** Chrysler-parent Stellantis is laying off as many as 2,450 factory workers from its Warren Truck assembly plant outside of Detroit as the automaker ends production of the Ram 1500 Classic truck. ** The Biden administration is proposing to restrict the federal lands that are open for future coal mining in North Dakota — though …
Category: Oil & Gas
Crude oil prices and OK energy stocks make another recovery
Not only did crude oil prices climb on Thursday, but so did Oklahoma energy stocks as U.S. jobs data reportedly eased demand concerns. Prices were buoyed after data showed the number of Americans filing new applications for unemployment benefits fell more than expected last week reported Reuters. At the same time, the growing spectre of an …
Ascent Resources moves toward more oil production to fight natural gas price volatility
The volatility in natural gas prices forced Oklahoma City’s Ascent Resources to include more oil production, but the company still reported a net loss of $98 million along with adjusted net income of $96 million. The firm indicated it had adjusted EBITDAX of $333 million and cash flows from operations of $211 million …
Vital’s 2Q earnings much improved over 1Q report
Tulsa’s Vital Energy recorded improved earnings and oil production in the second quarter. The company not only had record quarterly total and oil production of 129.4 thousand barrels of oil equivalent a day and 59.2 thousand barrels of oil a day, it reversed a first quarter net loss of $66 million. Vital had net income …
SandRidge experienced 2Q drop in net income
Oklahoma City’s SandRidge Energy had a drop in net income in the second quarter, falling from $11.1 million and 30 cents a share to $8.8 million and 24 cents a share. The company’s adjusted net income also fell. It was $8.4 million and 23 cents a share at the end of the first quarter …
Dismal 2Q earnings reported by Unit Corporation
Disappointing second quarter results were reported by Unit Corporation of Tulsa as the energy firm saw a drop of net income in addition to a decline for the first half of the year. Unit stated its net income for the quarter totaled $11.5 million or $1.15 a share compared to $28 million and $2.86 …
Colorado gives go-ahead to 166 well project near Aurora
Residents around the Aurora Reservoir just east of Denver in Colorado aren’t happy but state regulators have just approved a plan for an oil and gas company to drill up to 166 oil and gas wells near their homes. The Colorado Energy and Carbon Management Commission gave the approval this week to Crestone …
Energy briefs
** More than a dozen House Republicans wrote to Speaker Mike Johnson (R-La.) on Tuesday asking him not to axe clean energy tax credits in the Inflation Reduction Act (IRA) if the GOP maintains or expands its House majority next year. ** The reaction to selection of Minnesota Gov. Tim Walz to be running mate to …
Continuing drop in crude stocks sent oil prices up on Wednesday
While crude oil prices managed a 2% bounceback on Wednesday, Oklahoma energy stocks were split. The gain in crude prices came as news spread of a bigger-than-expected draw down in US crude stockpiles. It was the sixth week of a drop in stocks. In the U.S., West Texas Intermediate crude went up $2.03 or 2.77% …
US crude stocks make another big drop
The U.S. saw another significant drop in the amount of crude oil stocks in the past week while Cushing recorded a slight gain. Both have seen dramatic declines in stocks since early July. The U.S .Energy Information Administration reported Wednesday the U.S. stocks fell 3.7 million barrels from 433 million barrels as of July …