Crude oil prices dropped more than 3% in Tuesday’s trading and the tumbling crude took Oklahoma energy stocks down the rocky road too. Mixed Chinese economic data and rising OPEC exports eased concerns about tight markets. West Texas Intermediate crude dropped $2.88 or 3.6% a barrel to settle at $77.94 on the New York Mercantile …
November 7, 2023 archive
Lankford says new permitting rule will only help China
Oklahoma U.S. Sen. James Lankford has been busy in recent days writing a lot of letters of complaint about energy to the Biden administration. His latest letter focuses on a proposed new rule by the Federal Permitting Improvement Steering Council in which the Senator contends it will hinder mining permitting and only help China. …
Vital makes share transfers to complete Permian Basin acquisitions
Vital Energy wrapped up another of its three acquisitions totaling $1.165 billion in the Permian Basin. The acquisitions were announced in September and one involved Henry Resources LLC. This week, Vital filed a report with the Securities and Exchange Commission, reflecting it had issued 2,145,725 shares of Common Stock and 6,131,381 shares of the …
EIA predicts more oil production but less gasoline use in 2024
More crude oil production but less gasoline consumption. The coming year is likely to see increased crude oil production in the U.S. because of production cuts made by Saudi Arabia and Russia. So predicts the U.S. Energy Information Administration which forecast 2024 will also result in the lowest gasoline consumption in this country in …
Kansas Transportation Department to consider Amtrak extension to OKC
The Kansas Transportation Department plans a virtual public hearing Wednesday on the topic of whether Amtrak Service should be extended from Kansas down to Oklahoma City or Fort Worth where the Heartland Flyer runs on a daily basic. The 12 p.m. meeting will focus on a proposal to extend Amtrak service from Newton, Kansas …
Arkansas trucking firm executive likes EV trucks but admits they have their challenges
While Craig Harper, J.B. Hunt’s Vice President and Chief Sustainability Officer recently expressed a desire to get more electric vehicles for his Arkansas company’s fleet of big rigs, he admits, there are some major challenges with them. And fossil fuel engines won’t be going away any time soon. Harper recently spoke at the Northwest …
Energy companies oppose new nuclear storage site in New Mexico
A report shows some of the biggest oil and gas operators in the Permian Basin, including Oklahoma companies, are standing against a proposed nuclear waste facility in southeast New Mexico. The companies are fighting Holtec International, a company that wants to build a new nuclear waste storage operation near Carlsbad and Hobbs. Occidental Petroleum, …
Despite lower rig activity, Nine Energy’s 3Q earnings fell within guidance
Despite a drop in rig activity in the past year across the U.S., Nine Energy Service, Inc. reported third quarter earnings that fell within the company’s revenue guidance. Revenues totaled $140.6 million but the company also had a net loss of $13.3 million. Adjusted EBITDA was $11.6 million. The company, with operations in Oklahoma, had …
New solar plant to be built in New Mexico
A new $50 million solar manufacturing plant is coming to New Mexico and create 100 new jobs. Array Technologies announced plans to build the campus in Bernalillo County. CEO Kevin Hostetler was joined by Gov. Michelle Lujan Grisham in making the announcement. Array Technologies, formed 30 years ago in Albuquerque is one of the …
Biggest solar project in Arkansas to power University of Arkansas
The University of Arkansas announced its plans to develop solar energy at the Fayetteville campus are growing and the school expects energy savings to total more than three million dollars a year. Eric Boles, director of Sustainability at the University said the school will deploy the largest solar energy project ever in the state …
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