A Government Accountability Office investigation requested in 2020 by Sens. Jim Inhofe and James Lankford and others led to a damning report this week in which the GAO concluded the EPA had no basis to deny small refineries relief from ethanol mandates. The request was made as the Wynnewood Refinery and others across the …
Category: General
Marathon Oil makes $3 billion acquisition of Ensign Natural Resources
Houston’s Marathon Oil Corp., another Texas firm with major operations in Oklahoma announced the $3 billion cash acquisition of Ensign Natural Resources. Here’s what it means to Marathon—130,000 net acres (99% operated, 97% working interest) that span Live Oak, Bee, Karnes, and Dewitt Counties across the condensate, wet gas, and dry gas phase windows of the Eagle Ford. Estimated …
Coterra to get new executive leadership
Coterra Energy Inc., a Houston-based company with operations in Oklahoma announced this week the naming of a new President and CEO. The Board of Directors appointed Thomas E. Jordan to the position but it won’t be effective until Jan. 1, 2023. He’ll succeed Dan O. Dinges, who will remain as Chairman of the Executive Committee. …
Energy headlines elsewhere
** This winter the U.S. Northeast faces its highest energy costs in more than 25 years due to tight heating oil supplies and fierce global competition for liquefied natural gas (LNG) cargoes. The winter could bring more pain, with heating costs nationwide set to soar as much as 28% from last year, according to the U.S. Energy …
Chesapeake CEO warns production could be flat next year
While Chesapeake Energy reported a record third quarter that ended with $1.3 billion in net cash from operating activities, don’t expect the same thing in 2023. It’s what Chesapeake CEO Domenic Dell’Osso warned investors during the company’s conference call. He blamed inflation, saying it could surpass 15% next year. As a result of growing costs …
SandRidge Energy returns more wells to production and makes slight gain in 3Q earnings
SandRidge Energy reported only a slight gain in earnings in the third quarter report issued this week but returned more wells to production following a shutdown in 2020. The company reported its adjusted EBITDA was $54.8 million compared to $53.7 million in the previous quarter. Net income for the third quarter …
Continental offered strong 3Q report as Hamm continues with private takeover
Just as billionaire Harold Hamm and his family prepare to take full control of Continental Resources and end public control, the Oklahoma City company reported a strong third quarter earnings. Cash flow from operations totaled $2.22 billion while free cash flow was $1.01 billion. Net income for the quarter came to $1.01 billion or …
Crude storage grows at Cushing Hub
U.S. crude oil storage dropped in the past week while there was an increase in the amount of oil stored at the Cushing hub in northern Oklahoma. The EIA reported Cushing’s total of oil in storage as of Oct. 28 was 28.2 million barrels, up from the 26.9 million barrels reported as of Oct. 21 of …
Energy Transfer exec compares Biden administration to Saturday Night Live skit
You might not blame Energy Transfer LPL executive officer Marshall McCrea for using an earnings conference to blast President Biden, comparing his administration’s attacks on the oil and gas industry to a “Saturday Night Live skit.” He’s the co-chief executive at Energy Transfer and used the Tuesday conference call to complain about what he …
Note to our readers
We apologize for some of the technological issues regarding our daily Well Reports—those of Permits to Drill and Completion Reports. They have been absent for the past week. The firm that supplies the data to us has been challenged with the issue and hopes to have things “working again early next week.”