Devon Energy made a giant step in its investments in Texas oil and gas fields with this week’s announced $1.8 billion acquisition of Validus Energy of Denver, Colorado. Validus is an Eagle Ford operator and the deal is expected to close at the end of the third quarter of this year with an effective …
Category: Oil & Gas
Climate bill targets oil and gas drilling on federal lands
Here’s what the climate-and-tax bill passed by the Senate….the one described as lowering inflation—would do to the oil and gas industry when it comes to drilling on federal land. Bloomberg reported it would force companies to pay more to drill and also ban them from stockpiling leases. Click here for Bloomberg
Dems target oil and gas firms with big tax bill
Democrats in the U.S. Senate are not finished going after America’s oil and gas industry as they introduced a bill this week to double excess-profit taxes on oil companies making more than $1 billion a year. Oregon Sen. Ron Wyden filed the Taxing Big Oil Profits Act to impose a 21% tax on excess …
Garvin County’s newest producers
Oklahoma’s Garvin County is the site of four new wells including three from a single pad with production of more than 1,800 barrels of oil a day. The three wells were drilled by Marathon Oil Company of Houston at 15 3N 4W, a site near the community of Purdy. The largest producer, the Eubank 0304 4-10-3wxh, had …
Other energy headlines
** A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credit that large. ** The landmark climate legislation passed by …
Climate change bill targets oil and gas industry’s methane emissions
Depending on how one views the landmark climate legislation that cleared the U.S. Senate this week, it contains either a loophole or an escape mechanism for oil and gas firms when it comes to being forced to have lower emissions rate for methane. The legislation was aimed against the oil and gas industry, imposing …
Oil and gas group challenges new pollution law in New Mexico
The Independent Petroleum Association of New Mexico has gone to court challenging its state’s regulatory efforts to limit air pollution from the oil and gas industry. The Carlsbad Current-Argus reported an appeal was filed with the New Mexico Court of Appeals and legal arguments could be held within a month. Click here for Carlsbad …
So-Called Inflation Reduction Act would hurt share buyback programs
Oklahoma oil and gas companies that launched share buyback programs no doubt are wondering what kind of impact the $430 billion Inflation Reduction Act bill, if passed and signed into law, will have on them. It could be devastating because the bill passed by the U.S. Senate and under consideration in the House includes …
More energy headlines
** A group representing General Motors, Toyota Motor, Volkswagen and other major automakers said a $430 billion bill approved Sunday by the U.S. Senate will put achieving U.S. electric-vehicle adoption targets for 2030 in jeopardy. ** The deal extends a popular $7,500 per vehicle consumer tax credit for the purchase of electric vehicles, a win for EV …
Cushing stocks to grow?
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