Based on its third quarter results, ONEOK, Inc. announced it expects a more than 10% increase in its 2023 net income and adjusted earnings compared with the 2022 guidance midpoints. What’s behind it? The company’s 2023 outlook is driven by expected continued strength in fee-based earnings and rates, stable to growing producer activity providing higher …
November 1, 2022 archive
$100 million loss reported by ONEOK in Medford facility fire
ONEOK, Inc for the first time is releasing some details about the disastrous July 9 fire that occurred at its liquids fractionation facility in Medford, Oklahoma. It indicated the loss approached $100 million. In its third quarter earnings report, ONEOK stated it had received notice its insurers agreed to pay a $100 million unallocated …
Gulfport plans expanded operations in Utica based on 3Q earnings
Gulfport Energy Corporation’s third quarter was strong enough the company is adding yet another drilling rig in the Utica play. The third quarter saw a reported $18.5 million of net loss and $172.7 million of adjusted EBITDA. The company generated $167.9 million of net cash from its operating activities and $11.1 million in free …
Increased earnings, cash and more for Devon Energy in 3Q
This is how big of a third quarter Oklahoma City’s Devon Energy had—a 61% increase in its dividends, net earnings of $1.9 billion or $2.88 per diluted share and a 32% increase in operating cash flow that totaled $2.1 billion. Devon’s core earnings were an adjusted $1.4 billion or $2.18 per diluted share. All …
A big quarter for Chesapeake Energy
Oklahoma City’s Chesapeake Energy reported a record third quarter with $1.3 billion in net cash from its operating activities. The company had $883 million or $612 per diluted share in net income while adjusted net income was $730 million or $5.06 a share. It also delivered adjusted EBITDAX or Earnings Before Interest, Taxes, Depreciation (or …
Crude up again—so were Oklahoma energy stocks on Tuesday
You never know what will happen to crude oil prices from day to day. On Monday, prices fell, then a day later, they rose. At the same time, most Oklahoma energy stocks recorded gains on Tuesday. Analysts credited the gain to growing optimism that China, the world’s second-largest consumer of oil will reopen from …
Boost in earnings for Phillips 66 to more than $5 billion
Phillips 66 became the latest major energy company to report a major gain in earnings totaling $5.4 billion for the third quarter. It compared with $3.2 billion in earnings in the second quarter of the year. Adjusted earnings for the most recent quarter were $3.1 billion, down from the second quarter adjusted earnings of …
Production of Tesla’s Cybertruck to begin in 2023 in Austin
Tesla says it will begin mass production of its Cybertruck at the end of next year. The company announced this week that work is underway on preparing the Austin, Texas plant to build the new model with “early production” in the middle of 2023 reported Reuters. Click here for Reuters
Activists blast state leaders and call for probe of winter bond law
Activists who are demanding investigations into the Winter Securitization Bond efforts of 5 utilities in Oklahoma say they uncovered public records showing what they label as political corruption into how more than $4 billion in 2021 Winter storm costs were passed through to ratepayers. Standing outside the Oklahoma Corporation Commission headquarters Tuesday morning, the group …
Chickasaw Nation launches resort construction in OKC
Ceremonies were held this week in Oklahoma City for the groundbreaking on a $400 million OKANA Resort & Indoor Waterpark. Located next to downtown Oklahoma City and the Boathouse District, the Chickasaw Nation project will include an 11-story hotel reported KOKH Fox 25 News. Click here for Fox 25 News
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