Growing concerns about cases of the Delta coronavirus variant sent crude oil prices lower in Tuesday’s trading while energy stocks made gains. West Texas Intermediate crude dropped 70 cents or 0.98% to finish the day at $70.56 a barrel. Global benchmark Brent crude finished the day down 48 cents or 0.66% at $72.41 a …
Category: Oil & Gas
Increased oil production and cash for Devon in 2Q
Devon Energy on Tuesday reported that its second quarter earnings were so strong, the company’s board of directors approved a 49 cent a share dividend, a 44% increase over the previous quarter. How strong? How about $1.5 billion cash on hand after its operations. It came as Devon not only increased oil and gas …
Jump in revenue reported by ONEOK
Higher second quarter earnings were reported Tuesday by ONEOK, Inc. which said its net income of $342.1 million resulted in 77-cents per diluted share toping analysts predictions by 3 cents. The Tulsa-based firm’s net income was more than double the $134.3 million reported a year earlier. The company had a 50% increase in adjusted …
Energy news in brief
** A trade group representing some of America’s biggest baked goods companies is urging the Biden administration to ratchet back its biofuel ambitions, arguing that using fuel made from crops could raise the cost of donuts, bread and other foods. ** Exxon Mobil Corporation’s investors are due to receive a payment of US$0.87 per share on 10th of …
Drillers finish more of their drilled but uncompleted wells
A report by Oil Price indicates what we’ve been showing in our reports of completions of wells in Oklahoma—that drillers have spent the past several months finishing their inventory of drilled but uncompleted wells. The overall drilling response in Oklahoma and other states has been slow but on the increase while the number of …
ONE Gas reports increased revenue in 2Q but still deals with February storm
ONE Gas saw increases in its second quarter 2021 net income and its year-to-date 2021 net income. But the Oklahoma-based company awaits February winter storm-related regulatory moves in the state and in Kansas and Texas. The company announced its quarterly financial results on Monday indicating second quarter net income was $30.1 million or …
Strong 2Q results for Continental Resources
The second quarter was so strong for Oklahoma City’s Continental Resources, the energy company described it as “outstanding” along with “robust cash flow” and “exceptional shareholder value.” The company reported net income of $289.3 million or 79 cents a diluted share for the quarter that ended June 30. Adjusted net income was $332.8 million …
Williams reports higher results in second quarter
Williams reported a better-than-expected second quarter with a net income of $304 million or 25 cents per diluted share. Its cash flow from operations totaled $1.1 billion, down $86 million or 8% from a year earlier. But the available money from its operations was $919 million, up $47 million or 5% from the second …
Crude oil drops on weak economic reports from US and China
Higher crude output from OPEC producers along with weak economic data from the U.S. and China led to a Monday drop of crude oil prices. It was significant news because the two major countries are the top oil consumers in the world. Prices dropped more than 3% led by a 3.6% fall for West …
New Mexico launches crackdown on oil and gas emissions
In a move to crack down on emissions from oil and gas wells, the New Mexico Environmental Department filed expert technical testimony ahead of a hearing for proposed rule changes. The Department, in an announcement on Monday said the filing included more than 5,000 pages of technical information from experts in support of a …