Oklahoma State Treasurer Randy McDaniel says even though February gross receipts to the treasury show a continuing expansion of the state’s economy, the Russian invasion of Ukraine raises concerns for him–including inflationary pressure. McDaniel reported that February gross receipts of $1.06 billion are up by almost 12% compared to the same month last year. He …
Mammoth Energy recorded growing 4Q losses
Mammoth Energy Services, Inc. reported growing losses in the fourth quarter and all of 2021. The Oklahoma City-based company stated its fourth quarter 2021 net loss totaled $13.3 million or 28 cents a share compared to $11.9 million or 26 cents a share for the same quarter of 2020. But the fourth quarter loss …
Colorado solar array to cover 1,350 acres
County regulators near Colorado Springs approved new zoning this week on 5,000 acres of land to be the site of a new solar array. The action by El Paso County Commissioners will allow solar company Juwi, based in Boulder to build the array near the community of Fountain reported the Denver Gazette. The array …
US rig count increases but drops in the Anadarko Basin
The active U.S. rig count increased by one in the last week to 740 as of March 2, according to Enverus Rig Analytics. The count is up by nearly 3% over the last month and 61% over the last year. The largest week-over-week increase occurred in Appalachia, which gained two rigs for a total …
Crude prices slip amidst possible deal with Iran but remain at $107 in US
Crude oil futures dropped 2% in Thursday’s trading midst continued heavy fighting between Russian and Ukraine, but prices in the U.S. still remained at nearly $108 a barrel while overseas the global benchmark was at more than $110 a barrel. The drop was largely due to growing word that the U.S. is closer to …
Headlines of other energy stories
** Sen. Todd Young (R-Ind.) thinks there’s a filibuster-proof majority of senators willing to back crushing sanctions on Russia’s energy sector — a step President Biden and his European counterparts have so far refused to take. ** Halliburton Company celebrated the opening of the Halliburton Chemical Reaction Plant – the first of its kind in Saudi Arabia to manufacture …
Cole moves to stop US purchases of Russian oil
Oklahoma Congressman Tom Cole says it’s time to stop talking about a ban on U.S. purchases of Russian oil and do it. He’s introduced the Prohibition on Imports of Russian Oil Act. As a member of the House Energy Action Team (HEAT), the Republican Representative said the Act would immediately cease all U.S. imports …
FERC grilled over environmental justice guidelines
U.S. Sen. James Lankford and others on a Senate Committee spent part of Thursday grilling energy regulators over their recent approval of new guidelines to consider environmental justice and climate issues in reviewing new natural gas projects. The three Democrats who control the five-member Federal Energy Regulatory Commission approved the new guidelines last month …
ConocoPhillips completes $1.3 billion sale of Indonesian assets
ConocoPhillips completed the sale of the subsidiary that indirectly owns its 54% interest in the Indonesia Corridor Block Production Sharing Contract (PSC) and a 35% shareholding interest in the Transasia Pipeline Company to MedcoEnergi for $1.355 billion, with an effective date of Jan. 1, 2021. After customary closing adjustments, net cash from the sale …
Crude supplies soar at Cushing oil hub
Crude oil stocks soared in the past week at the Cushing oil hub in northern Oklahoma more than doubling in one day according to the U.S. Energy Information Administration. While fighting expanded in the war between Russia and Ukraine and prices soared over concerns about supplies, the amount of crude at the Cushing hub …