Devon Energy’s third quarter earnings were so strong, the company said it intends to offer a $1 billion share buyback as a result of the markedly improved quarter. The company’s net earnings were $838 million or $1.24 per diluted share for the quarter and adjusted core earnings were $733 million or $1.08 per share. …
Category: Oil & Gas
Turnaround made by ConocoPhillips
From a third quarter 2020 loss of $0.5 billion and 42 cents a share to earnings of $2.4 billion and $1.78 in the third quarter of 2021—it’s what ConocoPhillips reported this week. What a difference a year made for the Houston-based company with many connections to Oklahoma. The company announced that excluding special items, …
Rep. Lucas critical of Biden’s methane emissions rules
“Heavy handed regulatory approach” and “unnecessary government mandates,”—-it’s what Oklahoma Congressman Frank Lucas calls the Biden administration’s new proposed methane emissions regulations that came out Tuesday. As the ranking Republican on the House Committee on Science, Space, and Technology, Rep. Lucas said the new methane rule is simply a burden on America’s smaller domestic producers. …
Energy headlines for Wednesday
** The refusal of OPEC+ to increase crude oil production is affecting America’s working class, President Biden said at a news conference following the G20 meeting in Rome. The comments made by the U.S. President were later the same day echoed more bluntly by Energy Secretary Jennifer Granholm, who directly blamed the OPEC cartel for keeping …
Biden unveils his methane rules in Scotland
Oil and gas producers in Oklahoma and other states were probably not surprised at President Biden’s Tuesday announcement of more restrictions in the form of new policies to limit methane gas leaks from wells and pipelines. They knew it was coming. He used the United Nations-sponsored COP26 climate change summit in Glasgow, Scotland to …
New Colorado energy firm goes to work
The creation of Colorado’s newest energy company, a combination of three oil and gas firms was expected to be finalized this week in Denver. Civitas Resources is the name of the new company that was formed with the union of Extraction Oil & Gas, Bonanza Creek Energy Inc. and Crestone Peak Resources reports the Denver …
Continental stays focused on natural gas market in Oklahoma
Continental Resources, Inc. recently announced its third quarter 2021 production results and record free cash flow of more than $1 billion and rescheduled its third quarter 2021 earnings release and conference call to Wednesday, November 3, 2021. Third quarter 2021 total production averaged approximately 331.4 MBoepd. Third quarter 2021 oil production averaged approximately 157.2 …
Pilot’s Flying J expanding operations internationally
Billionaire Warren Buffett and friends might have just figured out a way to turn those Pilot Flying J truck stops into another stream of wealth….maybe becoming the Walmart of fuel distribution. Reuters reports Pilot, one of the largest diesel retailers in the nation is hiring veteran energy traders and expanded into Latin America’s fuels …
ONEGas reports growing 2021 net income
ONEGas Inc. reported improved net income for all of 2021 so far but also a slight drop in third quarter 2021 net income compared to a year earlier. The Tulsa-based company announced Monday its net income was $20.3 million or 38 cents per diluted share compared to $21.1 million and 39 cents a …
Chesapeake Energy Corporation completes acquisition Of Vine Energy Inc.
Chesapeake Energy Corporation announced it has completed its previously announced acquisition of Vine Energy Inc. The transaction was approved by Vine stockholders at a special meeting held on November 1, 2021. Vine stockholders will receive fixed consideration of 0.2486 of a share of Chesapeake common stock plus $1.20 cash for each share of Vine common stock issued …