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Oil Slump Forces Continental to Adjust 2015 Drilling Efforts
Oklahoma City-based Continental Resources says its third quarter 2014 net earnings were $534 million which figured out to be $1.44 per diluted share. And the adjusted net income for the quarter came to $301 mlillion or $0.81 per diluted share. A year…
No Surprise—Texas Leads Nation in Oil and Gas Job Growth
While Texas led the nation last year in energy job growth to the tune of 19,000 new private sector jobs in oil and natural gas production, Oklahoma was in the top ten states with what the federal government calls ‘significant contributions’, according …
2013 Layoffs Proved to be Costly for Chesapeake
Even as Chesapeake Energy released its third-quarter earnings report this week of $169 million in net income and $82 million in adjusted earnings for shareholders, it was still dealing with former co-founder and president Aubrey McClendon.
Buried in t…
Chesapeake Energy Leaders Call Quarterly Earnings ‘Outstanding’
Chesapeake Energy reports third-quarter net income of $169 million with adjusted earnings of $82 million for shareholders. The Oklahoma City-based energy firm said the adjusted net income for the quarter totaled $251 million or $0.38 per fully diluted…
Devon Credited with Leading the Way in the Barnett Shale
A new report by two researchers from Northeastern University and the Chinese University of Petroleum credits not mom and pop companies in driving the U.S. shale gas revolution but the big energy firms, especially Oklahoma City-based Devon Energy.
Writ…
Chesapeeake Energy Leaders Call Quarterly Earnings ‘Outstanding’
Chesapeake Energy reports third-quarter net income of $169 million with adjusted earnings of $82 million for shareholders. The Oklahoma City-based energy firm said the adjusted net income for the quarter totaled $251 million or $0.38 per fully diluted…
$1 billion in Earnings for Devon Energy
A whopping $1 billion in net earnings for the third quarter of 2014 has been reported by Devon Energy Corporation based in Oklahoma City. It compares to third-quarter 2013 net earnings of $429 million. The most recent earnings mean a common share of …
Denton Voters Make it Official—Fracking is Banned
The north Texas city of Denton has become the first in the Lone Star State to ban any more permitting of hydraulic fracturing, as voters on Tuesday sided overwhelmingly against Oklahoma City-based Devon Energy and other major oil companies that fought …
Oil Drops to $76.45 a Barrel
From the Associated Press
NEW YORK
Stocks edged mostly lower on Tuesday, led by a drop in energy stocks as oil continued to fall. Investors were also disappointed by the earnings outlooks from companies including Priceline and Michael Kors.
Keeping score: The Standard & Poor?s 500 index fell 12 points, or 0.6 percent, to 2,005 as of 12:11 p.m. Eastern time. The Dow Jones industrial average fell 15 points, or 0.1 percent, to 17,350 points. The Nasdaq composite dropped 36 points, or 0.8 percent, to 4,602.
Oil losers: Energy stocks in the S&P 500 index dropped 2.4 percent, extending their losses for the year to 5.6 percent as oil prices fell. U.S. benchmark crude slumped $2.33, or almost 3 percent, to $76.45 a barrel, the lowest price since October 2011. Brent crude, the international benchmark, fell $2.34, or 2.8 percent, to $82.43 a barrel.
Oil has fallen sharply in recent weeks as global supplies rise while demand for fuel trails earlier expectations.
Oil winners: The slumping price of oil is giving a boost to airlines, because the cost of fuel is their single largest operating costs. Delta Airlines surged $1.56, or 3.8 percent, to $42.15. United Continental, Jet Blue and Southwest Airlines also logged big gains.
Consumer boost: While slumping oil prices are hitting stocks hard, they should benefit the economy in the longer run as lower gas prices filter through to consumers, said Ernie Cecilia, Chief Investment Officer of Bryn Mawr Trust. The consumer should also benefit as interest rates continue to remain low, even after the Federal Reserve has stopped buying bonds as part of its economic stimulus measures.
?When oil spikes, all you hear about is that it?s a tax on the consumer, so conversely, it?s a windfall of sorts for the consumer, so it?s a plus,? said Cecelia.
Holly Energy Reports Increased Earnings
Holly Energy Partners, L.P., based in Dallas and operators of a Tulsa refinery reported third quarter 2014 financial results showing distributable cash flow of $45.6 million, a 4 percent increase over the third quarter of a year ago.
The quarterly dis…
