September 26, 2024 archive

Cushing Hub saw increase of crude stocks but drop across the U.S.

  The most recent crude stocks report from the U.S. Energy Information Administration revealed a gain of crude oil in storage at Oklahoma’s Cushing Hub but a decline of 4.5 million barrels nationally. The EIA report showed the U.S. stocks tumblerd from 417.5 million barrels as of September 13 to 413 million barrels on Sept. …

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PSO and OGE crews rush to Georgia and Florida to help with hurricane recovery efforts

  Crews from Public Service Company of Oklahoma and Oklahoma Gas and Electric responded this week to prepare for the anticipated damage from Hurricane Helene as it hits the southeast U.S. About 85 PSO workers left a few days ago to help Florida Power and Light. Teams from the company’s Tulsa, Lawton and McAlester Districts …

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As crude oil fell 3% Monday, Oklahoma energy stocks fell even more

Crude oil prices had a negative reaction of more than 3% Monday to news that Saudi Arabia,the world’s top crude exporter will give up its $100 price target as it prepares in December to raise output. The reaction also sent Oklahoma energy stocks tumbling with some falling 5% and 6% for the day. The Financial …

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Grainbelt Express transmission line wins approval from Kansas Corporation Commission

  The $7 billion, four-state transmission project covering four states, won approval Thursday of the Kansas Corporation Commission. Regulators signed off on Invenergy’s Grain Belt Express, a move that established the route for two inter-related 345 kV alternating current transmission lines and their associated facilities as part of the Southwest Kansas “AC Collector System.” The …

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Energy briefs

** California Gov. Gavin Newsom signs into law three bills cracking down on the oil and gas industry, including one that allows local governments to block new drilling, one that ups cleanup requirements for idle wells and another that bans low-production wells from operating in a Los Angeles-area oilfield.  ** New Jersey hit the pause button …

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Tulsa’s Citizen Energy to be acquired in $2 billion deal???

  Tulsa’s Citizen Energy is reported to be acquired soon by rival  Denver-based privately held oil and gas producer Validus Energy in a more than $2 billion deal. Officials with neither firm confirmed the sale. Reports indicated Validus came out on top in the auction over other bidders and the $2 billion deal will include …

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Sens. Mullin and Lankford oppose latest EPA rule on landfill gas operations

  Oklahoma U.S. Sens Markwayne Mullin and James Lankford contend the EPA’s latest proposed rule regarding waste-to-energy operations might be going too far and hurt Oklahoma landfill operations. The two sent a letter to environmental Protection Agency Administrator Michael Regan to express their concern over the proposed rule. Mullin is the Ranking Member of the Environment …

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Friday is deadline for Hiett’s response in fight over utility rate case voting

  Oklahoma Corporation Commissioner Todd Hiett has until Friday, Sept. 27 to respond to a legal move made by three state legislators to remove him from voting on rate cases involving PSO, ONG and OGE in light of allegations of public drunkenness and sexual assault made against him. The Supreme Court issued an order this …

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Chesapeake Energy finishes merger with new name after winning FTC approval

  After waiting extra months for approval from government regulators, Oklahoma City’s Chesapeake Energy announced Thursday its merger with smaller rival Southwestern Energy Company was finally approved and it came with a new name. While the new company will be called Expand Energy, its headquarters will remain in Oklahoma City. Chesapeake stated in its announcement …

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Vital Energy and Northern Oil and Gas complete takeover of Permian Basin assets

  Tulsa’s Vital Energy, Inc. and Northern Oil and Gas, Inc. announced this week they closed their $1.1 billion acquisition of oil and gas operations in the Permian Basin. The deal just increased the holdings for Vital. Vital Energy acquired 80% and NOG the remaining 20% of Point Energy Partners which is a portfolio company …

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