After his company reported at more than $239 million second quarter loss, Continental Resources founder Harold Hamm remains optimistic about the remainder of 2020. “Despite headwinds faced this year, now is not the time to count out U.S. independent producers from being key future net exporters of crude,” he told investors and analysts during …
Oil finishes higher ahead of U.S. supply data
Another up day for oil futures as they reversed early losses on Tuesday and closed higher for the day as traders waited on the latest information about U.S. crude inventories and wondered about the continuing impact on supplies by the COVID-19 pandemic. West Texas Intermediate crude for September delivery finished 69 cents or 1.7% …
Devon capitalizes off accelerated divestiture of Barnett Shale holdings
With the release of its second quarter earnings report on Tuesday, Oklahoma City-based Devon Energy also announced an accelerated closing of its $770 million sale of its Barnett Shale holdings in north Texas. The original announcement in December 2019 indicated the closing with Banpu Kalnin Ventures would be Dec. 31, 2020. But this week, …
Devon reports $670 million 2Q loss but no further oil production cuts
Oklahoma City-based Devon Energy reported a net loss of $670 million or $1.78 per diluted share for the second quarter of 2020. The earnings report also included Devon’s announcement that it has no plans to curtail oil production in the second half of the year focusing its new drilling efforts in West Texas and …
$5,000 fine for not wearing your COVID-19 mask?
Think you got it bad in Oklahoma City if you are caught not wearing a COVID mask? The fine is only $9 for the first and second offenses. But a visit to some cities in Colorado could lead to jail time. In addition to a $5,000 fine! It’s what Out There Colorado reported this …
New chief of staff named at OESC
Oklahoma’s Employment Security Commission has named longtime government attorney Claudia Conner to be the agency’s chief of staff, a newly created position. She previously had been a deputy director and general counsel at the Oklahoma Department of Tourism and Recreation as well as the general counsel at one time to the Oklahoma Department of …
OCU President Burger announces retirement
After two years as President of Oklahoma City University, former longtime energy leader Martha Burger plans to retire. She announced this week that her final day in office will be June 30, 2021. “I have enjoyed the opportunity to serve this great university and I am looking forward to a meaningful and productive year …
Finally—-speed limits raised to 75mph on Oklahoma interstates
It’s only taken a year for Oklahoma’s Transportation Commission to act on raising speed limits on most parts of Interstates 35 and 40 and the action came a week after the Oklahoma Turnpike Authority did the same thing. It was last year when the legislature approved House Bill 1071 which gave the transportation boards …
AEP seeks renewable energy power in the East
US utility American Electric Power Company Inc., the parent company of Public Service Company of Oklahoma, is looking to buy electricity from new or repowered wind projects and new solar parks in the PJM power market, it said on Monday. PJM is the Pennsylvania, New Jersey and Maryland power market. The company’s subsidiary AEP Energy …
Energy news in brief
** The rig count in the oil-rich nation of Venezuela has fallen to zero after drilling rig operator Nabors pulled its last rig from service as oil major Chevron halted its drilling program in the troubled South American nation. ** Kinder Morgan stock has lost a third of its market value so far this year, but Executive Chairman Richard Kinder scooped up more shares of …