Author's posts
Hard to Find Gasoline that Isn’t Blended with Ethanol
More than 95 percent of the gasoline used by cars and trucks in the U.S. is now blended with at least 10% ethanol, according to a new report from the Energy Information Administration. At the same time, the use of ethanol-free gasoline is declining.. The government indicates that since most U.S. gasoline is sold as …
Continental Resources Pushes Ahead in STACK Despite 1st Quarter Losses
Despite first-quarter losses of more than $198 million, Oklahoma City-based Continental Resources is moving ahead with plans to increase oil production in the remaining months of 2016. It already increased production in the first three months of the year and in its quarterly report issued this week, the company said it expects to exit …
Senators Want DOJ Probe of EPA’s Handling of Gold Mine Toxic Waste Spill
When the Gold King Mine spill occurred last summer in southern Colorado, Oklahoma U.S. Senator Jim Inhofe jumped all over the issue in his capacity as chairman of the U.S. Senate Environment and Public Works Committee. He blamed the Environmental Protection Agency for the spill of toxic liquids into the Animas River north of Silverton. …
Newfield Exploration Reports First Quarter Losses
Houston-based Newfield Exploration Company, one of the most active energy firms in Oklahoma’s oil plays reports reported a net loss of $624 million in its first quarter of 2016. It amounted to a loss of $3.52 per diluted share as the company blamed much of the loss on a full-cost ceiling test impairment of …
Disappointed Leaders at Halliburton and Baker Hughes
Disappointment reigns at Halliburton and Baker Hughes following the collapse of their merger talk and the filing of a legal challenge by the Department of Justice. As Bloomberg News reports, Halliburton’s Chief Executive Officer Dave Lesar wanted Baker Hughes Inc. bad. Now his company’s paid $3.5 billion in termination charges to Baker Hughes. But …
HollyFrontier Reports Big Drop in Earnings But At Least it Made a Profit
Just how badly has the energy downturn hit some companies? Ask executives at HollyFrontiier Corporation based in Dallas where first quarter net income totaled $21.3 million compared to the $226.9 million compared to a year ago. The income was $0.12 per diluted share for the quarter ended March 31, 2016 compared to the $1.16 paid …
Enable Midstream Reports Increased Earnings in First Quarter
Oklahoma City-based Enable Midstream is reporting adjusted earnings of $215 million in the first quarter of the year, an increase from the $207 million reported one year ago. The company said that’s an increase of $8 million or four percent. It also saw an increase in crude oil gathered volumes by 22.13 thousand barrels a day …
One Man who Disagrees with Harold Hamm About $60 Oil in 2016
While Oklahoma oilman Harold Hamm continues predicting $60 oil by the end of the year, there are others in the industry who disagree. One of them is Todd Gordon of TradingAnalysis.com who contends prices won’t hit $50 let alone the $60 that Hamm contends will be reached. It’s what he recently told CNBC’s “Trading Nation.” …
Enbridge Anticipates $62 million in Fines over 2010 Oil Spill in Michigan
Six years after an oil spill in Michigan and Enbridge believes it will be hit with $62 million in fines from the federal government. The company said in a filing this week with the Securities and Exchange Commission that $55 million will come from penalties under federal water law. The spill happened in 2010 when …
Energy Industry Prepares for Constitutional Amendment Fight in Colorado
“We’re going to fight.” The vow from an oil and gas spokeswoman in Colorado over efforts to hold a statewide vote on constitutional amendments to restrict oil and gas drilling in the state. Karen Crummy is with the group called Protecting Colorado’s Environment, Economy and Energy Independence and responded after the Colorado Supreme Court ruled …