The Red Sea attacks by the Iran-aligned Houthis continue to weigh heavily on investors and sent crude oil futures higher in Thursday’s trading. However, the gains were also affected by a large build in U.S. crude inventories, seen even in Oklahoma. West Texas Intermediate crude for April delivery gained 70 cents to $78.61 a …
February 22, 2024 archive
When is a ROFR not a ROFR? House Committee approves it
After months of negotiations including closed-door sessions with opponents and proponents who stood their ground on a ROFR law in Oklahoma, a State house Committee on Thursday voted to support a measure that the lead legislator said wasn’t a ROFR bill. But it’s apparent the ROFR fight is still being waged at the capitol …
Crude oil stocks swell in US and the Cushing Hub
Crude stocks across the U.S. and at the Cushing Hub in Oklahoma made a continuing build in the past week. The U.S. Energy Information Administration reported the U.S. crude oil stocks gained nearly 4 million barrels. It went from 439.4 million on February 9 to 443 million barrels as of February 16. The nation’s …
Trucking costs are still climbing, adding to prices for consumers
One of the major complaints about the economy in this country focuses on groceries, right? Prices seemingly are constantly on the increase whether it’s meat, bread, or fruits. One cause is the soaring costs for the trucking industry. A new truck that once cost $120,000 to $130,000 now costs $190,000. The number one …
Benchmark Energy makes $145 million acquisition of Anadarko Basin wells in Oklahoma and Texas
Benchmark Energy II, headquartered in the Texas Panhandle City of Pampa, agreed to aquire more than 470 operating wells in the Western Anadarko Basin in a $145 million deal. The acquisition of the wells along with 140,000 net acres involves assets in both Oklahoma and Texas. The seller was Revolution Resources which had acquired …
Vital Energy plans to increase drilling efforts following jump in oil production
Tulsa’s Vital Energy says it not only had record total and oil production in the fourth quarter of 2023 and for the entire year, but it intends to invest nearly $850 million to increase its 2024 oil production. The Fourth quarter net income totaled $281.4 million and adjusted net income was $76.1 million with …
Carl Icahn has another fight on his hands
Activist investor Carl Icahn, a big owner of Oklahoma City’s SandRidge Energy company, has some major challenges with his Icahn Enterprises. On Wednesday, Icahn Enterprises warned of a sequential decline in its indicative net asset value in the fourt quarter reported Reuters.After the warning, company shares dropped 11%. It’s on top of the fight …
Energy quick reads
** A cellular outage early on Thursday hit thousands of AT&T users in the United States, disrupting calls and text messages as well as emergency services in major cities including San Francisco. More than 50,000 incidents were reported around 7:00 a.m. ET, according to data from outage tracking website Downdetector.com. ** The Supreme Court’s conservative majority seemed …
Supreme Court exhibits skepticism about EPA “good neighbor” pollution rule
Skepticism was on display Wednesday as the U.S. Supreme Court heard arguments about the EPA’s so-called ““good neighbor” rule, an anti-air-pollution rule. The conservative majority on the court showed it as the Environmental Protection Agency fought challenges in its efforts to continue enforcement in 11 states. The rule is about restrictions of smokestack …
Chesapeake Energy’s spending cuts lead to jump in shares
Shares in Chesapeake Energy rose more than 7% on Wednesday as the Oklahoma City company announced cuts in spending and natural gas output this year. Company officials, as OK Energy Today reported earlier in the week, said the market was “oversupplied.” Natural gas prices had fallen 30% this year because of mild weather with …
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