** This week, Ford Motor Company reported that it lost $5.1 billion on its EV business in 2024. During the fourth quarter, it incurred $1.4 billion in operating losses on its EV segment. That was a slightly better result than the fourth quarter of 2023, when the company lost $1.6 billion on EVs. ** Arizona’s largest …
February 2025 archive
Crude oil finished Friday with slight gains but losses for the week
Despite a small gain on Friday, crude oil prices still finished down for the week. The reaction came after new sanctions were announced on Iran’s crude exports. Investors apparently are worried about President Trump’s trade war on China and more tariff threats against other countries. West Texas Intermediate finished Friday up 39 cents …
Trump’s call for increased oil production hits energy stocks and crude prices
President Trump’s pledge this week to increase U.S. oil production sent crude oil prices lower on Thursday. The drop followed a Wednesday report that the nation’s crude stockpiles were more than anticipated. It also had a hard slap in the face for many Oklahoma energy stocks. On Thursday, Trump again vowed to boost production …
AG and others accuse BlackRock of hiding Chinese business ties
The world’s largest asset managing firm, BlackRock Inc., already under pressure in Oklahoma over its ESG policy of a few years ago, now is the target of demands from Oklahoma Attorney General Gentner Drummond and at least 16 other attorneys general. They’ve sent a letter to BlackRock and a number of other large financial firms …
Regulators to consider recommended approval of PSO fuel costs
Oklahoma Corporation Commissioners now have a judge’s recommendation regarding the 2023 fuel costs of Public Service Company of Oklahoma. Following a Thursday morning “prudence” hearing on PSO’s Fuel Adjustment Clause (FAC) Judge Ken Behrens announced he had “carefully considered” the testimony offered in the matter and said he adopted the recommendation from the commission’s …
New Energy Secretary reverses Biden’s policies
Energy Secretary Chris Wright went about his first day of business by ordering a reversal of the anti-oil and gas policies implemented by Jennifer Granholm, the woman who held the job in the Biden administration Wright, the former oil company leader from Denver, Colorado immediately signed an order to have the Energy Department “unleash …
Tweaking electric utility profits in Kansas
It’s opposed by Evergy, one of the biggest electricity suppliers in Kansas, but the state legislature is considering a move to lower the return on equity for shareholders when retail rates increase more than 1% in a calendar year. The bill would grant grant the Kansas Corporation Commission authority to increase by 0.5% a …
Lower 4Q earnings at ConocoPhillips
ConocoPhillips is another energy company reporting lower fourth-quarter 2024 earnings as well as those for the year. The company had earnings of $2.3 billion or $1.90 a share compared with fourth-quarter 2023 earnings of $3 billion and $2.52 per share. Excluding special items, fourth-quarter 2024 adjusted earnings were $2.4 billion, or $1.98 per share, …
Large solar farm draws opponents in NE Oklahoma
One of the renewable energy projects opposed by some Oklahoma landowners is a 4,650 acre solar farm proposed near the small town of Porter, the “Peach Capital of Oklahoma.” Wagoner County commissioners are scheduled to vote whether to approve the $335 million project at a Feb. 10 meeting. But it has its opponents among …
Mach Resources to raise funds through public offering
A public offering of 12 million common units by Mach Natural Resources LP was announced this week as it tries to repay outstanding borrowings. The Oklahoma-based firm said the units represent limited partner interests in the company and it will also grant the underwriters an option to purchase up to an additional 1,800,000 common …