We apologize for some of the technological issues regarding our daily Well Reports—those of Permits to Drill and Completion Reports. They have been absent for the past week. The firm that supplies the data to us has been challenged with the issue and hopes to have things “working again early next week.”
November 2, 2022 archive
Devon dropped 13% after cutting dividends
A surprising dividend cut sent shares of Devon Energy plunging on Wednesday. Shares dropped nearly $10 by the time the trading bell sounded. Devon closed down $9.86 or 12.76% to settle at $67.44 a share. It came a day after Devon had an upbeat third quarter earnings report. But, the Oklahoma City-base company also …
Crude oil prices rose after fed raised interest rates
While the Federal Reserve hiked interest rates for the fourth time this year, crude oil prices responded Wednesday with gains for the day. But Oklahoma energy stocks went the opposite direction. West Texas Intermediate crude for December delivery went up $1.63 a barrel to finish the day at $90 on the New York Mercantile …
OKC’s Galvanic Energy the ‘tip of the spear’ in lithium development for EVs
Brent Wilson and his former colleagues who joined him after being laid off from an Oklahoma City oil and gas company might be sitting on a gold mine. A gold mine of lithium, the mineral that’s a hot commodity as the U.S. electric vehicle rapidly expands, creating a strong demand for the creation of …
Low diesel fuel inventory results in increased prices
A new report from the U.S. Energy Information Administration shows what happens when the nation’s diesel fuel inventory is low—rising prices. The EIA reported the New York Harbor spot price for ultra-low sulfur diesel averaged $4.36 a gallon, the highest monthly average price since May of 2022 and the second-highest monthly average price on …
Devon’s exploration efforts stretch from Texas to North Dakota
Devon Energy’s third quarter report this week revealed more details about the Oklahoma City company’s drilling projects in the five shale plays where it is most active. They represent where the company is putting its capital. In the Permian Basin, Devon has plans to operate 16 rigs and 3 completion crews across its 400,000 …
Earnings increased in 3Q for LSB Industries
Oklahoma City-based LSB Industries announced this week improved third quarter earnings after successfully making two major turnarounds at two of its fertilizer facilities. The company had $184 million in net sales during the quarter, an increase from the $127 million reported in the third quarter of 2021. Adjusted EBITDA rose from $38 million in …
Major sand contracts announced by Mammoth Energy
Mammoth Energy Services, Inc. announced that its subsidiaries, Piranha Proppant LLC and Taylor Frac, LLC, have entered into two sand supply agreements with third-party service providers with terms of 12 months and 21 months, respectively, beginning on January 1, 2023. Under the terms of the agreements, the Oklahoma City-based Company’s subsidiaries have agreed to …
Winter storm price gouging probe still underway in Kansas
An investigation into natural gas price spikes during the 2021 Winter Storm Uri by the Kansas Attorney General has yet to conclude whether there was price gouging. The Topeka Capital Journal reports it also appears the probe into the prices that soared during the storm 20 months ago will be taken over by a …
Carbon pipeline fight leads to trespassing charge
In northwest Iowa where there’s a fight underway against a proposed carbon dioxide pipeline, a land surveyor has been charged with trespassing. The surveyor for Summit Carbon Solutions faces a criminal trial next month near Spirit Lake, Iowa. The charge stemmed from the attempt to survey farmland reported The Iowa Capital Dispatch. Click here …
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