** Oil company executives who backed Trump’s campaign say they do not actually want to “drill, baby, drill,” but to pursue policies to speed up pipelines and export projects to create more global demand for their products. ** Hyundai Motor North America announced it will recall more than 42,000 vehicles due to a wiring issue that can …
Category: Oil & Gas
Attorney General’s office miffed at legislator’s accusations
When an Oklahoma Corporation Commission judge recently delayed a hearing on ONG’s nearly half-a-billion dollars in 2023 fuel costs because of a complaint filed by State Rep. Tom Gann, it came after the Attorney General’s office displayed its obvious resentment of his complaint. In addressing Admininstrative Law Judge Carly Ortel, Deputy Attorney General …
Expand Energy’s $750 million notes offering
Expand Energy Corporation announced its public offering of senior notes will total $750,000,000. The Oklahoma City company, formerly Chesapeake Energy before it merged with Southwest Energy, explained the offer includes 5.700% senior notes due 2035 at a price to the public of 99.609% of their face value. The notes offering is expected to close …
Energy briefs
** The American Gas Association ), in collaboration with other trade associations and a manufacturer, presented oral arguments before the Court of Appeals for the District of Columbia Circuit in AGA v. DOE, a legal challenge to the U.S. Department of Energy’s (DOE) final Consumer Furnace Rule establishing new standards for residential furnaces and two …
Crude oil prices rose on Friday over growing threat of expanded war in Ukraine and Russia
(Tyler Hicks/The New York Times) The growing war between Russia and Ukraine, on top of the fighting in the Middle East, added to increased worries and sent crude oil prices up nearly 1% on Friday. It resulted in prices settling at a two week high. Both WTI and Brent finished up about 6% for the …
Summit Utility wins rate hike approval in Arkansas
The Arkansas Public Service Commission voted this week to support a nearly $88 million rate hike for Summit Utilities. But regulators decided the hike won’t be allowed to take effect until after winter. Arkansas Business reported the $87.7 million annual rate hike mean a 23.4% increase but half of it will be delayed …
Empire Petroleum gains increased loan power based on strategic growth
Empire Petroleum announced Friday it had increased its loan ability from $10 million up to $20 million as part of its Revolver Loan Agreement with Equity Bank. The Tulsa company said the increase is effective through Dec. 29, 2026. Empire, according to the announcement, has approximately $8.4 million borrowed on the $20.0 million facility. The …
ConocoPhillips completes acquisition of Marathon Oil
(REUTERS/Chris Helgren) The $22.5 billion acquisition of Marathon Oil Corporation by ConocoPhillips has been put to bed. It’s a done deal. ConocoPhllips announced Friday it had completed the acquisition. “This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework,” said …
Burgum likely to increase oil and gas drilling on federal lands as Interior Secretary
If North Dakota Gov. Doug Burgum is confirmed as the next Interior Secretary, he is likely to allow increased oil and gas drilling on federal lands, something the Biden administration wouldn’t allow over the past three and one-half years. However, the industry feels like Burgum will be successful in his endeavor to support …
Crude oil prices rose on increased fighting between Russia and Ukraine
Crude oil prices gained nearly 2% on Thursday as the war between Russia and Ukraine notched up world concerns that the fighting might escalate to a nuclear level. The price climb came after Russian President Vladimir Putin said Thursday Russia had launched a hypersonic medium-range ballistic missile attack on Ukraine and warned the …