The wintry grip on Oklahoma has sent natural gas prices in Oklahoma up to nearly $1,000 per million British thermal units. Reports indicated the $999 MMBtu price was indicated for two contracts at the Oneok Gas Transportation hub in the state. It represented a 24,000% increase compared to a week earlier. David Hoy, a …
Category: Oil & Gas
Oil recovery from winter storm in Texas won’t be fast
As the Permian Basin’s oil production is down an estimated one million barrels of oil a day because of the coldest weather in 30 years, some analysts and industry experts are saying the recovery could take weeks—-once the warmer weather returns. That represents a significant impact on the nation’s shale oil and its natural …
Questions and finger pointing in Texas over the deadly winter storm
A lot of finger-pointing is going on in Texas where millions lost power in the winter storms that bashed the state, resulting in frozen wind turbines and natural gas operations. Some want to put the blame on the frozen wind turbines which produced a large percentage of electricity in Texas. Others argue, “no, no…it’s …
Continental Resources reports $92 million 4Q loss and expansion in Wyoming
While Continental Resources reported a total 2020 net loss of nearly $597 million or $1.65 per diluted share, the Oklahoma City energy indicated it plans an expansion of its Wyoming drilling operations in March. It is finalizing a $215 million acquisition in Wyoming. The full-year 2020 adjusted net loss was $424 million or $1.17 …
Devon reports 4Q loss of $102 million and won’t fund expansion projects
Devon Energy Corp. reported a net loss of $102 million or 27 cents per diluted share in the fourth quarter of 2020, according to the earnings report released Tuesday following the close of markets. The company’s CEO also made it clear Devon won’t finance any expansion projects for now. During the quarter, Devon also …
Oil reaches $60 in US and OK energy stocks made gains
While Arctic temperatures fell across Oklahoma on Tuesday afternoon, closing oil prices finished higher in trading and U.S. prices reached the $60 mark for the first time in more than a year. Benchmark U.S. crude oil, West Texas Intermediate for March delivery climbed 58 cents to finish at $60.05 a barrel in trading on …
Legislator’s energy bills draw opposition in Oklahoma House
An Oklahoma House Committee will meet Wednesday, weather providing, to consider a bill to promote renewable natural gas. House Bill 1815 by Moore Rep. Mark McBride will be heard by the House Energy and Natural Resources Committee during a scheduled hearing at 3 p.m. The bill would have the legislature declare that “renewable natural …
Gov. Stitt on blackouts—-‘thank goodness for coal’
It appears that were it not for stockpiles of coal, the rolling blackout issue in Oklahoma this week would be worse. At least that’s the claim from Gov. Kevin Stitt in a Tuesday morning interview on KWTV News 9. “Thank goodness we had stockpiles of coal at the generation plants because right now, 46% …
The Keystone XL cancellation and what it means for crude-by-rail
With President Biden’s cancellation of the Keystone XL pipeline and with it thousands of jobs, there’s a belief that the Canadian oil will result in massive increases of oil transportation by rail. But not all analysts and those who study transportation believe the increase will be as large as some expect. In an article …
Winter storm leaves many unanswered questions
When you consider the definition of the word “planning”, it is pretty simple. “the process of making plans for something.” I believe this week’s severe weather, severe in the fact that it created record cold weather in Oklahoma and throughout the Plains states and resulted in some unforeseen events, raised a lot of …