Steady production is what Alabama-based Diversified Energy company leaders expect from their recent $240 million acquisition of ConocoPhillips Company assets in Oklahoma and Texas. The deal was finalized this week according to Diversified’s announcement. It involved a purchase price of $240 million before customary purchase price adjustments and and acquisition net purchase price of …
Category: General
Devon finishes $1.8 billion acquisition of smaller firm in South Texas
Devon Energy Corp. announced that it has completed its previously announced acquisition of Validus Energy, an Eagle Ford operator, for a total cash consideration of $1.8 billion, less purchase price adjustments. This acquisition secures a premier acreage position of 42,000 net acres (90% working interest) adjacent to Devon’s existing leasehold in the basin. Current …
Kansas excavating company hit with EPA cleanup order
A southeast Kansas excavating company is under EPA orders to clean up the huge pile of broken concrete it dumped into wetlands adjacent to a tributary of the Neosho River. Michael Skillman, owner of Victory Excavating in the Coffey County town of New Strawn was hit with the EPA order reported the Kansas Reflector. …
Biden mistakenly warns big oil about gasoline price gouging in Florida
He wouldn’t phone Florida Gov. Ron DeSantis ahead of the arrival of Hurricane Ian to inquire about storm preparations, but President Biden on Wednesday made sure to get his digs into the side of the oil and gas industry. “A warning to oil and gas industry executives: Do not — let me, repeat, do …
OK energy stocks and crude oil prices made up lost ground in Wednesday’s trading
Thanks in part to large-than-expected drawdowns of U.S. fuel inventories, crude oil prices on Wednesday gained ground for a second day. Oklahoma energy stocks had a second straight day of large gains as well. Analysts also attributed the increased prices to a rebound in consumer demand. West Texas Intermediate crude for November delivery rose …
Williams becomes part of Appalachian clean energy group
Oklahoma-based Williams and two other major companies, DT Midstream and Southwestern Energy joined the Appalachian Energy Future organization this week. The three firms joined EQT Corp., Equinor, GE Gas Power, Marathon Petroleum, Mitsubishi Power, Shell Polymers and U.S. Steel in working toward an equitable energy transition and also creating opportunities for regional communities. …
Rep. Bice calls on Biden to end his “all-out” assault on oil and gas industry
Writing this week in The Hill, Oklahoma Congresswoman Stephanie Bice made the argument the U.S. cannot continue to withdraw oil from the nation’s Strategic Petroleum Reserve as President Biden has done. She went on to declare that the energy crisis in the country is of Biden’s own making and not that of Russian leader Putin. …
Gasoline prices go up again in Oklahoma
Gasoline prices rose in Oklahoma and across the U.S. over the past week with the national average pump price hitting $3.72 while Oklahoma’s average was up to $3.47 per gallon. What’s behind the increase? Refinery issues ranging from planned maintenance to a fire, reported AAA in its latest fuel cost report. “Slack demand and …
Safety board issues report on 2016 Sunoco refinery explosion
The U.S. Chemical Safety and Hazard Investigation Board (CSB) released its final report on the 2016 flash fire and explosion at the Sunoco Nederland, Texas crude oil terminal, which resulted in burn injuries to seven workers. The CSB’s investigation identified deficiencies in the company’s hot work policies and procedures as well as the contractors …
Cushing reports crude storage increase
The latest report from the U.S. Energy Information Administration showed a slight gain in the amount of crude oil in storage at the Cushing hub in Oklahoma. As of Sept. 16, Cushing held 25 million barrels of crude oil. In the previous week as of Sept. 9, the hub held 24.6 million barrels, a …