As the omicron variant spreads around the world, crude oil prices recorded a weekly loss in Friday’s trading. So did Oklahoma energy stocks. West Texas Intermediate crude for January delivery dropped $2.25 or 3.11% to $70.13 in trading on the New York Mercantile Exchange. Global benchmark Brent crude for February delivery dropped 2.71% on …
Category: General
Increased oil and gas drilling in Oklahoma and US
First Enverus Analytics reported a jump in rig activity and a day later on Friday, Baker Hughes did the same thing, showing an increase in drilling in Oklahoma and across the U.S. Oklahoma’s count jumped by 2 to reach 48 rigs while nationally, the numbers increased by 3 to 579 active rigs. The number …
Federal Bank report studies growth of renewable energy in Oklahoma
Despite the rebound of Oklahoma’s oil and gas industry in 2021 following the sharp drop in oil prices in early 2020 because of the COVID-19 pandemic, employment in the state has lagged. And one report says renewable energy will evolve. Chad Wilkerson, branch executive, vice president and economist at the Oklahoma City Branch of …
Rep. Bice moves to push President on gas prices, energy development
Oklahoma U.S. Rep. Stephanie Bice and Congressman Ted Budd of North Carolina have introduced a bill targeting President Biden’s executive orders limiting energy development on federal lands. Click here for McCarville Report.
Other energy news headlines for Monday
** A new federal regulation requires higher safety standards for pipelines carrying oil and other hazardous liquids through the Great Lakes region, marine coastal waters and beaches, officials said. ** The U.S. Energy Information Administration reported on Thursday that domestic supplies of natural gas fell by 88 billion cubic feet for the week ended Dec. 10. That …
$600 million acquisition in Permian Basin by Earthstone Energy
Another Permian Basin deal has been announced as Earthstone Energy Inc. is acquiring the assets of privately held Chisholm Energy Holdings LLC. Earthstone’s acquisition is a cash and stock transaction worth more than $600 million according to a report by Hart Energy. Click here for Hart Energy.
Regulators oppose abandoning Four Corners coal plant
New Mexico regulators have denied the request of Public Service Company of New Mexico to abandon its Four Corners coal plant in December 2024. The state’s Public Regulation Commission voted against the utility selling its 13% share in the plant near Farmington to the Navajo Transitional Energy Co. according to the Albuquerque Journal. Click …
Regulators sign off on OGE rate hike to pay for winter storm costs
It’s a done deal. Oklahoma regulators on Thursday, in a 2-1 vote approved Oklahoma Gas and Electric’s request to raise rates to pay for an estimated $760 million in February storm costs. The decision to allow the utility to pay out the storm costs over a 28-year period drew support from one industrial group …
Devon Energy collects nearly 800 pounds of nut butter for SE Texas food bank
(Devon employees (L to R) Kim Davis, JP Jackson, Denise Becker, Kris Crenshaw and Michael Zappe delivered nut butter to the Food Bank of Golden Crescent.) Devon Energy employees rallied together to donate 786 pounds of nut butter to the Food Bank of the Golden Crescent, Texas. The organization serves children, families and seniors in 11 southeastern Texas counties. “Nut butter is one of …
Crude oil hits 3-week high while OK energy stocks slumped
Sparked by a decline in U.S. crude supplies along with increased tensions between Russia and Ukraine, crude oil prices rebounded to 3-week highs in Thursday’s trading. But it didn’t mean Oklahoma energy stocks did the same. Western Texas Intermediate crude for January delivery rose 2.13% or $1.51 to $72.38 a barrel in trading …