** ArcLight Capital Partners, a major private equity buyer of power assets, launched a new unit with initial capital of $500 million to acquire and upgrade wind and solar projects that will help meet surging electricity demand from data centers. The investment vehicle, SkyVest Renewables, made its debut deal with the purchase of a 160-megawatt …
Category: Oil & Gas
Congressman adds anti-DEI legislation on Interior Department budget bill
When the U.S. House voted last week along party lines for a reduced budget for the Department of Interior, it not only had the support of Oklahoma’s five U.S. Representatives. It also included Republican efforts to thwart DEI and environmental justice activities to be inserted by the Biden administration. The final budget bill included …
Casey’s expanding by nearly 200 stores with $1.1 billion acquisition
We’ll soon see more of those Casey’s General Stores so familiar throughout Oklahoma. The Iowa-based company announced a $1.145 billion acquisition of Fikes Wholesale, Inc., owner of CEFCO Convenience stores in Texas and other states. Casey’s acquisition of Fikes will include 198 retail stores and a dealer network. The proposed transaction will increase Casey’s …
Cash distribution announced at Alliance Resources in Tulsa
Tulsa’s Alliance Resource Partners, L.P., one of the nation’s largest coal-mining companies plans to release is quarterly finance report on Monday, July 29 just days after it announced a new cash distribution to shareholders. The cash distribution will total 70 cents a share or $2.80 at an annualized rate per share and will …
VP Harris on a ban of fracking—-what’s the truth? A fracking ban or not?
The oil and gas industry is in the middle of the Presidential campaign with former President Trump seen as a major supporter of Oklahoma’s oil and gas operators while Democratic Vice President Kamala Harris seen as an extreme opponent. One of the issues is fracking. Four years ago, Harris was an avid supporter …
Crude oil prices finished down on Friday
Crude oil prices dropped again on Friday with a 1% decline for the day as investors continued to express concerns about demand in China. The decline came despite reported improved economic growth in the U.S. For the week, West Texas Intermediate crude dropped 3.7% while Brent’s decline was 1.8%. For the year, the …
Cushing Hub is important in international crude oil pricing
Just how important is Oklahoma’s Cushing Hub in the overall consideration of crude oil prices around the world? It plays more of a critical role than some might consider—at least based on a recent Reuters report. Some observers believe oil prices in the U.S. are not likely to rebound in the coming few months—unless …
Crude oil prices made second straight day of gains
Higher closes marked Thursday’s trading for oil and gas prices and they resulted from strong US economic data. Still, they might have been slowed by worries regarding lower oil imports from China. US benchmark West Texas Intermediate crude gained 69 cents or 0.89% to close at $78.28 a barrel on the New York Mercantile Exchange. …
Despite drop in US rig counts, Tulsa’s Helmerich and Payne saw revenue gains
On the same day Helmerich & Payne announced a nearly $2 billion acquisition of a Scotland-based firm with a heavy presence of oil exploration in the Middle East, the Tulsa company reported quarterly net income of $89 million or 88 cents a share….an improvement over the first quarter of 2024. It came as …
Helmerich and Payne announces $2 billion acquisition of Scottish drilling company
Tulsa’s Helmerich & Payne just expanded its worldwide oil and gas exploration business with a $1.9725 billion cash acquisition of KCA Deutag International Limited, a global drilling company based in Abeerdeen, Scotland. The acquisition will give H&P more ability to reach the Middle East where KCA Deutag has a “significant land drilling presence,” stated …