Phillips 66 predicted this week that its first-quarter loss could approach $700 million, a loss larger than expected because of the severe winter storm that hit the company’s petrochemical operations along the U.S. Gulf Coast. The major refiner, with significant operations in Bartlesville was hit by the February deep freeze which caused large power …
Nearly 200 employees of WPX Energy will lose their jobs as the company wraps up its Tulsa operations over the $12 billion merger with Oklahoma City-based Devon Energy. WPX filed a Worker Adjustment and Retraining Notification or WARN Act with the Oklahoma Office of Workforce Development. The filing listing at least 182 jobs that …
The end of Monday’s trading brought another tumble in crude oil prices in the U.S. but an increase in prices in Europe while Oklahoma energy stocks suffered losses for the day. West Texas Intermediate crude for May delivery dropped $2.80 to $58.65 a barrel in Monday’s trading on the New York Mercantile Exchange. Global …
Attorney General Mike Hunter and Insurance Commissioner Glen Mulready announced a $25 million settlement with Farmers Insurance for the company’s handling of earthquake claims. An investigation revealed that Farmers denied or failed to properly pay approximately one thousand earthquake claims submitted by Oklahomans who purchased coverage to protect their property. As a result, the …
Gasoline prices have dropped a few cents per gallon in Oklahoma, following a national trend. Oklahoma’s gasoline averages $2.62 per gallon, down two cents from a week ago but still 7 cents higher than a month ago and $1.14 more than one year ago. The $2.62 compares to the national average of $2.87 and …
As the Interior Department prepares a report on the paused federal oil and gas permitting on federal lands, Secretary Deb Haaland says taxpayers definitely deserve what she called “a return on their investment.” The former New Mexico Congresswoman responded when asked what changes and different approaches are needed for the nation’s program of oil …
A new report by the Bloomberg Billionaires Index shows Oklahoma oilman Harold Hamm’s net worth grew in the past year making him an even richer billionaire. He owes his increased wealth to a jump in stock prices of Continental Resources, the Oklahoma City company he founded. The firm’s shares grew 59% over the past …
The oil and gas drilling in northwest New Mexico has led to complaints from Navajo Nation residents who contend they were never told about the issues that sometime go with the energy exploration—things like oil spills, gas releases, blowouts and fires. They told their stories to The Guardian. Click here for The Guardian report. …
A subsidiary of Oklahoma City-based Chesapeake Energy agreed to pay a nearly $2 million civil penalty for violating the federal Clean Water Act through its drilling actions in the state of Pennsylvania. The fine was for Chesapeake Appalachia’s discharging of dredge material into waterways and wetlands at 76 sites in five counties of Northeast …
If there’s one industry that could make unexpected gains as a result of President Biden’s $2.2 trillion infrastructure plans, it would be the asphalt industry. Some in Oklahoma could stand to profit from the highway projects, if they are ever approved by congress. One particular company that stands out is Blueknight Energy Partners headquartered …
