The first quarter of 2021 for Oklahoma City-based Ascent Resources Utica Holdings was so strong that it not only generated $54 million of free cash flow but made enough to eliminate all debt maturities until the second quarter of 2024. The company reported adjusted EBITDAX of $240 million and net cash provided by operating …
Category: Oil & Gas
Continental resumes STACK and SCOOP exploration
One of Oklahoma’s major oil and gas producers is slowly expanding its exploration efforts in the STACK and SCOOP plays. Continental Resources recently received a drilling permit for Blaine County, one of the three principal counties that make up the STACK. It intends to drill the SLAGELL #2-20-29-32XHM, at a site southeast of Thomas and …
SandRidge Energy 1Q earnings doubled
SandRidge Energy reported a major jump in adjusted earnings of $21.7 million in the first quarter 2021 compared to $9.1 million in the previous quarter. The company also saw improved net cash by $48.2 million to a net cash position of $56.5 million compared to a net cash position of $8.3 million …
Energy news in brief
** Panic buying drains gas stations in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Virginia as Southeasterners react to the ongoing shutdown of the Colonial Pipeline. ** In the wake of the ransomware attack on the Colonial Pipeline, the FBI sent out an emergency alert to electric utilities across the U.S. to be on the …
Lankford pushes strengthened security against ongoing cyber attacks from Russia
The cyber attack that shut down the Colonial pipeline had the attention of Oklahoma U.S. Sen. James Lankford during a Tuesday Senate committee hearing that explored cybersecurity. He questioned government leaders and expressed his concern that they seemed to be “very focused on what happens after the fact” but Sen. Lankford wondered “are we …
Stored crude oil total drops at Cushing
The amount of crude oil stored at the Cushing storage hub in northern Oklahoma declined in the past week. The American Petroleum Institute reports that the Cushing total fell by 1.2 million barrels for the week. The API also reported that U.S. crude supplies dropped 2.5 million barrels for the week ended May 7. It …
WTI settles above $65 a barrel
Crude oil prices managed another gain in the second day of trading this week but Oklahoma energy stocks didn’t follow the same path. West Texas Intermediate crude for June delivery went up 36 cents to $65.28 a barrel in trading on the New York Mercantile Exchange. Global benchmark Brent crude for July delivery rose …
Chesapeake Energy’s 1Q earnings report since bankruptcy
After emerging from Chapter 11 bankruptcy and restructuring, Oklahoma City-based Chesapeake Energy reported it not only generated $409 million in first quarter 2021 operating cash flow, it ended the quarter with $340 million in unrestricted cash on hand. The company had nearly $500 million unrestricted cash on hand at the end of April and …
Cole introduces legislation in response to McGirt vs. Oklahoma
Congressman Tom Cole (OK-04) on Tuesday introduced legislation in the U.S. House of Representatives related to last summer’s ruling on McGirt vs. Oklahoma by the Supreme Court of the United States. If enacted, the legislation would authorize the Chickasaw Nation, Cherokee Nation and the State of Oklahoma to find agreement and compact without federal government involvement. …
Giant solar operation sits next to Permian Basin’s oil and gas ops
West Texas isn’t home to just the massive Permian Basin oilfields but now is the site of a 3,600 solar operation that will help meet the growing demand for electricity in that part of the state. Orsted announced completion of its Permian Energy Center project, a 460 MWAC hybrid solar and battery storage facility …