On the surface, it would appear the Thursday morning special meeting of the Oklahoma Corporation Commission would be routine, normal and certainly nothing out of the ordinary. Far from it. Buried in the agenda under the innocuous-appearing 24-hour signing agenda are items that could end up costing taxpayers and consumers a lot of money. …
Category: Oil & Gas
Baker Hughes reports increased earnings and revenue
Increased earnings and revenue were the order of the day for Houston-based Baker Hughes Co. The company, with major operations throughout Oklahoma, reported an 18% increase in first quarter revenue of $5.7 billion while adjusted operating income rose $160 million to reach $438 million. Cash flows generated from the company’s operating activities were $461 …
Senator Mullin says Biden put politics over American energy prosperity
“The Biden administration prioritizes politics over American prosperity.” That’s the “in-your-face” assessment by Oklahoma U.S. Sen. Markwayne Mullin. Writing recently in the Washington Times, the Republican Senator charged the administration “has been gas-lighting our domestic energy producers for the past two years.” He accused the White House of using “faulty statistics” to justify its …
Forced pooling the target of reforms in Colorado
Forced pooling, such as exists in Oklahoma, is getting more attention in Colorado where some lawmakers are seeking to reform the process. Some of the state’s lawmakers want more transparency in the process and a bill to do so will face a public hearing this week before a Senate committee. The bill has its …
Quarterly financial report to be released by Mammoth Energy Services
Mammoth Energy Services, Inc. in Oklahoma City will release its first quarter financial earnings report next week, hoping to build on a fourth quarter 2022 where total revenue soared by 80% over the previous year. The release will be made after the market closes on Thursday, April 27. Leadership will hold a conference call …
Growing salaries for energy company CEOs
The issue of soaring executive salaries. It’s a topic undertaken this week by Zacks Equity Research which explored why ExxonMobil XOM and Chevron CVX increased their CEO pay amid declining median worker salaries. At least one report said the average CEO compensation in the U.S. was $11.6 million at 20 large exploration and production companies while …
Gulfport to unveil 1Q results
After reporting nearly $749 million in net income in the fourth quarter, Oklahoma City-based Gulfport Energy Corporation plans to release its first quarter earnings report May 2. The company said the release will be on that Tuesday after the market closes. A teleconference and webcast will be held the next day, Wednesday, May 3 …
Devon Energy makes first investment in renewable energy
Oklahoma City’s Devon Energy just made its first step into investing in renewable energy and it did so with a $10 million investment of geothermal energy. The investment was with Fervo Energy, the next-generation leader in geothermal technology. The investment initiates a partnership between two technical leaders and applies Devon’s 50-plus years of innovation in …
Latest wells to be reported by drilling companies in the state
Here is a review of some of Oklahoma’s latest wells to be reported by energy companies. Calyx Energy III LLC of Tulsa filed a completion report on another eastern Oklahoma gas well. The Jasmine 3-28-33wh, located in Hughes County and southeast of Wetumka at 28 8N 12E , produced 1,346 Mcf of natural gas …
Energy headlines from the US and the world
** A Michigan GOP state lawmaker is asking Congress to demand all “federal resources available” to investigate whether Gotion High-tech, a Chinese energy company with U.S. subsidiaries, is doing business or attempting to do business with enemies of the United States. ** A Nevada county rescinds a geothermal energy company’s exploratory drilling permit in the Black Rock …