Oklahoma isn’t alone in the controversy over the lack of transparency by some utilities over the high-cost of their natural gas. While the topic has brewed since the 2021 winter storm and the resulting increased energy bills for consumers, similar circumstances exist in other states. Illinois is one of them where Gov. J.B. …
Category: Oil & Gas
Quick energy reads
** The Biden administration announced Sunday evening that it is indefinitely blocking 16 million acres of federal land and water in Alaska from future fossil fuel drilling. The Department of Interior (DOI) said it had initiated a rulemaking process to “establish maximum protection” for 13 million acres of land across the National Petroleum Reserve (NPR), an area …
Oklahoma blocks shipments of contaminated soil from Ohio train derailment
A few weeks after it was disclosed that some of t he toxic waste from the train derailment in East Palestine, Ohio was being shipped to Texas, it raised the prospect that perhaps it was traveling through Oklahoma. Since then, Oklahoma Gov. Kevin Stitt revealed Sunday he blocked a shipment of the waste that …
Strong 4Q reported by Ascent Resources
“An extremely strong note,” is how leadership at Ascent Resources characterized the fourth quarter and full-year 2022 financial reports. Ascent had fourth quarter net income of $1.6 billion while its adjusted net income was $148 million and adjusted EBITDAX was $388 million. The company generated $106 million in Adjusted Free Cash flow during the …
Rig count steady in Oklahoma but national numbers declined
Oklahoma’s oil and gas rig count held steady in the past week while the national count dropped by 3 to 746 according to the Baker Hughes Co. report released on Friday. Oklahoma remained at 61 rigs. Nationally, the count included a decline of 2 oil rigs to 590 while the number of gas rigs …
Short energy reads
** Senator Joe Manchin (D., W.V.), chairman of the Senate Energy and Natural Resources Committee, announced Friday that he would reject yet another Biden nominee, arguing that the administration is pandering to climate radicals. The move came after Manchin sank the nomination of Gigi Sohn to the Federal Communications Commission earlier this week. ** Al Gore has warned it …
Crude oil made gains on Friday while OK energy stocks fell
Crude oil prices managed a 1% gain in Friday’s trading while most Oklahoma energy stocks recorded losses for the day. The gain in crude prices came after U.S. employment data was better than expect. However, despite the 1% gain for the day, crude prices still fell more than 3% on the week because of …
Marathon Oil finds 3 large gas wells in Grady County
Three Grady County wells with combined natural gas output of more than 34,000 Mcf were reported by Marathon Oil Company. The company filed completion reports on the three Kem Ranch wells on a single pad located at 24 4N 6W, a site about 5 miles south of the town of Alex. The wells were …
New Mexico legislature toys with oil and gas industry tax credit
The New Mexico legislature seems intent on offering a $12,000 tax credit for oil and gas operators in the state. Democrats joined a Republican-sponsored House Bill 350 which would provide the tax credit to those operators who install gas-capture devices reported the Carlsbad Current-Argus. If the tax credit is signed into law, it would …
Cushing Hub’s oil storage declined in past week
The amount of crude oil held in storage at the Cushing Hub in northern Oklahoma declined slightly in the past week according to the U.S. Energy Information Administration. The EIA reported the total of crude in storage as of March 3 of this year was 39.8 million barrels, down from the 40.7 million barrels …