Author's posts
Political Spending by Utilities Under Investigation in Arizona
PHOENIX (AP) — An Arizona Corporation Commission member who has been seeking documents from the state’s largest electric utility on its possible political spending has hired an attorney to analyze how outside interests may be influencing utility regulators’ decisions. [Commissioner Bob Burns said Tuesday he’s hired attorney Scott Hempling to do the analysis for the …
WPX Reports $204 million losses but Plans More Drilling in the Delaware Basin
Tulsa-based WPX Energy reported second-quarter losses of $204 million saying the results were affected by unrealized non-cash net losses on the company’s hedge portfolio. It amounts to a loss of $0.68 a share on a diluted basis, according to the company. WPX president and CEO Rick Muncrief said a 46 percent increase in oil sales …
Chesapeake Cuts Debt by $1 billion but is Still $8.7 billion in Trouble
The headline of the quarterly earnings report released Thursday by Chesapeake Energy focused on how the company’s total debt reduction is more than $1 billion year to date. But buried in the details of the report is the fact that the Oklahoma City company remains $8.7 million in debt and suffered second quarter losses of $1.792 …
Blueknight Reports Losses and Details Pipeline Shutdown
After nearly $8 million in revenues in the second quarter of last year, Oklahoma City-based Blueknight Energy Partners, L.P. reports a net loss of nearly $19 million this year. Total revenues were $43.4 million for the quarter ending June 30, also down from the nearly $47 million covering the same period of 2015. Net losses …
Chesapeake Faces Another Royalty Lawsuit in Fort Worth
Weeks after Chesapeake Energy settled hundreds of millions of dollars in royalty lawsuits in Fort Worth, Texas, the company’s been sued by the Mansfield school district. The district, located southeast of Fort Worth accused Chesapeake of sham transactions to cheat it out of more than $1 million from its natural gas leases, according to a …
Earnings Down 49 Percent for Enable Midstream
Oklahoma City-based Enable Midstream Partners reports its 2nd quarter earnings dropped 49 percent compared to a year ago. The net income attributable to limited partners was $39 million, a drop of $38 million from the $77 million for the second quarter of 2015. The company blamed the loss on “changes in the fair value of …
New York AG Sued by Conservative Environmental Groups Over Emails
More than two weeks after a U.S. House committee subpoenaed New York Attorney General Eric Schneiderman in a dispute over his politically-driven probe of Exxon Mobil, Schneiderman has been sued by two conservative environmental law groups. The Free Market Environmental Law Clinic and the Energy and Environment Legal Institute sued him for investigating Exxon and …
Ethanol Production Reaches 4-week Record
U.S. ethanol production bounced back up 6,000 barrels a day this week hitting an average of 1,0004 million barrels a day according to the U.S. Energy Information Administration. The four-week average for ethanol turned out to be a record at an average of 1.009 million barrels a day. Stocks grew by one percent from …
Another STACK Well for Devon Energy
As Oklahoma City-based Devon Energy announced this week intentions to expand drilling operations in Oklahoma’s STACK, the company reported success on at least one well in the play, according to the Completion Reports published by OK Energy Today. The SIMBA well, located 3 miles southwest of Okarche had production of 534 barrels a day along …
War on Coal Hits Manufacturer in Pennsylvania
The combination of the government’s war on coal and slumping prices has resulted in Pittsburgh-based Kennametal Inc. announcing it is laying off 1,000 workers over the next 15 months. The company cites weak demand for the coal-mining and gas-drilling cutting tools that it makes. Kennametal has a workforce of 12,000, down about 2,000 from what …