Nearly every major oil and gas company in the U.S. is keenly aware of the challenges thrown on its by the Biden administration’s anti-oil and gas regulations. Take Devon Energy for instance. In a recent filing of an annual Form 10-K report to security holders with the Securities and Exchange Commission, the Oklahoma City …
Category: Oil & Gas
New Mexico hits Austin oil company with nearly $25 million penalty over flaring
The state of New Mexico came down hard this week on oil and gas company Ameredev II,LLC, fining the firm $24.5 million over alleged violations of state air regulations—namely unlicensed flaring. “Let this serve as a wake-up call to the oil and gas industry – the Environment Department is using remote sensing technology, …
Energy briefs
** Interstate 40 was reopened in both directions Sunday as fire crews continued watch over a controlled burn of remaining fuel from a freight train derailment near the Arizona-New Mexico state line, a local fire chief said. Earlier evacuation orders have now been lifted. ** Exxon Mobil Corp. and Chevron Corp., which reported earnings Friday, are both predicting …
Oklahoma remained steady with rig numbers while nation’s count dropped 6
The nation’s number of active oil and gas rigs dropped by six in the past week, reported Baker Hughes Co. The count dropped to 613 while Oklahoma held stead with 44 active rigs, still down from the 59 reported a year earlier. Nationally, the numbers included a decline of 5 oil rigs to 506 …
Train derailment and fire force closing of Interstate 40 in New Mexico
The derailment of 35 rail cars and following explosion and fire resulted in a shutdown of Interstate 40 for most of the weekend in western New Mexico near the Arizona state line. The closure involved a nearly 50-mile stretch of the interstate because six of the derailed BNSF Railway cars were carrying propane. The …
House members move to kill Biden’s anti-gas car regulations at EPA
Led by Georgia Republican Congressman Andrew Clyde, some 30 House Republican Representatives are going after President Biden’s latest regulations to put gas-powered vehicles out of business. No Oklahoma House members were part of the effort on Friday to file the bill under the Congressional Review Act, a law dating back nearly three decades that …
Crude oil finished the week with gains
Oil prices ended Friday with gains for the day, largely because of the growing tension in the Middle East. West Texas Intermediate rose 28 cents or 0.34% to close at $83.85 a barrel on the New York Mercantile Exchange. Brent crude finished up 49 cents or 0.55% to $89.50 a barrel on ICE Futures Europe. …
West Texas pipeline fire prompts force majeure declaration
Kinder Morgan declared force majeure after one of its west Texas natural gas pipelines caught fire and burned for most of Friday. The Houston company filed a notice of its force majeure declaration for part of the Lockridge Lateral segment of the Natural Gas Pipeline of America system. Click here for Reuters
Chesapeake Energy moves ahead with shareholders meeting but not a vote on its merger
Awaiting Federal Trade Commission review of its proposed more than $7 billion merger with Southwestern Energy, Oklahoma City’s Chesapeake Energy is moving ahead with its annual shareholders meeting. However, shareholders at their Thursday, June 6, 10 a.m. central time virtual meeting will not be asked to vote on the proposed merger which is an …
Weak natural gas market affected Helmerich and Payne’s 2Q earnings
Second quarter earnings came in below expectations at Tulsa’s Helmerich & Payne and company leadership blames a weak natural gas market. The company reported second quarter net income of $85 million or 84 cents a share from operating revenues of $688 million. It was below the $95 million and 94 cents a share from …