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Railroad Improvement Tax Credit Trimmed by New Law in Oklahoma
One of the 14 bills signed into law Tuesday by Oklahoma Gov. Mary Fallin focuses on limiting tax credits for railroad rehabilitation and improvements in the state. She signed House Bill 3204 into law making it immediately effective. The bill cuts the tax credit by 25 percent Authors were Representatives Earl Sears and Dennis Casey …
Aeronautics Commission Renews Aerospace Contract
(From the Oklahoma Aeronautics Commission) While the state legislature is deciding final agency budgets this week at the Oklahoma Capitol, a high-level meeting at the entity for all things aeronautics was buzzing with activity as well. Most of the general public and even some state and federal lawmakers are unaware of a hidden armament tucked …
Range Resources Escapes $9 million Fine
Fort Worth based-Range Resources, a firm with hundreds of thousands of leased acres for exploration in Oklahoma and the Texas Panhandle escaped a nearly $9 million fine this week in Pennsylvania over a gas well that leaked methane into drinking water supplies and streams. The firm’s Range Resources-Appalachia LLC reached an agreement with Pennsylvania’s Department …
Baker Hughes Moves to Buy Back $1 billion in Notes
In a move to improve its financial standings, Houston-based Baker Hughes Incorporated has started a tender offer to purchase for cash up to $1 billion in senior notes that are due in 2018, 2021, 2024, 2029 and 2040. The offer will continue until midnight, New York City time at the end of June 22, 2016. …
Federal Judge Turns Aside EPA’s Challenge to WOTUS Fight
Months after he issued a ruling that put the U.S. Environmental Protection Agency’s Waters of the U.S. Rule on hold, the same North Dakota federal judge ruled this week against a challenge made by the EPA. U.S. District Judge Ralph E. Erickson ruled Tuesday against the claims of the EPA to dismiss the challenges to …
House Approves Move to Defund WOTUS Rule
In a voice vote Tuesday night, the U.S. House of Representatives passed a new energy bill that moves to defund the Environmental Protection Agency’s controversial Waters of the U.S. Rule. The defunding is part of a $37.4 billion bill to fund the Department of Energy and the U.S. Army Corps of Engineers and several energy …
Another Pig Poop to Electricity Deal’s Announced
Updating a story we recently told you about concerning electricity from “pig poop,” Duke Energy Corp. in North Carolina has signed another deal to create electricity from the pig waste. Considered the nation’s largest electric company, Duke Energy said the deal is to collect methane gas from the animal waste and convert it into fuel …
Warren Buffet’s Company Now Owns 15% of Phillips 66
Berkshire Hathaway Inc., the firm founded and owned by Omaha, Nebraska financier Warren Buffet has increased its holdings in Phillips 66, now owning 15 percent of the company. The increase came after the company bought 642,841 shares of the oil refiner over the past several days. Berkshire Hathaway made the disclosure in a filing with …
$9 billion Debt Forces Chesapeake to Make a 2nd Swap of $166 million in Shares
Oklahoma City’s financially challenged Chesapeake Energy Corp. has agreed to another deal to exchange its outstanding shares in exchange for debt, according to documents on file with the Securities Exchange Commission. The move is yet another effort as the company wrestles with billions in debt. The filing, made Monday indicated the amount involved about 5 …
Wastewater Firm Moves Ahead in Nation’s Most Active Oil Play Despite Downturn
The energy downturn hasn’t stopped BlueJack Energy Solutions LLC in Dallas from securing up to $100 million in equity commitment from Energy Spectrum Capital through Energy Spectrum Partners VII LP. While rig counts have dropped in the past two years, there is still a need to dispose of wastewater from the wells being drilled in …