An $80 million project is underway in Wyoming in an attempt to get more oil out of the rocks where the black gold rests. The $40 million put up by ThermoFisher Scientific was matched with another $40 million from the Wyoming legislature, all with hopes of turning the state’s oil patch into a …
Category: Oil & Gas
Net loss recorded by LSB Industries in 3Q
Third quarter earnings dipped for Oklahoma City’s LSB Industries, Inc. as the firm had net sales of $109.2 million compared to $114.3 million in the third quarter of last year. But it also had increased earnings per share. The firm recorded a net loss of $25.4 million compared to a net loss of $7.7 …
Crude oil prices rebounded Wednesday—so did Oklahoma energy stocks
After a few days of disastrous drops in prices, crude oil experienced a more than 2% rebpound in Wednesday’s trading. The bounce-back came after new data showed U.S. crude inventories had a surprise drop compared to last week’s crude stock information. Plus, prices were affected by reports that OPEC+ might delay its planned oil output …
Cushing sees gain in crude oil while US count declines
The nation’s amount of crude oil stocks declined in the past week while the total held in storage at Oklahoma’s Cushing Hub increased. The latest U.S. Energy Information Administration report on crude stocks showed Cushing increased its total in crude oil by 700,000 barrels. The report showed Cushing held 25.4 million barrels as of …
Williams seeks FERC approval for gas pipeline expansion
Williams Cos. is asking approval of federal regulators for a 54-mile natural gas pipeline in North Carolina and Virginia that’s part of a planned gas infrastructure buildout across the Southeast. The request by the Tulsa-based company was filed with the Federal Energy Regulatory Commission seeking permission to construction a methane gas pipeline for Virginia …
Energy briefs
** Ford’s chief executive revealed that he drives a $30,000 Chinese-made electric sedan — and got ripped by critics, who called it a “slap in the face” to employees of the Detroit-based automaker. Farley, who has been CEO of Ford since October 2020, said he drives a Xiaomi SU7, an electric sedan that retails for $30,000 that he had …
Energy Transfer announces increased cash distribution on shares
Ahead of its release of third quarter earnings, Energy Transfer announced an increase in its quarterly cash distribution. The Dallas company, which merged 3 years ago with Oklahoma’s Enable Midstream Partners, said the new cash distribution is $0.3225 per share or $1.29 on an annual basis. This cash distribution per Energy Transfer common unit …
Big slide in earnings for Phillips 66 in 3Q
Phillips 66 third quarter earnings took a punch to the face, tumbling from $1 billion in the second quarter to $346 million. The Houston-based company said its adjusted earnings were $859 million versus $984 million in the previous quarter. Part of the drop was related to the $41 million in costs of the planned …
Colorado fights proposed oil by rail project
Colorado leaders have taken their fight against a proposed oil by rail project through their state to the U.S. Supreme Court. They’re fighting the 88-mile Uinta Basin Railway, a multibillion dollar plan to ship oil from the Uinta Basin of Utah through Colorado and eventually to places such as Oklahoma’s Cushing Hub. Colorado …
ONEOK announces higher third quarter earnings
Earnings rose for ONEOK, Inc. in the third quarter of the year. The company announced higher third quarter 2024 results and provided 2024 financial guidance on a consolidated basis that includes contributions from EnLink Midstream and the pending Medallion Midstream acquisition. ONEOK also increased its 2024 financial guidance on a stand-alone basis to be comparable …