** PNM Resources, Inc.PNM and American Electric Power AEP announced an agreement to sell their 50% ownership interest each in renewable joint venture New Mexico Renewable Development, LLC (“NMRD”) to Exus North America Holdings. This agreement is worth approximately $230 million, subject to true-up adjustments at close. ** Two U.S. senators have written to Elon Musk, Tesla’s top executive, …
December 2023 archive
Forest Service to study proposed coal ming project in Ouachita National Forest
The USDA Forest Service announced this week plans to develop an Environmental Impact State for a proposed coal mining project just across the Oklahoma line in the Ouachita National Forest. The Heavener Coal Leasing Project is the effort of Emera Corporation, on behalf of Ouro Mining Inc. The firm proposes to recover metallurgical coal …
Oklahoma ranked 5th highest nationally for large truck fatalities.
A national study reported Oklahoma has the fifth highest number of fatal large truck crashes in the US, behind only, Arkansas, Mississippi, New Mexico and Wyoming. TRIP’s report, America’s Rolling Warehouses: Opportunities and Challenges with the Nation’s Freight Delivery System, examines current and projected levels of freight movement in the U.S., large truck safety, and …
Energy quick reads
** Citigroup (C) has unveiled its top stock picks for 2024. Despite macroeconomic uncertainty, Citi analysts have named Delta (DAL), United (UAL), Boeing (BA) in aviation, General Motors (GM) for autos, and regional lender KeyCorp (KEY) among stocks it expects to outperform in the new year. ** The Tennessee Valley Authority (TVA) has noticed an …
Gasoline prices are creeping back up in Oklahoma and across the US
Not to rain on your Christmas hopes, but it appears the nation’s gasoline prices are rebounding. Not by much, but enough to give AAA suspicions that Scrooge is still around. Oklahoma’s average gasoline prices jumped by one cent in the past week while nationally, the average grew by six cents to $3.12 per gallon, …
Firm suspends natural gas drilling operations for Black Stone Minerals
As one of the largest owners of oil and natural gas interests in the U.S., Houston-based Black Stone Minerals, L.P. announced it had received notice that Aethon Energy was exercising the “time-out” provisions under its joint exploration agreements with the Company in Angelina and San Augustine counties in East Texas . When natural-gas prices …
ConocoPhillips moves forward with Willow project in Alaska
In a pre-Christmas announcement, ConocoPhillips said it plans to move forward with development of its controversial Willow project in Alaska. The Final Investment Decision gave approval to the project and also will fund construction needed to reach first oil. The decision follows the Department of the Interior March 2023 Record of Decision and recent …
Williams expands natural gas operations in $2 billion deal
Williams announced that it has reached an agreement to acquire a portfolio of natural gas storage assets from an affiliate of Hartree Partners LP for $1.95 billion. The transaction includes six underground natural gas storage facilities located in Louisiana and Mississippi with total capacity of 115 billion cubic feet (Bcf), as well as 230 …
Financing secured for $11 billion SunZia project in New Mexico
After 17 years of working to get approval for the massive wind and solar energy project in New Mexico, developer Pattern Energy Group LP announced it has secured $11 billion in financing. Construction is underway on the 3.5 gigawatt SunZia project which will carry electricity out of state to Arizona and is the …
Crude oil prices dropped in Wednesday’s trading
Wednesday brought a big drop in crude oil prices and for Oklahoma energy stocks. The tumble came after a few days of gains. Benchmark U.S. crude, West Texas Intermediate for February delivery, dropped $1.46 or 1.9% to $74.11 a barrel in trading on the New York Mercantile Exchange. World benchmark Brent crude for February …