The Oklahoma Corporation Commission put the Oklahoma Office of Management and Enterprise Services on notice—it stands by the state’s Central Purchasing Act and required competitive bidding for contracts and an Attorney General’s investigation of the office. But it wouldn’t come out and directly give support to the State Auditor who peeled back the layers …
May 14, 2024 archive
Crude oil prices dropped on fears of continued high interest rates
As crude oil prices dropped more than 1% in trading on Tuesday, thanks to U.S. data fueling concerns that interest rates will remain high, Oklahoma energy stocks responded with gains for the day. Because of increased producer prices in April, concerns grew that the Federal Reserve will maintain borrowing costs at elevated levels in the …
Energy Research group says North America has enough oil to last hundreds of years
Run out of oil soon in the U.S.? Don’t believe it predicts Tom Pyle, president of the Institute for Energy Research (IER), a free market think tank focusing on energy. The IER is out with its 2024 North American Energy Inventory and it shows North America has 1.66 trillion barrels of recoverable resources and the …
If it’s May, Oklahoma could face more storms
Oklahoma’s tornado count for the year is already at 69 including 18 so far in the month of May. Oklahoma Climatologist Gary McManus reports the latest tornado was the EF0 tornado that dropped out of the sky on Monday near Luther and badly damaged one home. The death toll so far is six persons. …
Earthquake zone is expanding in the Permian Basin
Scientists looking into the earthquakes in the Permian Basin of west Texas and southeast New Mexico and their connections to oil and gas drilling say they believe the area of seismic activity is growing. It seems to be migrating in a northeasterly direction and at least one researcher believes it will lead to stronger …
Well plugging funds dwindling in Oklahoma…state hopes to get new federal help
As the fiscal year is about to end for state government agencies, the Oklahoma Corporation Commission reports its funding for the state’s expanded abandoned well plugging program is dwindling. The agency recently notified pluggers and others that “unfortunately, both federal and state funds supporting the effort are now at minimum levels for this …
Arkansas acts on its ESG Act against financial firms
While Oklahoma’s ESG Act is on hold because of a judge’s ruling in a lawsuit challenging the constitutionality of the two-year old law, the state of Arkansas took action this week on its list of financial firms boycotted by the state. The Arkansas ESG Oversight Committee voted recently to keep 10 financial service …
Empire’s President picks up more job responsibilities
The President and CEO at Empire Petroleum Corporation took on added duties as the result of a recent move by the firm’s board of directors. Michael Morrisett, President and CEO was appointed to also temporarily serve as the Tulsa company’s principal financial officer. The appointment came after the March resignation by Stephen L. …
Mach releases first quarterly finance report since going public
Mach Natural Resources LP released its first quarterly report this week after the Oklahoma City firm went public last fall. The company, which finished 2023 with $762 million in total revenues and $347 million in net income, reported its first quarter 2024 net income was $42 million and total revenue was $239 while adjusted …
Two to replace one at the Oklahoma Department of Transportation
The Oklahoma Department of Transportation has announced new directors for Design and Project Delivery in April. Justin Hernandez was named director of Design and Daniel Nguyen was chosen as the director of Project Delivery. They replace Rick Johnson, who recently retired as ODOT director of Project Delivery and whose role was divided into two …
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