Following last week’s losses, oil prices fell more than 2% on Monday amid growing concerns that fuel demand may become slower due to new coronavirus-related restrictions in Asia. Brent crude futures dropped $1.66, or 2.4%, to settle at $69.04 a barrel. U.S. West Texas Intermediate crude fell $1.80, or 2.6%, to settle at $66.48 a …
Category: Oil & Gas
Gulfport Energy Releases 2Q 2021 Financial and Operating Results
Oklahoma City-based Gulfport Energy Corporation recently reported its second quarter 2021 financial and operating results. Noting the company emerged from restructuring on May 17, Gulfport reported that it reduced total debt by over $1.2 billion and reduced annual cash interest expense by more than $90 million. It reported $87.3 million of net cash provided by …
NGL Energy Partners LP Reports $134 Million Loss for 1Q Fiscal 2022
NGL Energy Partners LP reported its first quarter Fiscal 2022 results on Monday. Highlights for the quarter include: Loss from continuing operations for the first quarter of Fiscal 2022 of $134.5 million, compared to a loss from continuing operations of $33.8 million for the first quarter of Fiscal 2021 Adjusted EBITDA1 from continuing operations for the …
Belgacem Chariag Appointed as New H&P Board Member
Tulsa-based Helmerich & Payne, Inc. recently announced that Belgacem Chariag was appointed to its Board of Directors. Chariag is currently the Chairman, President and Chief Executive Officer of PQ Group Holdings, a leading integrated and innovative global provider of specialty catalysts, materials, chemicals and services. He served in multiple positions with Baker Hughes in his 9-year tenure where he rose …
TX Official Wants Parity for Natural Gas Tax Incentives
A Texas Railroad Commissioner recently advocated that the natural gas industry should receive incentives similar to tax credits received by the renewable energy industry. Jim Wright, a member of the entity that regulates the oil and gas industry in Texas, believes similar parity would better protect the state’s energy systems and infrastructure from catastrophes like …
Widespread energy gains reported in 2Q
From Denver to Houston, energy firms reported strong finances in the second quarter. Increased revenue for the second quarter 2021 was announced by Denver-based Whiting Petroleum. Revenue for the second quarter of 2021 increased $44 million to $352 million when compared to the first quarter of 2021, primarily due to increased commodity prices …
Drillers remain cautious as rig counts show slight growth in Oklahoma and U.S.
Reflecting the nation’s slow growth in oil and gas exploration, the latest rig numbers released by Baker Hughes show increases in Oklahoma and the rest of the U.S. But it’s clear drillers are not jumping in feet first and are displaying cautious exploration as crude oil prices fluctuate. Oklahoma’s rig count grew by one …
Strong second quarter for Cheniere Energy
Cheniere Energy might have been heavily criticized by some Oklahoma farmers and the Federal Energy Regulatory Commission over the way it failed to cleanup Oklahoma farmland following construction of the Midship pipeline, but the company had a heathy quarter ending June 30. The company reported consolidated adjusted EBITDA of nearly $1 billion for the …
Phillips 66 Invests in advanced analytics software developer
Phillips 66 announced it invested in supporting Seeq, a developer of software applications as the company expands its advanced analytics capabilities. Phillips intends to use the investment as a means of analyzing and sharing insights on process manufacturing data. The investment is through the Altira Group, a venture capital firm that counts Seeq …
Oklahoma energy stocks went up while oil went down Friday
Crude oil prices fell to their biggest weekly loss in months on Friday as they dropped 1% lower but it had the opposite effect on most Oklahoma energy stocks. Global benchmark Brent crude for October delivery fell 59 cents to $70.62 a barrel on ICE Futures Europe. West Texas Intermediate crude for September delivery …