Second quarter earnings were so strong for Devon Energy and Diamondback Energy that the two companies raised production guidance and capital budgets for their activities in the Permian Basin. S&P Global reported Devon is raising its full-year 2022 production forecast by 3% to a range of 600,000-610,000 b/d of oil equivalent, owing to better-than-expected …
Category: General
Tax conflict developing over winter storm ratepayer backed bonds
Another conflict is developing at the Oklahoma Corporation Commission over those billions of dollars in securitization bonds used by four public utilities to cover their February 2021 winter storm costs. The issue will be raised during the Commission’s Thursday morning meeting during which a review of the ratepayer backed bonds used by the utilities …
Record oil and gas tax collections in Oklahoma
State collections from oil and gas production again climbed to record levels in July, only a month after setting an all-time high, State Treasurer Randy McDaniel announced as he released the latest Gross Receipts to the Treasury report. Total collections in July of $1.38 billion are 13.3 percent higher than receipts in July of last …
Feds start air search for emissions violations over Permian Basin
The federal government is launching an investigation of the Permian Basin where many Oklahoma energy companies are active with new drilling and transportation of oil and gas. Helicopters will be used to fly over the basin as the government investigates whether there are violations of government air standards through carbon emissions from those operations …
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** Automakers want Democratic Senator Joe Manchin to revisit his proposal to restructure the $7,500 electric vehicle tax credit, raising fears it could be largely unworkable because of new sourcing requirements for battery components and critical minerals. ** Fox News anchor Harris Faulkner briefly lost it during a contentious interview with Sen. Joe Manchin (D-WV) on Tuesday, taking strong …
Will Falling Prices at the Pump Slow Down With Higher Demand?
While Oklahomans continue to benefit from some of the lowest gasoline prices in the nation, the national average for a gallon of gas fell to $4.21, down 14 cents since last week. A slight uptick in gas demand could end the steady drop in daily pump prices, according to a press release issued by AAA. …
FEMA Awards More Than $5M in Grants for Firefighters
The Federal Emergency Management Administration (FEMA) announced on Tuesday that it has awarded $5.6 million in the first round of funding for the Fiscal Year (FY) 2021 Assistance to Firefighters Grants. This money helps firefighters and other first responders obtain critically needed equipment, protective gear, emergency vehicles, training and other resources necessary for protecting the …
Chesapeake uses strong 2Q to change focus to Haynesville
Chesapeake Energy Corporation reported 2022 second quarter financial and operating results and announced the company is taking actions to solidify its strategic focus on its core Marcellus and Haynesville positions. The company reported net cash provided by operating activities of $909 million and delivered adjusted EBITDAS of $1,269 million and $494 …
Growth reported by Gulfport Energy in 2Q
Gulfport Energy Corporation reported $129.5million in net cash provided by its operating activities and $80.3 million of free cash flow in the second quarter of the year. Total net income was $256.6 million and $204.5 million of adjusted EBITDA. As a result, the Oklahoma City company increased its borrowing base to $1 billion from …
Mammoth Energy sees strong 2Q with more growth expected
As Mammoth Energy Services reported a strong second quarter, the company went from a loss to a gain in its net income. Total revenue was $89.7 million for the second quarter of 2022, as compared to $47.4 million for the same quarter last year and $62.3 million for the first quarter of 2022. …