Losses grow for ConocoPhillips

  Times continue to be challenging for the oil and gas industry as shown in the second-quarter 2020 earnings report by ConocoPhillips which reported growing losses. The Houston-based company, with foundations in Oklahoma reported actual earnings of $0.3 billion compared to the $1.6 billion in the second quarter a year ago, but the adjusted earnings …

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Pressure grows for Continental Resources and others to resume oil production in North Dakota

  Oklahoma City’s Continental Resources as well as Marathon Oil are among those companies offering no comment about whether they will continue to delay bringing back oil production in North Dakota’s Bakken shale field. But as Reuters reported this week, producers in the state are under new pressures to delay any resumption of oil production. …

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North Dakota uses CARES act money to plug abandoned wells

  North Dakota plans to spend $66 million to plug wells abandoned by oil and gas companies in the U.S. state after the pandemic crushed demand for crude, causing a plunge in prices. The $66 million has come from the Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, said Katie Haarsager, a spokeswoman for …

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President Trump warns oil and gas industry what will happen if Biden wins the White House

  “We’re okay now. We’re back. We’re back.” The message President Donald Trump delivered to the oil and gas industry Wednesday when he stood in front of stacked oil barrels and spoke in Midland, Texas—heart of the Permian Basin. Speaking to a crowd scattered with those wearing cowboy hats and face masks, he contrasted his …

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Oil prices get a lift as EIA reports the biggest weekly U.S. crude supply decline of the year

  As U.S. government data showed a more than 10-million-barrel weekly decline in U.S. crude, despite a slight increase at Cushing, Oklahoma, oil futures ended higher. The decline in crude storage was the largest so far this year and as a result, West Texas Intermediate crude for September delivery rose 23 cents or 0.6% to …

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Oklahoma oil and gas expo canceled over coronavirus

  The OERB has canceled its 2020 Oklahoma Oil and Gas Expo because of the COVID-19 pandemic. The organization said it was canceled “to protect the health and safety of exhibitors and attendees.”  Originally set for October 15th, the annual event hosted by a committee of the Oklahoma Energy Resources Board (OERB) is the largest …

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Tulsa Mayor, Lt. Gov. complain of Tulsa being slighted by Oklahoma regulators

  Energy leaders in northeast Oklahoma joined this month with city leaders in Tulsa and four state senators in asking the Oklahoma Corporation Commission to do something about what they perceive to be an understaffing of the Commission’s Tulsa offices. In a July 8 letter, Lieutenant Gov. Matt Pinnell, Tulsa Mayor G.T. Bynum and Senators …

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AOC’s water permit plan won’t float in a House committee

  The sigh of relief you hear might be coming from those in the oil and gas industry who thought New York Democratic Congresswoman Alexandria Ocasio-Cortez’ bill to block the Army Corps of Engineers from issuing water permits for oil and gas lines would be successful. It won’t. POLITICO reports the House Rules Committee voted …

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Wyoming lawmakers advance bill extending more tax relief to oil and gas operators

  Legislators in Wyoming are pushing a plan to offer more tax relief to the struggling oil and gas industry, a plan that includes spurring more mineral production and capital investment in the state. The Casper Star Tribune reported a legislative committee passed a bill, that if it were to become law would reduce Wyoming’s …

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Energy news in brief

** Denver-based Liberty Oilfield Services Inc.  announced second quarter 2020 financial and operational results. Cash and cash equivalents increased by $68 million to $125 million for the quarter ended June 30, 2020. Total liquidity was $207 million at the end of the second quarter 2020. ** Concho Resources Inc. announced that its Board of Directors declared a …

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