Environmentalists are unhappy after learning how the state of North Dakota used pandemic CARES Act funds to help oil companies to not only take care of some abandoned wells but to buy water to hydraulically frac some of their well drilling operations. One such company was Oklahoma City’s Continental Resources Inc. according to a …
Category: Oil & Gas
Oil prices spur more oil and gas land deals
Recently announced land deals involving Oklahoma oil and gas operators Ovintiv Inc. and Laredo Petroleum are among the growing national movement of companies and private equity firms to unload some of their assets in the U.S. oil patch. The recovery in the price of oil is behind much of the movement. It was …
Energy news in brief
** Energy Secretary Jennifer Granholm unveiled new efforts aimed at massively cutting the cost of producing hydrogen with climate-friendly processes. The “Hydrogen Shot” program will breathe life into the DOE’s goal, first announced in April, to drive the costs of clean hydrogen down from about $5 per kilogram today to $1 per kilogram by 2030. ** President …
Mammoth Energy shareholders hold annual meeting
The annual shareholders meeting of Oklahoma City-based Mammoth Energy Services, Inc. was held last week where six members of the board of directors were chosen to serve for the next year. Arthur Amron, Corey Booker, Paul Jacobi, James Palm, Arthur Smith and Arty Straehla were elected to serve as the Company’s directors until the …
Lawsuit claims illegal snooping by oil company
Continental Resources Inc. finds itself dragged into Oklahoma County District Court and accused of an illegal operation designed to steal secrets from another oil and gas firm. The suit was filed by Perpetual Production LLC, a firm formed in 2017 and headquartered in Dallas, Texas with an office in Edmond. The Oklahoman reported the lawsuit …
Guilty plea over trade secrets theft scheme
A 37-year old former employee of Oil States Pipe Valve awaits sentencing after pleading guilty in Oklahoma City federal court to conspiracy to steal trade secrets from the firm. Joshua Decker of Bixby is a former controller for the company that is a division of Oil States Industries and admitted he was behind a …
Schlumberger’s Elk City properties to be auctioned this month
Nearly a year after Schlumberger, the world’s largest oil-field services company announced it was cutting nearly 21,000 jobs amidst the pandemic and its impact on the oil and gas industry, the company is moving ahead with disposal of some of its operations in Oklahoma. Schlumberger’s surplus property in Elk City will be auctioned off …
Lower 4Q and full year performance for NGL Energy Partners LP
It wasn’t just the fourth quarter but the past full year that NGL Energy Partners LP of Tulsa had lower earnings. The company reported a loss from continuing operations for the quarter ended March 31, 2021 of $229.2 million including a $63.1 million loss related to the early repayment of the partnership’s term loan …
US crude moves closer to $70
Benchmark crude oil prices in the U.S. pushed oh-so-close to the $70 a barrel mark in Friday’s trading, no doubt leaving investors in oil and gas wondering if the level will be reached or surpassed in the coming days. West Texas Intermediate crude for July delivery rose 81 cents to finish at $69.62 a …
Rig growth in US and Oklahoma stalled last week
The latest oil and gas rig count from Baker Hughes Co. showed a decline of one in the past week leaving a total of 456 active rigs while Oklahoma was unchanged at 28. Figures showed Oklahoma’s 28 working rigs compared to 11 one year ago. Nationally, the numbers showed oil rigs were unchanged at …