Two McClain County wells drilled on a single pad brought in more than 1,600 barrels of oil combined for Casillas Petroleum Resource Partners, LLC. Although the wells are now nearly 6-months old, the completion reports just filed in recent days by the Oklahoma energy company, showed the Choate 0504 03-10-3wxh had production of 1,084 barrels of oil …
Ovintiv concludes annual meeting of shareholders
Ovintiv Inc. announced the results of its May 4 annual meeting of shareholders. The meeting included votes on the election of directors, executive compensation and also the selection of an auditing firm. Election of Directors Each nominee listed in the Proxy Statement was elected as a director of the Company. The results of the …
Crude prices respond to EU ban of Russian oil
Crude oil prices responded positively to news that the European Union is closer to a ban on Russian oil on the same day that natural gas prices hit their highest mark since the summer of 2008. But it had the reverse impact on Oklahoma energy stocks. West Texas Intermediate crude for June delivery went …
SandRidge Energy reports earnings while returning wells to production
SandRidge Energy, Inc. announced first quarter 2022 net income of nearly $35 million after returning more than 100 wells to production since the beginning of 2021 after they had been shut down due to the commodity price downturn. The Oklahoma City company reported first quarter net income of $34.7 million or 95 cents a …
Gov. signs bill increasing cap on county roads and bridge cost estimates
A bill that increases the cap on costs for county road and bridge projects before engineering plans are required was signed into law by Gov. Kevin Stitt. House Bill 3740 by Rep. Steve Bashore, R-Miami, raises the estimated cost threshold before engineering plans and specifications are required to be submitted by county engineers. Estimated costs …
$598 million in 1Q earnings for Continental Resources
Continental Resources President and CEO Bill Berry called the company’s first quarter earnings “outstanding” and he wasn’t wrong. Here’s what made it “outstanding.” It had $1.5 billion cash flow from operations in addition to $1.15 billion in free cash flow. The company reported $597.8 million in net income or $1.65 per diluted share along …
PSO honored by EPA
Public Service Company of Oklahoma announced it has been selected as a 2022 ENERGY STAR Partner of the Year winner for Sustained Excellence. This award is reserved for ENERGY STAR partners demonstrating outstanding leadership, year over year, from the U.S. Environmental Protection Agency and the U.S. Department of Energy. “The 2022 ENERGY STAR award recognizes …
Gains made in drilling activity in the U.S.
Drilling activity in the Appalachian region of the U.S. is at its highest level since 2019 and two Oklahoma firms are among the most active operators. Chesapeake Energy has five rigs according to Enverus Rig Analytics which released its nationwide rig count this week. Ascent Resources Utica is one of five operators running with …
Wind farm operator ALLETE reports jump in earnings
Wind-farm operator ALLETE, Inc., the Minnesota-based company with major operations in Oklahoma reported first quarter 2022 earnings of $66.3 million or $1.24 per share, a gain from the nearly $52 million and 99 cents a share a year ago. ALLETE operates the 303 MW Caddo Wind farm in southwestern Oklahoma and the 303-MW Diamond Spring …
Big earnings for ConocoPhillips
ConocoPhillips joined other major oil and gas firms in reporting billions of dollars in profits in the first quarter of the year. The company had earnings of $5.8 billion or $4.39 a share, far better than the $1 billion and 75 cents a share earnings in the first quarter of 2021. Excluding special items, …