The head of Halliburton suggests the glory days of massive oil and gas production in the Permian Basin might be at an end or at least approaching it. It’s what Jeff Miller, chief executive officer of Halliburton said during a speech this week at an Adipec panel in Abu Dhabi. He said the era …
Category: General
Northeast Arkansas to get another steel plant
Northeast Arkansas will be getting a $500 million rebar steel mill further increasing the region’s reputation as a leading steel producing area in the U.S. The Arkansas Democrat Gazette reports the new firm’s project will create 200 manufacturing and other steel-related jobs. Click here for Democrat Gazette
Other headlines
** President Joe Biden’s suggestion that US oil companies are profiting from Russia’s war in Ukraine was “absolutely outrageous,” according to the trade group representing American oil and natural gas companies. ** A newly formed coalition including major utility companies Dominion Energy, Duke Energy, Louisville Gas & Electric Company and Kentucky Utilities Company, Southern Company and …
Oil groups want stripper well exemption from new EPA methane rules
The Biden administration has been asked by the Independent Petroleum Association of America and a coalition of 20 state drillers’ groups to exempt hundreds of thousands of the smallest wells in the U.S. from approaching EPA methane rules. The Kansas Independent Oil & Gas Association is one of them and wants exemptions for so-called …
ONEOK’s 3Q earnings indicate anticipated growth in 2023
Based on its third quarter results, ONEOK, Inc. announced it expects a more than 10% increase in its 2023 net income and adjusted earnings compared with the 2022 guidance midpoints. What’s behind it? The company’s 2023 outlook is driven by expected continued strength in fee-based earnings and rates, stable to growing producer activity providing higher …
$100 million loss reported by ONEOK in Medford facility fire
ONEOK, Inc for the first time is releasing some details about the disastrous July 9 fire that occurred at its liquids fractionation facility in Medford, Oklahoma. It indicated the loss approached $100 million. In its third quarter earnings report, ONEOK stated it had received notice its insurers agreed to pay a $100 million unallocated …
Gulfport plans expanded operations in Utica based on 3Q earnings
Gulfport Energy Corporation’s third quarter was strong enough the company is adding yet another drilling rig in the Utica play. The third quarter saw a reported $18.5 million of net loss and $172.7 million of adjusted EBITDA. The company generated $167.9 million of net cash from its operating activities and $11.1 million in free …
Increased earnings, cash and more for Devon Energy in 3Q
This is how big of a third quarter Oklahoma City’s Devon Energy had—a 61% increase in its dividends, net earnings of $1.9 billion or $2.88 per diluted share and a 32% increase in operating cash flow that totaled $2.1 billion. Devon’s core earnings were an adjusted $1.4 billion or $2.18 per diluted share. All …
A big quarter for Chesapeake Energy
Oklahoma City’s Chesapeake Energy reported a record third quarter with $1.3 billion in net cash from its operating activities. The company had $883 million or $612 per diluted share in net income while adjusted net income was $730 million or $5.06 a share. It also delivered adjusted EBITDAX or Earnings Before Interest, Taxes, Depreciation (or …
Crude up again—so were Oklahoma energy stocks on Tuesday
You never know what will happen to crude oil prices from day to day. On Monday, prices fell, then a day later, they rose. At the same time, most Oklahoma energy stocks recorded gains on Tuesday. Analysts credited the gain to growing optimism that China, the world’s second-largest consumer of oil will reopen from …