WPX Energy in Tulsa reported an unaudited second-quarter loss of $414 million or 74 cents a share, blaming the loss on derivatives. Cash flow was also down 24%. The report was released as WPX Energy is slowly resuming completion operations. The company said the loss was driven by a $275 million net loss on derivatives …
The go-ahead for a major solar-power project in northwest New Mexico has been given by state utility regulators. The Associated Press reported the approval came for major investments in solar-generated electricity and battery storage to replace a coal-fired power plant. The Associated Press reported that the five-member Public Regulation Commission on Wednesday voted unanimously for a …
The University of Oklahoma is one of five facilities getting nearly $28 million from the U.S. Department of Energy to study what the department calls the next generation of geothermal energy technologies. Selected by the Office of Energy Efficiency and Renewable Energy’s Geothermal Technologies Office these projects align with the goals of the 2019 GeoVision study, which outlines …
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 …
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. …
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 …
“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 …
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 …
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 …
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 …
