Modest increases in crude oil prices were recorded in Tuesday’s trading as analysts credited concerns about the global consumption outlook moving forward. The day’s trading left Oklahoma energy stocks confused as some rose and some sank. West Texas Intermediate crude, whose October contract expired Tuesday managed a 27-cent increase to finish the day at …
Legislative studies to focus on tax protests
Oklahoma legislators plan interim studies this week of the impact of ad valorem tax protests on public schools and county services. The hearings will be held by the House Energy and Natural Resources Committee and Reps. Carl Newton R-Cherokee; Dick Lowe, R-Amber; Kenton Patzkowsky, R-Balko; and John Pfeiffer, R-Orlando,. The combined Interim Studies 21-009 and …
Energy news in brief
** The Biden administration on Monday morning announced an interagency plan to deal with the effects of frequent extreme heat waves caused by global warming. The Department of Labor will develop regulations and processes to set and enforce regulations limiting extreme heat exposure for outdoor workers, in industries like agriculture, construction and delivery, and indoor workers, including …
Unit Corporation sells headquarters building
A year after emerging from Chapter 11 bankruptcy, Tulsa’s Unit Corporation announced the sale of its corporate headquarters building in a $35 million deal. As part of the sale, Unit also entered into a multi-year lease for part of the building. The buyer was not identified. “The sale of the headquarters building further strengthens …
Key Energy sells salt water disposal assets in Texas and New Mexico
Key Energy Services, Inc. announced the sale of substantially all of its Texas and New Mexico fluid management and salt water disposal well assets for cash and the assumption by the buyer of the related asset retirement obligations. The sale effectively completes the Company’s exit from this line of business in these states. The …
Former SandRidge CEO files suit over his departure
Maybe things weren’t as rosy as the picture was painted in the recent departure of Carl Giesler Jr. as CEO at Oklahoma City’s SandRidge Energy. At the time it was announced he left the firm to pursue other ventures. But now, Giesler has filed suit against SandRidge claiming it still owes him more than …
Crude oil inventories in Cushing, Oklahoma, are down more than 40% from start of 2021
Crude oil inventories in Cushing, Oklahoma, totaled 32.9 million barrels (excluding pipeline fill and stocks in transit by water and rail) in the week ending September 10, which is a 42% decrease since the beginning of the year reports the U.S. Energy Information Administration. Crude oil inventories at Cushing are now 26% lower than …
New Mexico public hearing on landmark oil/gas ozone rule underway
New Mexico started a public hearing this week on what its leaders call “landmark” environmental rules on the oil and gas industry. The hearing by the Environmental Improvement Board to consider the ozone precursor rule as proposed by the New Mexico Environment Department could last two weeks. NMED’s proposed rule would eliminate ozone precursor …
Oklahoma drivers pay nearly $1 more for gasoline
Drivers in Oklahoma are paying $0.95 on average more for a gallon of gasoline this week than a year ago. This week’s state average of $2.84 compares to $1.89 last year at this time reported the American Automobile Association. Gasoline prices in the state rose 2 cents over the past week but are 4 …
Carter County to see more drilling
Southern Oklahoma’s Carter County is a hot spot for more oil and gas drilling activity as four more permits were issued this week for the region. Tripledee Operating Company LLC based in Ardmore received two permits to recomplete for the CHEEK SCHOOL #1, to be drilled at 27 5S 1W, a site several miles southwest …