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Seventy Seven Energy Emerges From Bankruptcy and Reports 2nd Q Loss
A week after emerging from Chapter 11 bankruptcy, Oklahoma City-based Seventy Seven Energy Inc. reported a second quarter net loss of $84.5 million and total revenues of $138.1 million. The total revenue represented an eleven percent drop compared to the $155.4 million in revenues in the first quarter of 2016. It is also a 53 …
Gasoline Prices Bounce Up and Reach $1.97 Average in Oklahoma
Gasoline prices have bounced back upward a few more cents in Oklahoma, raising the state’s average this week to $1.97 a gallon, an increase of four and a half cents over the past week, according to AAA Oklahoma. Lawton has the lowest average at $1.90, an increase of 4 cents over the last several days. …
Woodward’s Tri-State Oil and Gas Convention to Kick Off Thursday
The 5th annual Tri-State Oil and Gas Convention is close at hand in Woodward and even chairman Junior Long is surprised it is a sell-out, considering what’s happened to the oil and gas industry over the past year. “It does a little bit,” he admitted in an interview with OK Energy Today. “But the activity …
DEQ Asking for Comments on Regional Haze 5-Year Plan
The Oklahoma Department of Environmental Quality (DEQ) hereby announces an opportunity to comment on and request a public hearing on the Regional Haze Five Year Progress Report, a State Implementation Plan (SIP) revision. The hearing, if one is requested, will be held on Tuesday, September 6, 2016 from 9:00 a.m. to 11:00 a.m. in the …
EOG Reports 2nd Quarter Losses while Debt Reaches $7 billion
After second quarter earnings of $5.3 million in 2015, Houston-based EOG Resources Inc. reported a second quarter 2016 net loss of $292.8 million or $0.53 per share. It also said its total debt outstanding at the end of June was $7 billion. The company attributed the losses to lower commodity prices but said that in …
Oklahoma Energy Firms in Forbes’ Top 10 List
At least three Oklahoma energy companies are considered to be in the top ten oil and gas firms in the U.S. following the most recent second quarter earnings reports, according to Forbes magazine. While ConocoPhillips, now based in Houston is ranked number one with a market capitalization of $54 billion, Oklahoma City-based EOG Resources Inc. …
Chesapeake Energy Said to be Considering Sale of Barnett Shale Holdings
Reports are apparently growing that Oklahoma City-based Chesapeake Energy might be close to selling its holdings in the Barnett Shale, a sale that could amount to thousands of producing wells in Texas. Wood MacKenzie suggests such a sale could transact to $1.4 billion and the buyer might be a privately held company, Saddle Operating. As …
Marathon’s $888 million Purchase Proved Right in STACK
More than a year after Marathon Oil’s Regional Vice President of Midcontinent Assets, Wade Hutchings said Oklahoma’s Woodford Shale play had yet to reach its potential, the company’s efforts are supporting his belief. Hutchings’ comments came at Hart Energy’s 2015 DUG Midcontinent conference. This month, Marathon wrapped up its $888 million acquisition of what it called …
Hillary BackPedals on Local Control over Fracking
Second thoughts about fracking and local control. It’s what the two Presidential candidates are having as Democratic nominee Hillary Clinton said she now supports a state Supreme Court ruling which prohibits local governments from banning the process. It comes after GOP nominee Donald Trump had told supporters he supports fracking but also believes local governments …
State’s Economic Downturn Exceeds Great Recession of 2008-2010
As oil and gas revenues continue to tumble in Oklahoma, the state’s economic decline has now lasted 17 months, three months longer than the so-called Great Recession that ran from 2008 to 2010. State Treasurer Ken Miller says the 12-month collections since Feb. 2015 have fallen by $1.1 billion or 8.8 percent. He says during …