January 11, 2023 archive

Permits to drill for January 11, 2023

permits: none were processed today

Completion reports for January 11, 2023

completions: none were processed today

Crude oil made 3% gain Wednesday and took OK energy stocks along for the ride

Oil prices rose 3% on Wednesday and Oklahoma energy stocks had a good day as well. It proved to be a one-week high for crude based on an improved global economic outlook. Analysts indicated the impact of sanctions on Russian crude output outweighed a massive surprise build in U.S. crude stocks. West Texas Intermediate crude …

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Cushing sees 2.5 million barrel increase in crude oil storage

  Just as the U.S. Energy Information Administration reported it believes there will be record crude oil production this year, there has been a sizeable increase in storage in oil at the Cushing hub in northern Oklahoma. The EIA reported that as of Jan. 6, 2023, there was a total of 25.3 million barrels of …

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Lawsuit leveled against OKC energy company over damage to wildlife refuge and theft of water

  Revolution Resources LLC, the company formed 5 years ago, stands accused of damaging Oklahoma City’s Stinchcomb Wildlife Refuge and stealing water from the North Canadian River. The company and contractor Select Services were hit with a lawsuit in Monday in Oklahoma County District Court. (CJ-2023-158) reported The Oklahoman. The suit alleges the oil company …

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Devon Energy’s 4Q results to be released in February

  Devon Energy plans to release its fourth-quarter and full-year 2022 reports in early February. The results will show whether the Oklahoma City energy firm indeed suffered a 2% drop in crude oil production as it said in a report released this week. Devon blamed the expected decline on the December winter storm that shut …

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Bice says congress must halt Biden’s anti-American energy agenda

In a message she called “Welcome to the Republican Majority,” Oklahoma congresswoman Stephanie Bice called for an end to what she said was President Biden’s anti-American energy agenda. Her call came in a letter to constituents in which she said it was also time to resume energy production in states like Oklahoma. Rep. Bice charged …

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Filing shows investment firm with more than 5% holding in Chesapeake Energy shares

  A new filing with the government shows a California-based investment company now holdings mor than 5% of the common shares issued by Oklahoma City’s Chesapeake Energy Corporation. Aequim Alternative Investments LP made the filing with the Securities and Exchange Commission, reflecting ownership of 7,312,152 shares. It amounts to 5.1% ownership of the total shares …

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Rep. Lucas says new select committee is important to combating Chinese threats

  Republicans now in control of the U.S. House approved this week the creation of a special committee to examine China’s competitive threats against the U.S., a move that drew applause from Oklahoma Congressman Frank Lucas. The House adopted H.Res. 11– Establishing the Select Committee on the Strategic Competition Between the United States and the …

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Higher gas prices could hit us if ethanol plan is approved

  If a plan by seven Midwestern state governors is approved to increase the use of corn-based ethanol, we could be staring at higher gasoline costs. The federal government is reviewing the plan that if approved would of course be good news for corn farmers, but not necessarily for consumers reported Bloomberg. Here’s why. It …

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