** A U.S. District Court Judge rules a contentious National Petroleum Reserve-Alaska drilling project approved by the Trump administration can continue. ** Louisiana U.S. Sen. John Kennedy uses a Fox News appearance touting the oil and gas industries to claim that his car is fueled by neither “fairy dust” nor “unicorn urine.” reported the Daily Beast. ** The U.S. Supreme Court …
Oil and gas revenue in Oklahoma fell but pot tax brought in more money
The Oklahoma economy is clearly not immune to the fiscal impact of the pandemic, as is illustrated in January Gross Receipts to the Treasury — down by the largest margin in eight months reported Treasurer Randy McDaniel. Collections from the gross production tax on crude oil and natural gas followed a more than yearlong pattern, falling by almost 35 percent, to …
Gas wells drilled in southeastern Oklahoma with renewed statewide drilling interest
Completion reports filed this week show more gas-well drilling in eastern Oklahoma. At the same time, more permits for new drilling were issued including three wells to be drilled amidst Oklahoma City business sites. Three reports were filed this week by Trinity Operating of Houston showing production from gas wells drilled last year in …
Lankford blasts Biden’s executive orders including those against oil and gas
U.S. Sen. James Lankford took to the Senate floor this week to question how the President’s call for unity contradicts his partisan execution actions taken during his first two weeks in office. In his first ten days as President, Biden signed 22 executive orders including those that targeted the oil and gas industry with …
Lankford added to Senate Energy Committee
Oklahoma U.S. Sen. James Lankford was named this week by Senate GOP Leader Mitch McConnell to join the Senate Committee on Energy and Natural Resources making him one very busy member of Congress. Lankford will remain on the Senate Committee on Finance, the Senate Select Committee on Ethics, the Senate Committee on Homeland Security and …
Magellan Midstream suffered 36% drop in net income
Tulsa’s Magellan Midstream Partners LP reported its net income in the fourth quarter suffered a 36% drop because of the COVID-19 pandemic and the slashed demand for refined products. Net income for the quarter was $183.9 million compared to $286.4 million from a year ago. The company leadership blamed not only the pandemic but …
Siemens layoffs hit Tulsa
Layoffs at Siemens Energy have hit Tulsa where the company is laying off 22 employees and closing its facility. The German-based company announced plans earlier this week that it planned to eliminate 7,800 jobs worldwide by the end of its 2025 financial year. About 1,700 of them would be in the U.S. and it appears …
EPA nominee promises the ‘power to convene’ in his decisions
While President Biden made unilateral moves against the oil and gas industry without consulting its leaders, his EPA nominee Michael Regan told Oklahoma U.S. Sen. Jim Inhofe on Wednesday he will “bring everyone to the table” before making his big decisions. Regan went before the U.S. Senate Environmental and Public Works Committee where he …
Higher oil prices lead to higher energy stocks
Oil futures were up in Wednesday’s trading and so were shares of Oklahoma energy stocks. It was the third straight trading session for an increase in oil and gas shares as global inventories continued to slide. West Texas Intermediate crude for March delivery ended up 93 cents to close at $55.69 a barrel in …
Texas legislator fights attempts by cities to ban natural gas use
A State legislator in Texas wants to adopt a law similar to one in Oklahoma that would prevent local governments from prohibiting or restricting the use of natural gas in residential and commercial buildings. Rep. Jay Dean filed House Bill 1501 which is called the Natural Gas Protection Act. He said in a press …
