“2015 provided an extremely challenging business environment for our industry.” Dave Hager, CEO and President.
Despite laying off 1,000 workers amidst the energy downturn, Devon Energy CEO and President David Hager on Wednesday sounded optimi…
Category: Oil & Gas
Seventy Seven Energy Still Struggling—Voluntary Bankruptcy is Still On the Table
Oklahoma City-based Seventy Seven Energy Inc., the spinoff from Chesapeake Energy a few years ago reported Wednesday a drop in fourth quarter 2015 earnings as well as total revenues for 2015 and an increase in losses. And at the same time, it confirmed…
Latest in SandRidge Energy—-Delays Making Interest Payments
A week before it is scheduled to release its 2015 earnings report, financially-challenged SandRidge Energy, Inc. announced it chose to exercise a grace period and defer making nearly $22 million in interest payments that were due on Tuesday, Feb. 16, 2…
House Speaker Says New Plan Helps State Get Ahead of Earthquakes
The state’s new earthquake plan for disposal wells in northwestern Oklahoma gets the support of Oklahoma House Speaker, Rep. Jeff Hickman.
In a statement issued Tuesday, he called it appropriate action by the Oklahoma Corporation Commission.
“The Cor…
State Announces Funding to Monitor Disposal Wells and Earthquakes
The same day the Oklahoma Corporation Commission unveiled a new and larger earthquake plan targeting disposal wells in northwestern Oklahoma, the Governor’s Coordinating Council on Seismic Activity announced the awarding of a research grant to create a…
Sierra Club Critical of State Over Past Earthquake Action
In announcing a new earthquake plan covering 245 wastewater injection wells, State Corporation Commission officials said this week they were finally getting out ahead of some of the quakes.
“This plan is aimed not only at taking further action in resp…
Oilfield Conference Underway in Tulsa
No doubt one of the most talked-about topics of the day when the Mid-Continent Digital Oilfield Conference gets underway today in Tulsa will be the layoffs at Oklahoma City-based Devon Energy.
While nearly 1,000 are losing their jobs, others still in …
1,000 Lose their Jobs at Devon Energy—Company Debt Reaches Nearly $8 billion
“Devon’s top priority in 2016 is to protect the balance sheet.” Dave Hager, CEO and President.
Layoffs will total 1,000 including 700 in OKC.
Company’s debt reaches $7.7 billion.
4th quarter losses hit $4.5 billion.
Devon’s unloading more a…
New Earthquake Plan Implemented by State
The Oklahoma Corporation Commission on Tuesday announced its latest plan in trying to reduce the number of earthquakes believed linke to wastewater disposal wells in the state, a plan covering an estimated 5,200 square miles and 245 disposal wells.
Th…
Cities Want Feds to Stop Gas Drilling Around Lewisville Lake
Environmentalists and some cities around Dallas are asking the federal government to stop gas drilling under Lewisville Lake, claiming it could create hazardous conditions for the lake dam that is ranked by the government as the nation’s eighth most ha…