Chesapeake Energy is staying in Oklahoma City. It is part of the $7.4 billion merger announced Thursday with Southwestern Energy Company of Houston, Texas. The two formally announced their agreement to merge in an all-stock transaction with a value of $6.69 per share based on Chesapeake’s closing price as of January 10. The announcment …
Category: General
Energy quick reads
** Rental firm Hertz Global Holdings said on Thursday it would sell about 20,000 electric vehicles from its U.S. fleet due to higher expenses related to collision and damage, and will opt for gas-powered vehicles. ** Hawaii shut down its last coal plant on September 1, 2022, eliminating 180 megawatts of fossil-fueled baseload power from the …
Nation’s crude oil buildup did not include the Cushing Hub
Oklahoma’s Cushing Hub was not part of the unexpected build in national crude oil stocks in the past week, a build that sent crude prices down about $1 a barrel in Wednesday’s trading. While the nation’s crude oil storage gained a surprise 1.9 million barrels, reaching 787.4 million barrels, Cushing’s total fell half a …
Crude oil dropped in Wednesday’s trading
An unexpected jump in U.S. crude stockpiles sent oil prices tumbling by a dollar a barrel on Wednesday. Oklahoma energy stocks fell as well. US benchmark, West Texas Intermediate crude futures dropped 87 cents or 1.2% to $71.37 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, fell 79 cents or …
Frigid weather to hit Oklahoma on Monday—a “dangerous” day
If you’re not prepared for the Arctice blast of winter weather to arrive on Monday, you might have the weekend to get ready. The state is bracing for the extreme weather to hit and Oklahoma Climatologist Gary McManus Monday “will be the most dangerous day.” So it means if you work outdoors, which …
Regulators grant protective order to OGE for its $332 million rate hike request
Oklahoma Corporation Commissioners voted 3-0 this week to grant a protective order to Oklahoma Gas and Electric as the utility moves forward with its latest rate hike request, one totaling $332 million which would force residential ratepayers to cough up another $19 a month. The request for the protective order was considered routine as …
Flat oil prices for 2024 predicts Energy Information Administration
If you were expecting crude oil prices to climb this year, the prediction of the U.S. Energy Information Administration is that they won’t. Instead, they will remain about the same as they did in 2023. The EIA, in a report this week forecast average annual crude oil prices in 2024 and 2025 will remain …
Speculation mounts about Chesapeake Energy merger
Still no formal announcement regarding the anticipated merger between Oklahoma City’s Chesapeake Energy Corp. and Southwestern Energy Co. based in Spring, Texas. But the speculation about the impact of such a deal, one that could have a value of $17 billion, is growing and led this week to a question raised in The Daily …
ODOT Director in line for $60,000 pay hike
A job with a $60,000 pay raise? It’s what the Oklahoma Department of Transportation governin board voted this week to give Tim Gatz for his work as head of the Oklahoma Department of Transportation and the Oklahoma Turnpike Authority. Under the unaninimous move, Gatz will see his salary jump to $245,000 a year. Oklahoma …
Edmond Senator wants to create a new state agency for economic development
A bill introduced by Edmond State Senator Kristin Thompson would create another state agency in Oklahoma, one with an intent of focusing on economic development and business retention. Her Senate Bill 1447 would create the Oklahoma Office of Economic Development, Growth and Expansion, or OK EDGE. “As a businessperson and as a policy maker, …