It’s considered a long shot but Republicans in the U.S. House and the Senate have introduced legislation to resurrect the Keystone XL pipeline after it was cancelled by President Biden in one of his first of dozens of executive orders. The bills by Montana Sen. Steve Daines and North Dakota Rep Kelly Armstrong would …
In light of President Biden’s executive order banning new oil and gas drilling on federal lands, a new analysis of New Mexico’s revenue and spending showed that 18% of the state spending last year came from oil and gas production on federal land. It pointed out how the State’s economy and government budget could …
As Chesapeake Energy announced a $1 billion note offering this week in preparation for its exit from Chapter 11 bankruptcy, the Oklahoma City company confirmed the layoffs of more than 200 employees. CEO Doug Lawler notified company workers in an email that the restructuring process that came about from its Chapter 11 bankruptcy filed …
Northern Colorado-based Tumbleweed Midstream, LLC announced it reached a new 10-year helium sales agreement with a global tier one helium supplier. Tumbleweed, headquartered in Cheyenne Wells said the new contract will deliver a top-rated customer for the company’s Ladder Creek plant’s helium production capacity. It will also provide the customer a steady supply of …
Pump manufacturer Corken Inc. is expanding its Oklahoma City operations. The firm is reported to be moving an operation from Chicago and expects to add 120 jobs over the next five years. At least 100 of the jobs are manufacturing while 20 are engineering. Just 18 months ago, Corken moved to a larger manufacturing …
Two America tribes attempting to shut down construction of the Enbridge Line 3 replacement pipeline in northern Minnesota lost their bid in the Minnesota Court of Appeals on Tuesday. Opponents of the Enbridge Line 3 replacement project, led by the Red Lake Band of Chippewa and White Earth Band of Ojibwe, said in …
Oil futures went up more than 2% in Tuesday’s trading after producers and investors received word that OPEC production increases were not as high as some thought. Plus, investors liked the fact that major producers showed some sign of putting the reins on output. West Texas Intermediate crude gained $1.19 or 2.2% to finish …
ConocoPhillips announced Tuesday it suffered a loss of $800 million in the fourth quarter of 2020 and $2.7 billion for the entire year. The four quarter loss amounted to 72 cents a share compared to 2919 fourth quarter earnings of $0.7 billion or $0.65 per share. The company said excluding special items, the fourth-quarter …
As it prepares to emerge from Chapter 11 bankruptcy, Oklahoma City’s Chesapeake Energy Corporation announced the offering of $1 billion in senior notes….presumably a move to give the company more available cash to head forward with its operations. The private offering includes $500 million in senior unsecured notes due 2026 and another $500 million …
The SANDRIDGE PERMIAN TRUST announced a distribution of approximately $3.9 million, or $0.075 per unit this week. The distribution is based on royalty interests of wells in the Central Basin Platform of the Permian Basin in Andrews County, Texas. The distribution is expected to occur on or before February 26, 2021 to holders of …
