Diamondback Energy CEO Travis D. Stice is out with an ominous warning about oil prices and production, claiming the U.S. oil industry is at a “tipping point.” And it is sure to get the attention of other producers. In a letter to shareholders, the head of the Texas company said the historic oil …
Category: General
SPP okays $72 million contract for transmission line in Oklahoma
Southwest Power Pool’s board of directors approved an industry expert panel (IEP) recommendation for Transource Oklahoma, LLC with Transource Energy, LLC to build the Mathewson-to-Redbud transmission project. The proposed 38.4 mile 345-kilovolt line from the Mathewson substation to the Redbud substation in Oklahoma will cost an estimated $72 million to construct and is …
Crude prices closed down on Wednesday
After a big day of improved oil prices on Tuesday, they fell more than 1% on Wednesday while Oklahoma energy stocks saw moderate gains for the day. Crude prices dropped ahead of this weeken’s U.S. and China trade talks. Brent crude fell 77 cents or 1.24% to close at $61.38 a barrel. West Texas …
Senator urges Texas to continue funding of Amtrak’s Heartland Flyer
Sen. Mark Mann, D-Oklahoma City, has filed legislation urging the Texas Legislature to continue funding its share for the Heartland Flyer after reports that the state was considering ending their support. The passenger rail service connecting Oklahoma City and Fort Worth could end within weeks without that appropriation. Operating costs for the Heartland …
Crude oil supplies fall at Cushing Hub and across the U.S.
Crude oil supplies in storage at Oklahoma’s Cushing Hub and across the U.S. fell in the most recent reporting period according to the U.S. Energy Information Administration. Cushing’s total fell 700,000 barrels from 25.7 million barrels recorded the week of April 25 to the 25 million barrels as of the week of May 2, …
ONG details $41 million rate hike request
Customers of Oklahoma Natural Gas started getting notices in the mail this week about their rates going up again, should the increases be approved by the Oklahoma Corporation Commission. It could mean another $2.12 more a month for most residential customers. In the “Dear Customer” letter, ONG gave details of its Application with …
Stronger financial results reported by Energy Transfer in the 1Q
Energy Transfer LP, the company that acquired Oklahoma City-based Enable Midstrean Partners, LP in 2021 and expanded its operations to 114,000 of pipelines across the U.S. said it had improved first quarter net income of $1.32 billion or 37 cents a share. The Dallas company said it beat the $1.24 billion reported in the …
Mammoth Energy recorded improved quarterly earnings
Mammoth Energy Services, Inc. reported it not only saw increased total revenue of $62.5 million in the first quarter of 2025 but a reduction in its net losses. The Oklahoma City energy company reported financial and operational results for the first quarter ended March 31, 2025 with total revenue up nearly $20 million compared …
Devon Energy sells its interest in large Permian Basin natural gas pipeline
Almost lost in this week’s first quarter earnings report from Devon Energy was the firm’s sale of its interest in the Matterhorn Express Pipeline in Texas. Devon’s first quarter financial release included the brief statement that it had sold its equity interest in the line for approximately $375 million. “The transaction is subject to …
Mitchell Talks Energy with Jerry Bohnen–Todd Hiett, ethics and SB998
Scott Mitchell talks energy with Jerry Bohnen, focusing today on the Oklahoma Ethics Commission decision to clear Corporation Commissioner Todd Hiett of conflict of interest charges. At the same time, the State Supreme Court has allowed the lawsuit by legislators challenging Hiett’s votes to move forward. Plus! The legislature’s approval of an energy bill …