From the Arkansas Business Morning Roundup comes the story of Family Dollar in West Memphis being fined nearly $42 million by the Justice Department over its “rodent-infested warehouse.” The $41.7 million fine, described as the largest-ever monetary criminal penalty in a food safety case, came after the firm pleaded guilty in court. Arkansas Business …
Two men are lucky to be alive after this week’s collapse of a workover unit at an oil well site in Long Beach, California. While news accounts described it as an “oil derrick” that collapsed, the picture shows it was more of a pulling unit. The unit collapsed without warning while one of the …
The U.S. Energy Information Administration has lost a court fight with bitcoin miners in Texas who fought the EIA’s effort to collect data on their energy use. A federal court in Waco ruled against the EIA, declaring the attempt by the government was likely “an abuse of discretion.” In a lawsuit filed against the …
The Biden administration announced this week it intends to launch a $366 million plan to fund 17 projects across the U.S. to expand renewable energy on Native American reservations and other rural areas. The Energy Department said the money comes from the $1 trillion infrastructure law President Joe Biden signed in 2021. None of the projects …
** An Ohio commission awarded bids to frack oil and gas under state parks Monday, despite statewide backlash and an ongoing investigation into possibly fraudulent support. ** Warren Buffett-led Berkshire Hathaway’s shares closed down by more than 2% on Monday, slowing its march to $1 trillion market value on investor worries after the U.S. government warned of …
They’re major pocket book issues and have the potential to affect tens of thousands of utility ratepayers throughout Oklahoma. We’re talking ROFR and the proposed rate hike on renewable energy in Oklahoma. Scott Mitchell and Jerry Bohnen discuss it at length in the latest podcast of Mitchell Talks Energy. Click below to view.
Europe is facing a shortage of diesel fuel because of Russian sanctions and shipping disruptions and as a result, crude oil prices gained in Monday’s trading. Combine that with limited U.S. refinery output because of planned overhauls and you have a recipe for higher prices. West Texas Intermediate rose $1.09 or 1.43% and settled at …
Higher fourth quarter earnings were reported by ONEOK. It also said the 2023 results also increased. In a release on Monday, the company cited net income of $688 million or $1.18 per share in the fourth quarter along with adjusted EBITDA of more than $1.5 billion. At the same time, ONEOK saw a 20% …
While awaiting shareholders approval of its recently-announced merger with Oklahoma City’s Chesapeake Energy, Houston-based Southwestern Energy Company announced its fourth quarter financial results. It sustained a fourth quarter loss of $658 million or 60 cents a share and finished all of 2023 with a total debt of $4 billion. Its adjusted net income for …
Tulsa’s Alliance Resources is primarily a coal-mining company with major operations in the eastern United States. But it clearly has expanded its efforts to become more deeply involved in oil and gas production and exploration and now owns producing wells in the Anadarko, Permian and Williston basins. While admitting in a recent report …
