** Berkshire Hathaway Inc shareholders on Saturday overwhelmingly rejected six proposals addressing environmental and social policy issues at Warren Buffett‘s conglomerate, all of which the billionaire investor and his board opposed. ** The rupture of a Louisiana pipeline that released 107,000 gallons of carbon dioxide raises concerns about similar issues among opponents of a proposed carbon pipeline in South …
Category: Oil & Gas
Oklahoma’s gross production tax revenue dropped in April
State Treasurer Todd Russ reported tax revenue in Oklahoma creased from March to April but figures showed another drop in the gross production tax on oil and gas. Gross Production Tax or “GPT” totaled $1.2 billion and decreased $853.3M, or 43.2% from April 2023 to last …
Nation’s oil and gas rig numbers plunge again as more rigs are in storage
While Oklahoma’s number of active oil and gas rigs remained steady over the past week, the nation’s count took another big drop. Baker Hughes Co. released its weekly rig count on Friday showing a decline of 8 rigs to a level of 605. The decline nationally included a loss of 7 oil rigs, leaving …
Oil prices finished down on Friday to lowest point in 3 months
Crude oil prices finished a lower week in trading on Friday, falling nearly 1% and posting their biggest weekly loss in three months. Here’s what happened on Friday. Investors considered the latest US jobs data which was weak and were still wondering and hoping of the Federal Reserve might cut interest rates. With all indications …
Southwestern Energy’s 1Q report shows $1.5 billion net loss
While the Federal Trade Commission considers the merger of Chesapeake Energy and Southwestern Energy of Houston, Southwestern’s debt just grew with the release of its first quarter earnings report. The company reported a net loss of $1.5 billion or $1.39 per diluted share. Southwestern’s total debt, as of March 31 of this year came …
Texas congressman charged with taking bribes from Azerbaijan oil and gas firm
Texas Democratic Congressman Henry Cuellar and his wife deny the charges but were indicted Friday on charges of taking $600,000 from an energy company in the former Soviet republic of Azerbaijan. The indictments accused them of conspiracy and bribery and were the result of a long-term Justice Department investigation into ties between US business …
Barclays PLC added to banned energy discrimination elimination list in Oklahoma
Oklahoma State Treasurer Todd Russ announced his office added another company to the Oklahoma State Treasurer’s Restricted Financial Companies List, which is published on the treasurer’s website and subject to revision annually, but not more than quarterly as needed. The announcement drew immediate reaction from those critical of his efforts. During his continued efforts …
Energy briefs
** The U.S. government has loosened some rules governing electric vehicle tax credits a bit, potentially making more EVs eligible for credits of up to $7,500. The Treasury Department announced final regulations for the credits under the 2022 Inflation Reduction Act on Friday, giving automakers more time to comply with some provisions about where battery minerals can …
US Regulators: Approve Exxon’s $60B Purchase Of Pioneer Natural Resources
The Federal Trade Commission has cleared the way for Exxon Mobil’s $60 billion dollar purchase of Pioneer Natural Resources as soon as Friday. There are conditions – and one is that former Pioneer CEO Scott Sheffield won’t be named to Exxon’s board of directors. Sheffield has been accused of colluding with OPEC to drive …
Crude fell again in Thursday’s trading, reaching a 7-week low
A slight drop in crude oil prices on Thursday sent them to nearly their lowest level in seven weeks following a bigger fall on Wednesday. It came after weaker global demand for crude oil, increasing crude stocks plus dashed hopes for a cut in US interest rates. West Texas Intermediate crude, considered the US benchmark …