Rig counts released by Baker Hughes Co. and research firm Enverus show the national rig count fell by one this week to 438. As of this past week, the number of oil drilling rigs in the field was 343, the gas rig count stood at 94 with one identified as miscellaneous. Oklahoma maintains 21 active rigs …
Category: Oil & Gas
Baker Hughes Reports $452 Million Loss for First Quarter 2021 Results
Baker Hughes reported a $452 million loss for the first quarter of 2021, according to a company press release. During the same quarter last year, the Houston-based company reported a $10.2 billion loss. In releasing its earnings report, the energy services company reported orders of $4.5 billion were down 12% sequentially and down 18% year-over-year. …
Halliburton posts $170 Million Net Income for 1Q 2021
Posting a strong performance for the first quarter of 2021, Houston-based Halliburton announced a net income of $170 million, or $0.19 per diluted share, according to a company press release. This compares to a net loss for the fourth quarter of 2020 of $235 million, or $0.27 per diluted share, as well as adjusted net …
New Mexico targets oil firms for abandoned wells
Two oil and gas companies were sued by the New Mexico State Land Office accused of failing to clean up abandoned wells and other infrastructure on more than 500 acres. Dominion Production Co. and BC&D Operating were named in a lawsuit reported the Albuquerque Journal. Click here for Albuquerque Journal.
SandRidge Energy, Inc. announces acquisition of overriding royalty interests
SandRidge Energy, Inc. announced the $4.85 million acquisition of all the overriding royalty interest assets of SandRidge Mississippian Trust I. The purchase price included $3.55 million net given the company’s 26.9% ownership of the Trust. SandRidge stated that in making the purchase, at the current strip and based on historical production trends, it believes …
Citizen Energy plans more drilling in Grady County
South Central Oklahoma will be the site of more drilling exploration by Citizen Energy III LLC and two other energy companies. The Tulsa-based company received two permits this past week for a two-well pad in Grady County. Two Todd wells will be drilled at 26 10N 5W, a site northeast of Tuttle and north …
Oil increases while stockmarket sells off over word of Biden’s latest tax plan
Biden’s latest tax plan, one unveiled Thursday sent shock waves through Wall Street where investors scrambled in a massive selloff of their stock. While the selloff was underway, crude oil prices managed a slight increase following Wednesday’s losses. West Texas Intermediate crude for June delivery rose 8 cents to $61.43 a barrel. Global benchmark …
Research update on Oklahoma’s produced water
A special series will be presented next month by researchers at Oklahoma State University and the University of Oklahoma to announce the results of the latest research into Oklahoma’s produced water from its oil and gas industry. Updates on this research will be the focus of a new seminar series coordinated by the Oklahoma …
US rig count increases slightly
The US rig count inched up by three in the last week to 517 as of April 21, according to Enverus Rig Analytics. While that may not seem like a particularly significant move, this is the first week in 2021 to show an increase on a YOY basis. The current count is up …
Senators argue for denial of Renewable Fuel waivers
A dozen Midwest U.S. Senators wrote EPA Administrator Michael Regan this week asking him to turn down any requests by refiners to waiver or reduce their ethanol blending requirements under the Renewable Fuel Standard. Those requirements are what led to CVR Energy’s U.S. Supreme Court challenge of a ruling that went against its Wynnewood …