A report indicated that rising storage levels at the Cushing hub in Oklahoma is putting pressure on futures prices which could help ease U.S. inflation. Reuters reported the shrinking discount of U.S. crude to Brent and rising Canadian oil imports will send more barrels to Cushing. Click here for Reuters
Category: Oil & Gas
SandRidge Energy reports improved earnings in 2Q
SandRidge Energy, Inc. saw improved earnings in the second quarter, reporting $53.7 million in generated adjusted EBITDA compared to $39.4 million in the first quarter of the year. Second quarter net income totaled $48.5 million or $1.32 per basic share while adjusted net income was $48.9 million and $1.33 per basic share. Even though …
ONG and Oklahoma Municipal League respond to ratepayer bond tax issue
Oklahoma Natural Gas came out this week indicating it might have a disagreement with Oklahoma regulators over taxes and those winter storm ratepayer-backed bonds, but it doesn’t oppose an effort to collect them. At the same time, the Oklahoma Municipal League wants things to slow down regarding the issue. In a filing this …
Blueknight Energy Partners reports lower earnings as it prepares for merger
Blueknight Energy Partners, L.P. reported its financial results for the second quarter ended June 30, 2022 were down from the previous year. Income from continuing operations for the Tulsa-based company was $6.3 million in the second quarter of 2022, compared to $7.1 million for the same period in 2021. The year-over-year decrease was primarily due to non-recurring legal and professional …
Ovintiv’s 2Q results show doubled shareholder returns and highest quarterly cash flow in more than a decade
Denver’s Ovintiv Inc., the energy company with strong activity in Oklahoma’s STACK play, reported second quarter net earnings of $1.36 billion and the highest quarterly cash flow in more than a decade. Its cash flow was $1.22 billion while free cash flow totaled $713 million. Net earnings totaled $1.36 billion after-tax or $5.21 …
Crude prices slumped nearly 4% to six month lows
All it took was a government report to show crude and gasoline stockpiles unexpectedly surged last week and crude oil prices fell to nearly six-month lows. Prices dropped nearly 4% also as OPEC+ stated it would increase its oil output target by 100,000 barrels a day. West Texas Intermediate crude for September delivery …
Strong 2Q allows Laredo Petroleum to continue repurchase of shares and debt
A big second quarter for Laredo Petroleum was reported this week including net income of $262.5 million, cash flows from operating activities of $368.1 million, and free cash flow of $110.5 million. The company reported net income attributable to common stockholders of $262.5 million, or $15.41 per diluted share. Adjusted Net Income1 for the second quarter of 2022 was $127.8 …
Williams invests in technology to generate zero-emission hydrogen with natural gas
Williams announced a direct investment in Aurora Hydrogen, a company developing technology that converts natural gas to hydrogen with zero carbon dioxide (CO2) emissions. Aurora Hydrogen’s technology uses microwave energy to convert methane to hydrogen and solid carbon without generating CO2. Williams’ investment will support scaling production to 200 kg of hydrogen per day, …
Expanded Permian Basin activity for Devon Energy
Second quarter earnings were so strong for Devon Energy and Diamondback Energy that the two companies raised production guidance and capital budgets for their activities in the Permian Basin. S&P Global reported Devon is raising its full-year 2022 production forecast by 3% to a range of 600,000-610,000 b/d of oil equivalent, owing to better-than-expected …
Tax conflict developing over winter storm ratepayer backed bonds
Another conflict is developing at the Oklahoma Corporation Commission over those billions of dollars in securitization bonds used by four public utilities to cover their February 2021 winter storm costs. The issue will be raised during the Commission’s Thursday morning meeting during which a review of the ratepayer backed bonds used by the utilities …