The drop in oil inventories around the world, including at Oklahoma’s Cushing Hub is getting the attention of industry analysts who believe it is driving increased crude oil prices. “We are on the cusp of supply tighteness,” one analyst told Reuters. Storage at Cushing is part of it as stocks fell by 2.9 million barrels …
August 2023 archive
Improved earnings in 2Q reported by ONE Gas
ONE Gas, Inc. recorded improved second quarter earnings according to a release this week by the company. Second quarter 2023 net income was $32.7 million, or $0.58 per diluted share, compared with $32.1 million, or $0.59 per diluted share, in the second quarter 2022. Year-to-date 2023 net income was $135.3 million, or $2.42 per …
J.B. Hunt adds more electric trucks to its fleet
More of those J.B. Hunt trucks you see rolling across Interstate 40 in Oklahoma might soon be electric rigs. The Arkansas-based company recently ordered 13 of the battery-electric and hydrogen-powered fuel cell trucks from Nikola and deliveries are set to begin this month. Ten of the trucks will be battery-electric rigs which will help …
Exxon Mobil in talks with EV makers to supply lithium
When Exxon Mobil recently paid nearly $100 million to Oklahoma City’s Galvanic Energy for its brine drilling rights in southern Arkansas, there was good reason why. Exxon Mobil wants to develop lithium from the brine in the Smackover formation—lithium already sought by Galvanic Energy. Now Exxon Mobil is reported to be in talks with …
Quick reads
** The Biden administration started enforcing a nationwide ban on various types of popular light bulbs Tuesday as part of its aggressive energy efficiency agenda. Under the Department of Energy’s (DOE) regulations, manufacturers and retailers will be prohibited from selling incandescent and similar halogen light bulbs which represent a sizable share of current light bulb supplies. ** Senate …
Record oil production in May in Texas
The amount of crude oil produced in Texas soared to a record level in May according to the federal government. The U.S. Energy Information Administration reported Texas production soared to 5.49 million barrels a day, the highest in monthly government information dating back to 1981. Oil production in the state accounts for nearly 40% …
Warren wants Attorney General to sue oil and gas industry
Massachusetts U.S. Sen. Elizabeth Warren, the Democrat who grew up in Oklahoma and was called “Pocahontas” by former President Trump over her false claims of Indian heritage now wants the U.S. Attorney General to sue the fossil fuel industry. She and three other Democratic Senators, all described as affiliated with the progressive and climate-hawk …
Strong 2Q earnings for Ovintiv Inc.
As Ovintiv still reports some success in Oklahoma’s STACK play, the company is running a reduced rig program because of the June close of its $4.275 billion Midland Basin acquisition. It reported a strong Permian Basin Performance in the second quarter and President and CEO Brendan McCracken said the company exceeded all of its …
Xcel Energy to invest $770 million in New Mexico and Texas
Xcel Energy plans to invest nearly $770 million in power-generating operations in Texas and New Mexico and at the same time, extend the life of two older natural gas-fueled units. The company said thee upgrades and additions to its generating fleet in the two states will return $116 million in added tax revenue to …
Harold Hamm—still a ‘wildcatter’ at heart
Tuesday was when Oklahoma oil billionaire Harold Hamm’s book about how he clawed his way from a teenage oilfield worker to head of an Oklahoma City-based oil company was released. Prior to the release of his book, “Game Changer,” the 77-year old Hamm did several interviews and told Bloomberg News, “The future …