As Oklahoma City University economist Dr. Russell Evans looks at Oklahoma’s economy and how this year, the legislature is strapped with a financial crisis, he believes next year will be a far different story. He predicts the economic recovery is already underway in the state, one led by the oil and gas industry improvements. “The …
Oklahoma City-based Devon Energy Corporation reported net earnings of $565 million posted in the first quarter of 2017, according to a company press release issued Tuesday. The company’s core earnings exceeded expectations and totaled nearly $217 million. Devon’s financials seem to indicate that both the company and the industry are rebounding from an economic downturn. Devon posted …
Oklahoma City-based Devon Energy Corporation will divest nearly $1 billion of non-core assets including some portions of the Barnett Shale near Johnson County, according to a company press release issued Tuesday. “The successful resource expansion in our world-class STACK and Delaware Basin assets has generated an abundance of opportunities within our portfolio,” said Dave Hager, president and CEO. “Given the …
Crude oil settlements continued to spiral downward on Tuesday, registering back-to-back declines as rising output in the U.S and a survey showing a fall last month in OPEC compliance, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude fell $1.18, or 2.4%, to settle at $47.66 a barrel. On the …
With increased employment in the oil and gas sector in the state, the Oklahoma Energy Index has moved higher marking the eighth month i the last 10 that industry activity has grown. “The industry improvement shown in eight of the last 10 months is a sign for optimism,” said Chris Mostek, senior vice president of …
Oklahoma’s STACK has been kind to Cimarex Energy Company. The Denver, Colorado exploration company reported six wells completed and producing in Blaine and Canadian Counties, two of the counties that make up the brunt of the STACK oil play. The three wells in Blaine county were the largest with the Holieway producing 851 barrels of oil …
Oklahoma City-based Chaparral Energy, Inc. has announced its strategy for the year and a decision to start exploring strategic alternatives for the company’s Enhanced Oil Recovery assets. “Chaparral is committed to increasing value for its shareholders,” said Earl Reynolds, Chief Executive Officer. “During the remainder of 2017 we will be pursuing strategic alternatives for …
A new study commissioned by the Oklahoma Oil and Gas Association found each active long lateral horizontal drilling rig running in Oklahoma at full capacity generates an average of $195.6 million in direct and indirect economic benefits over the course of a year, according to a press release issued by the OKOGA on Monday. Dr. …
Oil prices settled at their lowest finish in nearly five weeks on Monday as traders remained uncertain that OPEC’s production curb would offset rising domestic crude output, according to Bloomberg MarketWatch. June West Texas Intermediate crude fell 49 cents, or 1%, to settle at $48.84 a barrel on the New York Mercantile Exchange. WTI prices lost …
Oil prices ended higher on Friday despite lower monthly settlements, according to Bloomberg MarketWatch. June West Texas Intermediate crude added 36 cents, or 0.7%, to close at $49.33 a barrel on the New York Mercantile Exchange. Based on the front-month May contract finish at the end of March, prices have lost about 2.5% in April. The …
