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Oil Group Encourages Legislature to Pass Bill to Increase Oil/Gas Revenue for the State
A bill awaiting a vote in the Oklahoma House is being pushed by the Oklahoma Oil and Gas Association, a group that says would add more oil and gas revenue to the state treasury. “House Bill 2177 is the single biggest economic development legislation before lawmakers this session, and it doesn’t cost the state …
Rig Counts Across U.S. and Oklahoma Fell Again
Oklahoma’s oil and gas rig count fell by 3 in the past week while the nation’s count slipped by 5, according to the latest figures from Baker Hughes Company. Oklahoma’s decline left the state with a count of 57 working oil and gas rigs. Nationwide, the count fell to 415, down 479 from a year …
Oil and Gas Tax Revenue Hits 17-year Low in Oklahoma
A 17-year low has been reached in Oklahoma’s gross production oil and gas taxes, according to State Treasurer Ken Miller who said the $20.8 million in April collections are the lowest since May 1999. He said gross production collections continue a 16-month trend of being less than the same month of the previous year. The April …
Sen. Lankford Tells Feds It’s Time to Remove Beetle from Endangered Species Act
Oklahoma U.S. Sen. James Lankford has joined the call for the U.S. Fish and Wildlife Service to delist the American Burying Beetle from the Endangered Species Act. In a letter to Director Daniel Ashe, the Senator argued the presence of the beetle and its protected status has a “real impact on local economies and infrastructure …
Senate Committee Cuts Tax Credits in Two Energy-Related Bills
Two energy-related bills are among several approved by the Oklahoma Senate Joint Committee on Appropriations and Budget as the legislature gets serious about resolving the $1.3 billion budget shortfall. One goes after tax credits meant to help Oklahoma’s CNG industry. Senate Bill 1581 limits the amount of tax credits for investment in clean-burning motor fuel …
Eagle Protectors Worry about New Government Wind Farm Rules
New rules on the nation’s wind energy companies concern those trying to protect the country’s bald and golden eagle populations. They contend it will mean wind farm operators will be able to kill or injure thousands of bald eagles a year without any penalty. It’s the result of the new rules announced recently by …
Fighting to Save the Ogallala Aquifer
A new report says the Ogallala Aquifer in Oklahoma and the Midwest continues to lose water and Oklahoma State University scientists and researchers are trying to do something about it. The University’s teamed up with the USDA-Agricultural Research Service to study ways to preserve the aquifer. The research is being funded by a $10 …
How Close is SandRidge Energy to Bankruptcy Court?
Officials at Oklahoma City-based SandRidge Energy aren’t talking publicly about it but reports are growing that the firm might be on the verge of filing Chapter 11 bankruptcy. Reuters and the investor website known as Seeking Alpha indicate the company could file as soon as Friday but no later than June 1. SandRidge confirmed weeks …
Small Parts of NW Oklahoma Remain Abnormally Dry
The latest Drought Monitor report for Oklahoma shows less than 2 percent of the state is in the classification of ‘moderate drought’ and 12 percent is abnormally dry. Gary McManus, State Climatologist at the Oklahoma Mesonet indicated that recent rains made improvements in most of the state. While 88 percent of the state is clear …
Chesapeake Announces $450 million Lease Sales…but also $964 million in 1st Q losses
Still struggling with its growing debt, Oklahoma City-based Chesapeake Energy announced Thursday it lost $964 million in the first quarter but a sale of assets apparently sparked interest among investors as shares rose during the day. The sale was of $470 million in STACK holdings in northwest Oklahoma to Newfield Exploration, a Houston, Texas based …