The Arkansas Oil and Gas Commission rejected a proposed royalty rate for lithium extraction in the state’s Smackover Formation. Lithium companies that have swarmed over southern Arkansas in search of the mineral from the brine to be used in EV batteries favored a 1.82% rate but the Commission said the firms did not …
Category: Oil & Gas
Crude oil prices fell but Oklahoma energy stocks soared day after election of Trump to the White House
Crude oil prices fell in Wednesday’s trading following the re-election of former President Trump, but stunning gains were recorded by Oklahoma energy stocks with some climbing more than 14%. West Texas Intermediate crude dropped 30 cents or 0.42% to settle at $71.69 a barrel on the New York Mercantile Exchange. Global standard Brent …
Stored crude oil gains recorded at Cushing and the US
Increases in crude oil stocks were recorded in the past week across the U.S. and at the Cushing Hub. The Cushing Hub in northern Oklahoma saw a 1.5 million gain in the past week. Its total crude oil in storage jumped from 24.4 million barrels during the week of Oct. 25 to 25.9 million …
Energy and election outcomes
Tuesday’s elections weren’t just about “energy” in Oklahoma, for example with the election of Brian Bingman as the newest Corporation Commissioner. The decisive re-election of former President Donald Trump will have an impact on Oklahomans and others,especially in the form of his “drill baby drill” oil and gas theme. The industry obviously has …
Net loss prompts Gulfport Energy to lower guidance for rest of 2024
Gulfport Energy Corporation saw increased oil production and adjusted earnings in the third quarter but still recorded a net loss of $14 million. As a result, the Oklahoma City energy company reduced guidance by 4% for drilling and completion capital expenditures. The firm had $61.8 million of adjusted net income and $178.1 million of …
Devon recorded another strong 3Q but below 2Q net earnings
Devon Energy Corp.reported another strong earnings report for the third quarter, but not quite as strong as its second quarter. And it’s not declaring a dividend as a result of lower prices. The Oklahoma City company recorded net earnings of $812 million or $1.30 a share and core earnings of $683 million and $1.10 …
Mitchell Talks Energy—the campaign results and their impact on energy in Oklahoma
Political races are decided from the White House to the Oklahoma Corporation Commission. The impact on Oklahoma? It’s discussed in this latest podcast of Scott Mitchell talks energy with Jerry Bohnen.
3Q earnings report coming from Mach Natural Resources
Third quarter earnings by Oklahoma City’s Mach Natural resources LP will be released next week. The release will be on Tuesday, Nov. 12 after the closing of trading on the New York Stock Exchange. The earnings release for the third-quarter 2024 results will be available on the Company’s website at https://ir.machnr.com. The Company will …
Energy briefs
** Diamondback Energy Inc., the largest independent oil and gas producer in the Permian Basin, warned that the US shale industry may be growing to its own detriment again. The company is planning to hold its own output growth to 2% next year and said it can be flexible with spending if the oil market …
Judy Love, co-founder of Love’s store chain dies at 87
Judy Love, who along with her late husband, Tom Love, founded Love’s Travel Stops died Tuesday. She was 87. The company announced her death on its website. Alongside her late husband, Tom Love, Judy was instrumental in building their family-owned business, Love’s Travel Stops, which they founded in 1964 with a $5,000 loan. Judy’s …