Oklahoma City is getting a new car plant years after GM shut down its manufacturing facility. Electric vehicle manufacturer Canoo announced it plans to locate a plant that is strategically located with easy access to roads and rail. Employment will reach more than 500 workers and Canoo said it expects to produce up to …
November 2022 archive
More big gains recorded by Oklahoma energy stocks on Thursday
Oklahoma energy stocks recorded even larger gains on Thursday as crude oil prices rose 1%, ending three days of declines. The increase in crude oil prices was reported to be due to China’s actions dealing with COVID-19 and how they might affect worldwide fuel demand. West Texas Intermediate crude oil for December delivery rose 64 cents …
Enverus reports rig activity is steady in US
The U.S. rig count rose by one rig to 888 for the week ended Nov. 9 according to the latest count provided by Enverus. The count is down 1% in the last month and up 31% in the last year. All numbers discussed are weekly peaks to avoid the sometimes wide variability of daily …
Crude supply falls at Cushing Hub in Oklahoma
Just as U.S. crude oil stocks declined more than 3 million barrels this week, the Cushing oil hub in Oklahoma also recorded a slight decline in volume. As of Nov. 4, 2022, Cushing maintained a volume of 27.2 million barrels of oil, down from the 28.2 million reported on Oct. 28. The latest volume …
New Mexico’s staunch defender of oil and gas loses US House re-election effort
A New Mexico Republican congresswoman who defended the state’s oil and gas industry and was critical of President Biden’s attacks on the industry lost her re-election bid this week. U.S. Rep. Yvette Herrell, a Cherokee and one of four Native Americans serving in Congress lost to Democrat Gabe Vasquez in the state’s 2nd Congressional …
Headlines of other energy stories
** EPA recommends approving Enterprise-Enbridge offshore crude export terminal near Houston. ** U.S. climate envoy John Kerry announced the creation of a carbon offset plan meant to help developing countries speed their transition away from fossil fuels. Kerry launched the Energy Transition Accelerator (ETA) with the intention of funding renewable energy projects and accelerating clean energy transitions …
NGL Energy Partners quarterly results—from a loss to net income in a year
NGL Energy Partners LP turned around its financial situation in the second quarter of its 2023 fiscal year, moving from a $1.2 million net loss in the second quarter of the 2022 fiscal year to net income of $3.6 million. The Tulsa company also saw a large improvement in finances for the first six …
Phillips 66 to increase shareholder values
Phillips 66 leaders indicated this week it is their intention to provide a plan to deliver higher shareholder distributions and increase shareholder value. The pledge from Mark Lashier, President and CEO of Phillips 66 came during an investor day meeting in New York City. “We are announcing a number of priorities designed to reward …
Strong 3Q earnings report issued by Ascent Resources Utica Holdings
The third quarter for Oklahoma City-based Ascent Resources Utica Holdings, LLC was so strong that Chairman and CEO Jeff Fisher said he expects the company to finish 2022 on a “strong note.” Ascent, a company with more than 700 wells in the Utica play, reported net income of $47 million, Adjusted Net Income of $307 million and Adjusted …
Wyoming sees increase in oil and gas drilling activity
A new state report shows the oil and gas drilling activity in Wyoming has recovered to pre-pandemic levels. Wyoming is a state with drilling projects from Oklahoma City based companies Continental Resources Inc. and Devon Energy. The Wyoming Economic Analysis Division released its October 2022 “Wyoming Insight” report showing the state has an average …
