Up one day, down the next—just like a pump jack. The see-saw price of crude oil took a nose-dive in Wednesday’s trading. So did Oklahoma energy stocks. While West Texas Intermediate crude for December delivery rose by $2.22 a barrel in Tuesday’s trading, a day later it plunged $2.81 to finish the day at …
Category: Oil & Gas
Cole keeps up attacks on Democrats’ Build Back Better plan
While Democrats in Congress plan a vote next week on President Biden’s $1.75 trillion ‘Build Back Better” plan, they’re being heavily criticized by Congressman Tom Cole during his return to Oklahoma. The Republican Representative labeled the plan “Biden’s Build Back Socialist” plan and urged Oklahomans not to be fooled into thinking a lower price …
Regulators to consider PSO plans for the future
Oklahoma Corporation Commissioners plan a special meeting next week to begin reviewing future energy needs and plans for Public Service Company of Oklahoma. In the 10:30 a.m. meeting on Monday, November 15, the commissioners will review PSO’s 2021 Integrated Resource Plan. But a vote is not anticipated. In its 466 page report, PSO indicated it …
Crude oil demand returns faster than supply
This year, demand for petroleum, both in the United States and globally, has largely returned to the pre-pandemic levels in 2019. Demand has grown faster than supply, reducing inventories and contributing to higher prices for crude oil and petroleum products according to a new report from the U.S. Energy Information Administration. The price for …
NGL earnings report reveals drop in earnings
A drop in earnings for the second quarter of Fiscal 2022 was reported by Tulsa’s NGL Energy Partners LP. The company said it suffered a $1.2 million loss from continuing operations compared to $6 million income for the second quarter of Fiscal 2021. NGL’s quarterly report indicated that excluding losses on the disposal and …
High gas prices and COVID-19 aren’t slowing Thanksgiving travel
Airports and roads may seem jam-packed this year as AAA predicts 53.4 million people nationwide to travel for the Thanksgiving holiday, up 13% from 2020. And high gasoline prices aren’t stopping Americans from hitting the road. That means highways and interstates in Oklahoma will have more traffic than usual for the holiday weekend. Airports in …
Thursday energy news headlines
** At the U.N. Climate Change Conference on Tuesday, Rep. Alexandria Ocasio-Cortez, D-N.Y., said that “America is back” as a leader on climate change and predicted that the Biden administration’s Build Back Better plan and its wide-ranging climate provisions would soon be passed into law. ** The U.S. government projected that the global oil market will become oversupplied and …
Crude oil makes big return to higher levels
Crude oil prices took a major hike in Tuesday’s trading settling at more than $84 a barrel in the US and nearly $85 in Europe. West Texas Intermediate crude for December delivery rose $2.22 to $84.15 a barrel in trading on the New York Mercantile Exchange. Global benchmark Brent crude for January delivery increased …
Improved earnings for SandRidge Energy
SandRidge Energy reported increased third quarter net cash and also cleared itself of debt, ended all flaring activities and continued returning wells to operation. It also is exploring possible carbon capture projects. The Oklahoma City-based company reported third quarter net income of $28.6 million or 78 cents a share compared to $16.3 …
Gas developer Ascent reports growing debt in 3Q
Oklahoma City-based Ascent Resources Utica Holdings, LLC reported adjusted net income of $51 million and adjusted EBITDAX of $250 million but also a net loss of $1.3 billion for the third quarter of 2021. The company, considered one of the largest private producers of natural gas in the US is focused on acquiring, developing, …