Category: Oil & Gas

Three straight days of losses for crude oil prices

Crude oil prices dropped Wednesday for a third straight day this week and Oklahoma energy stocks suffered as well. The declines came as investors responded in kind when Fed officials indicated there might be a delay in any possible interest rate cuts. As a result, higher rates mean tighter money for economic growth and any …

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Surprise buildup of crude stocks at Cushing Hub and the U.S.

  A surprise buildup of U.S. crude stocks resulted Wednesday in an extension of the losses crude oil prices recorded a day earlier. The U.S. Energy Information Administration reported that nationally, crude stocks increased 1.8 million barrels from the 457 million barrels in storage as of May 10 to the 458.8 million barrels reported May …

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Devon Energy joins others in funding STEM center to help minority students

  Urban League of Greater Oklahoma celebrated the opening of a new science, technology, engineering and math (STEM) Center funded in part by Devon Energy.  This innovative learning space is provided through a partnership between Devon Energy and the Cal Ripken, Sr. Foundation. The STEM Center supports the organization’s mission to bring social and economic …

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Legislators weren’t concerned about fiscal impact of Energy Discrimination Elimination Act

  A review of the legislative process that created the Oklahoma Energy Discrimination Elimination Act, a 2022 law now suspended because of a Judge’s ruling in a lawsuit filed by a state retiree, revealed there was little interest in the economic impact of the law—other than protecting the state’s oil and gas industry. It appeared …

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Energy briefs

** The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. ** Broad majorities …

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Biden orders sale of 1 million barrels of gasoline to lower prices

  With national gasoline prices averaging $3.60 a gallon, the Biden administration, much like it did in 2022 with the release of oil from the Strategic Petroleum Reserve, announced a move designed to ease prices. Critics contend it is a political move designed to attract support for President Biden who is slumping in the polls. …

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Texas LNG plant contractor files bankruptcy

  Problems at the construction site of a large Texas liquefied natural gas plant. Zachry Holdings, the lead contractor for the plant being built by Qatar Energy and Exxon Mobil, filed for Chapter 11 bankruptcy protection on Tuesday. The firm shared most of the $10 billion project called Golden Pass LNG. Reports indicated it was …

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Layoffs at Chesapeake Energy ahead of merger vote by shareholders

  The same day that shareholders of Chesapeake Energy voted whether to approve a proposed merger with Southwestern Energy, Chesapeake confirmed the layoffs of 80 workers. The layoffs  represented about 10% of the Oklahoma City company’s workforce, reported The Oklahoman. The company explained the layoffs came as a result of Chesapeake’s sale last year of its …

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OGE crews remain in Houston area helping with power restoration after last week’s deadly weather

  Three days after a team of 100 OG&E  linemen and support personnel deployed to Houston, Texas, crews have been working around the clock to restore power as quickly and safely as possible to areas affected by last Thursday’s severe storm.   Since arriving, OG&E crews have been assisting CenterPoint Energy and began working Sunday morning …

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Shareholders to meet Wednesday for ONEOK and Gulfport Energy

    Annual shareholders meetings for ONEOK and Gulfport Energy will be held Wednesday. ONEOK’s will be a virtual meeting starting at 9 a.m. Central Time. The shareholders are asked to vote on the election of 10 director nominees, ratification of Pricewaterhouse Coopers LLP as the independent registered public accounting firm for ONEOK and on …

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