Devon Energy Corp. posted narrower losses for its first quarter on Tuesday, helped in part by a 36% decline in expenses as the oil and gas producer responded to depressed energy prices with a deep cut of its workforce according to The Wall Street Journal. During the three-month period ended in March, the Oklahoma City-based company …
Category: Oil & Gas
Oklahoma Energy Index Remains Stable as Oil Prices Rise
Driven by increasing crude oil prices, the most recent Oklahoma Energy Index is holding steady after nine months of decline. The Oklahoma Energy Index, a measure of oil and natural gas industry activity, stood at 159.1 using data collected in March, a 0.3 percent decrease from the previous month’s reading. The modest decline marks the …
ONEOK Announces First Quarter 2016 Financial Results
Tulsa’s ONEOK Inc. on Tuesday reported profits of $83.4 million for the first quarter, or 40 cents a share in the first quarter, up roughly 37 percent compared to $60.8 million, or 29 cents a share earned for the same period a year ago. Tulsa pipeline company, ONEOK Partners LP, which owns one of the …
Supply Fears Drive WTI Crude Below $44 a Barrel
Oil futures fell for a third straight session Tuesday, pressured by renewed fears of a global supply glut triggered in part by reports that OPEC production rose in April, according to Bloomberg MarketWatch. West Texas Intermediate crude for June delivery on the New York Mercantile Exchange fell $1.13, or 2.5%, to settle at $43.65 a …
Chesapeake Manufacturing Subsidiary Lays Off 98 Employees
A Chesapeake Energy Corporation subsidiary laid off 98 employees on Tuesday as part of the continued oil and natural gas industry slowdown. Oklahoma City-based Compass Manufacturing L.L.C. designs, manufactures, installs and sells natural gas compressor equipment. The company was formed in 2007 to supply Chesapeake Energy Corporation and MidCon Compression with natural gas production equipment, …
Sinclair and “Dino” turn 100 This Month
Sinclair Oil turned 100 years old this month making it the oil industry’s oldest brands….and maybe one of the most recognized because of its famous dinosaur logo. Based in Salt Lake City, the company was founded May 1, 1916 and has sold fuel and oil in the U.S. as one of the oldest continuous brands …
Oklahoma’s Gas Prices Average Just Under $2
Gasoline prices in Oklahoma are just pennies under the $2 mark and show an increase of 14 cents in the past four week, according to this week’s Fuel Gauge Report from AAA Oklahoma. The new average is $1.96 a gallon, a level that the state hasn’t seen since mid-November of 2015. It compares to the …
Colorado Supreme Court Rules Against Municipal Fracking Bans
The efforts of some cities in Colorado to create rules and regulations against oil and gas development, including fracking have been shot down by the Colorado Supreme Court. The Justices ruled this week state power trumps the local bans on oil and gas drilling near cities. The ruling involved a challenge of a five-year moratorium …
Late 2015 Wells Just Reported in Oklahoma
Six months after some high-producing oil wells were drilled in the state, production companies are just filing their completion reports. The largest to be reported this week was a Blaine County well producing 1,817 barrels a day along with 4,381 Mcf of natural gas by Continental Resources. The Compton well is located southeast of Watonga …
Hamm’s Still Predicting $60 Oil in 2016….Cites Increased Worldwide Demand
Oklahoma oilman Harold Hamm, founder of Continental Resources predicts the oil and gas market will “rebalance in the second half of 2016 and oil prices will be at $60.” It’s what he wrote in a commentary in the Journal Record, saying the oil market has passed an inflection point and prices are up 50 …