A bill the oil and gas industry says would increase their costs and at the same time harm the revenue the industry provides to New Mexico, won an early approval in a legislative committee. Supporters claim the bill would reform the state’s oil and gas regulations. It would also make multiple amendments to New …
Category: Oil & Gas
Another round in fight against ESG investment begins in Texas
First Texas enacted a law targeting investment firms that discriminated against oil and gas operations, then Oklahoma followed suit with its Energy Discrimination Elimination Act. Similar efforts followed in West Virginia and Idaho. Now another effort is underway in Texas, this time involved a proposed law to fight against those ESG policies that could …
Strong gains for crude oil and OK energy stocks on Friday
Will the strong gains recorded Friday by crude oil prices and Oklahoma energy stocks continue through Monday? It’s the question investors want to know. Crude gained more than $1 a barrel while Oklahoma energy stocks made strong increases with some firms seeing 5% and 6% gains. What drove the gains? Renewed optimism over increased …
Rig counts fell last week in Oklahoma and across the U.S.
Oklahoma and the nation saw another decline in the past week of active oil and gas rigs, according to figures released by Baker Hughes Co. Oklahoma’s count dropped one to 61 rigs. A year ago, the state had 49 active rigs. Nationally, the count dropped by 4 to 749. The decline came as the …
Regulators to make changes in rules and regulations
Oklahoma Corporation Commissioners plan to hold a special meeting technical conference on Tuesday to discuss but not vote on proposed rulemaking changes. The staff recommended amendments to the Rules of Practice set forth in the Oklahoma Administrative Code. One amendment would allow an Administrative Law Judge to appear and conduct a hearing remotely without …
Tellurian’s CEO puts up $25 million in company shares to cover a loan
In an apparent move to avoid a financial catastrophe for his company, Texas-based Telllurian’s Executive Chairman Charif Souki sold more than $25 million in shares to cover a loan. Securities filings confirmed the transfer and sale of Souki’s shares as collateral for a 2017 loan for real estate investments according to Reuters. It reported the …
Fast reads of other energy stories
** Nearby residents were asked to shelter in place after a Norfolk Southern train derailed near a highway in the Springfield, Ohio, area on Saturday. Norfolk Southern confirmed in a statement to CBS News that 20 cars of a 212-car train derailed. The railway company said there were no hazardous materials aboard the train, and …
Corporation Commissioner says Kansas lawsuit over winter storm gas validates his suspicions about Oklahoma’s rates
Citing a $50 million lawsuit filed by the Kansas Attorney General against an energy company for manipulation of natural gas markets during the February 2021 winter storm, on Thursday, Corporation Commissioner Bob Anthony filed a deliberations statement in the 2021 fuel cost review cases for ONG, OG&E and PSO, saying his repeatedly-dismissed suspicions about …
Short energy reads
** Democrats’ witness at a House Natural Resources Committee hearing Tuesday blasted supporters of the Inflation Reduction Act (IRA) last year for “permitting a climate apocalypse.” John Beard, Jr., the founder and president of the Texas-based Port Arthur Community Action Network, particularly criticized the IRA for several provisions that open up millions of acres of federal land and …
Crude prices and OK energy stocks recorded gains on Thursday
Crude oil prices went up about a half percent in Thursday’s trading and some Oklahoma energy stocks scored well too. Why the slight gain? It was due to signs of a strong economic rebound in top crude importer China according to Reuters. West Texas Intermediate crude futures rose 47 cents or 0.6% to close …