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 …
February 2024 archive
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 …
Corporation Commissioners accuse legislators of “scare tactics” in wanting to remove the agency’s Transportation Division
Legislators attempting to transfer the trucking enforcement in the state from the Oklahoma Corporation Commission to the Department of Public Safety are on notice—the commission is adamently against it. Commissioner Kim David accused members of a legislative committee of using “scare tactics” during a committee hearing, prompting her to ask her fellow commissioners on …
AI bills win support in Oklahoma House Committee
Regulation of AI or artificial intelligence. It’s the intent of several bills in the Oklahoma legislature this year and they won approval in the Oklahoma House Government Modernization and Technology Committee. House Bill 3453, authored by Rep. Jeff Boatman, R-Tulsa, would establish the Oklahoma Artificial Intelligence Bill of Rights, which defines “artificial intelligence” and “real …
ONE Gas recorded revenue gains after rate hikes
ONE Gas, Inc announced its fourth quarter and full year 2023 financial results, which included diluted earnings per share of $1.27 and $4.14, respectively. They showed gains in fourth quarter net income as well as for the entire year, mostly because of the rate increases approved by state regulators. “We had another successful year …
Empire Petroleum issues $5 million note to Cayman Islands company
In a filing with the U.S. Securities Exchange Commission this week, Tulsa-based Empire Petroleum Corporation revealed it had issued a $5 million promissory note to a Cayman Islands exempted company. Energy Evolution Master Fund, Ltd. based near Houston, Texas, had already advanced $2.5 million to Empire. It intends to advance up to another $2.5 …
Gains recorded for crude oil and natural gas
Crude oil prices and natural gas prices made gains in Wednesday’s trading….oil going up as fighting continues in Gaza and gas seeing an increase while there’s talk of a growing oversupply. West Texas Intermediate crude went up 87 cents or 1.1% to settle at $77.91 a barrel on the New York Mercantile Exchange. Brent crude, …
Despite ownership in Oklahoma energy companies, BlackRock remains on a banned list
Could investment company BlackRock eventually be removed from a list of firms banned from doing Oklahoma state business because of its previous discrimination of oil and gas companies? It’s a question posed to the Oklahoma Treasurer’s office after OK Energy Today recently reported how the New York-based investment firm disclosed its ownership in …