Phillips 66 just took a nearly $605 million hit in the pocketbook in a jury verdict involving a trade secrets misappropriation lawsuit filed by Propel Fuels, a retailer of low-carbon fuels at stations throughout California. After a five-week trial in the Superior Court of California, County of Alameda, a jury awarded a $604.9 million …
Category: Oil & Gas
EPA and New Mexico oil/gas producer settle air quality complaint for $9.4M
The U.S. Environmental Protection Agency and U.S. Department of Justice announced a more than $9 million settlement with Hilcorp Energy Co. on Oct. 17 that resolved Clean Air Act and New Mexico Air Quality Control Act violations at the company’s oil and gas production operations in New Mexico. The case is the first of …
OGE launches new generation project at Horseshoe Lake as plant celebrates 100th anniversary
Oklahoma Gas & Electric Company broke ground on two new power generation units on Wednesday at its Horseshoe Lake Power Plant in Harrah, Oklahoma. During the groundbreaking, OG&E leaders, local officials, and Horseshoe Lake staff and retirees also celebrated the plant’s 100th year of providing power to central Oklahoma. “When Horseshoe Lake opened, electricity was …
Nation’s crude oil supplies have dropped but not at the Cushing Hub in Oklahoma
Lower crude oil prices on Thursday in the U.S. were apparently the result of falling crude oil stocks over the past week. The U.S. Energy Information Administration reported a drop of 2.2 million barrels of crude oil. The U.S. stocks totaled 422.7 million barrels on Oct. 4 but fell to 420.5 million barrels the …
Lower US crude inventory sent mixed signals on crude oil prices
Crude oil prices were mixed in Thursday’s trading after the latest data showed crude oil inventories fell in the U.S. over the past week. The global benchmark saw a gain while the U.S. standard slumped. It followed a fall Wednesday to their lowest level since Oct. 2. U.S. crude inventories dropped 2.2 million barrels to …
AG won’t represent legislators in their lawsuit against Corporation Commissioner Todd Hiett
Correspondence filed Tuesday at the Oklahoma Corporation Commission reveals Oklahoma Attorney General Gentner Drummond has declined to represent utility ratepayer complaints against Commissioner Todd Hiett. By statute in Oklahoma, the Attorney General has a duty “to represent and protect the collective interests of all utility consumers of this state in rate-related proceedings before the …
Phillips 66 to close Los Angeles refinery
The Phillips 66 refinery in Los Angeles will be shut down in the coming year, according to an announcement by the oil company. The firm said the shutdown will occur by the end of 2025 and it cited market concerns for the move. “With the long-term sustainability of our Los Angeles Refinery uncertain …
Childcare and its role in struggles to find workers
By John McCoy Although labor markets are becoming more balanced across the country, with the number of job openings relative to the number of available workers approaching pre-pandemic levels, some states and regions are continuing to face tighter-than-normal labor market conditions. In the Tenth Federal Reserve District, for example, businesses have reported …
Federal Reserve banks to explore how to meet rising energy demand
Among the speakers at next month’s 2024 Energy Conference sponsored by the Federal Reserve Banks of Kansas City and Dallas will be Devon Energy leader Rick Muncrief. He is slated as one of those who will speak at the conference on Wednesday, Nov. 13 at the Federal Reserve Bank of Dallas, 2200 N Pearl …
Quarterly dividend declared at ONEOK
A nearly one dollar quarterly dividend was declared by the board of directors of ONEOK, Inc. The announcement explained the dividend totaled 99 cents a share and was the same amount of the dividend declared for the previous quarter. It would amount to an annualized dividend of $3.96 per share. ONEOK indicated the dividend …