets for their activities in the Permian Basin. S&P Global reported Devon is raising its full-year 2022 production forecast by 3% to a range of 600,000-610,000 b/d of oil equivalent, owing to better-than-expected …
Tax conflict developing over winter storm ratepayer backed bonds
Another conflict is developing at the Oklahoma Corporation Commission over those billions of dollars in securitization bonds used by four public utilities to cover their February 2021 winter storm costs. The issue will be raised during the Commission’s Thursday morning meeting during which a review of the ratepayer backed bonds used by the utilities …
Record oil and gas tax collections in Oklahoma
State collections from oil and gas production again climbed to record levels in July, only a month after setting an all-time high, State Treasurer Randy McDaniel announced as he released the latest Gross Receipts to the Treasury report. Total collections in July of $1.38 billion are 13.3 percent higher than receipts in July of last …
Feds start air search for emissions violations over Permian Basin
The federal government is launching an investigation of the Permian Basin where many Oklahoma energy companies are active with new drilling and transportation of oil and gas. Helicopters will be used to fly over the basin as the government investigates whether there are violations of government air standards through carbon emissions from those operations …
More headlines
** Automakers want Democratic Senator Joe Manchin to revisit his proposal to restructure the $7,500 electric vehicle tax credit, raising fears it could be largely unworkable because of new sourcing requirements for battery components and critical minerals. ** Fox News anchor Harris Faulkner briefly lost it during a contentious interview with Sen. Joe Manchin (D-WV) on Tuesday, taking strong …
Will Falling Prices at the Pump Slow Down With Higher Demand?
While Oklahomans continue to benefit from some of the lowest gasoline prices in the nation, the national average for a gallon of gas fell to $4.21, down 14 cents since last week. A slight uptick in gas demand could end the steady drop in daily pump prices, according to a press release issued by AAA. …