** Phillips 66 will host its 2020 annual meeting of shareholders on Wednesday, May 6, at 9 a.m. CDT in a virtual-only format via live webcast. The meeting can be accessed at www.virtualshareholdermeeting.com/PSX2020 or the Phillips 66 Investors site at www.phillips66.com/investors under “Events and Presentations”. ** HollyFrontier Corporation announced that due to the emerging public health impact of the coronavirus pandemic (COVID-19) …
Chesapeake shareholders to decide on reverse stock split
Chesapeake Energy Corporation shareholders vote Monday on the company’s proposed reverse stock split. The company needs shareholder approval before it can move ahead with the financial move that comes as company stock is down 80% year to date. The board of directors called for the reverse stock split as a means to increase the …
Tulsa mining firm extends shutdown of Illinois coal mines
Tulsa-based Alliance Resource Partners, a major coal mining operator in the eastern U.S. is extending its temporary suspension of operations at its Ilinois Basin mines. Originally, the company intended for the suspension to end April 15 but now Alliance Resource says work will be suspended until April 26. The firm reached the new date after …
Marathon Petroleum to shut down New Mexico refinery
Marathon Petroleum Corp. prepares to suspend operations at its refinery in Gallup, New Mexico as fuel demand has plummeted, leaving cars off the roads and planes out of the skies. It’s estimated a third of the world’s airliners are grounded so refinery operators like Marathon are reacting. Marathon will idle its New Mexico refinery and …
Panhandle drought growing
If there isn’t moisture in this latest and hoped-for last blast of winter weather in the Oklahoma Panhandle, the drought is likely to grow. The Drought Monitor says wile more than 95% of Oklahoma is drought-free, it’s clear the Panhandle is not. Gary McManus, Climatologist with the Oklahoma Mesonet and the Oklahoma Climatological Society says …
Banks prepare to take over some energy companies
With the Chapter 11 bankruptcy of Whiting Petroleum Corp. and others possibly in waiting, such as Oklahoma City’s Chesapeake Energy, major U.S. lenders are reported to be making plans to collect billions in debt and become operators of oil and gas production companies. Chesapeake Energy as well as Denbury Resources Inc. and Callon Petroleum …
OPEC agrees to cut oil production but oil still tumbles
Even a production-cut agreement of 10 million barrels of oil a day for two months by Saudi Arabia and Russia wasn’t enough to boost oil prices on Thursday. West Texas Intermediate crude dropped $2.33 before finishing the day at $22.76 a barrel while Brent crude fell 81 cents and ended the day’s trading at …
Corporation Commissioner Hiett seeks another term
Oklahoma Corporation Commissioner Todd Hiett filed as a candidate for re-election this week, seeking another six years on the state regulatory board. So far, he has one challenger in the Republican primary and that is Harold D. Spradling of Cherokee who previously ran for the commission. Hiett, who has chaired the Corporation Commission since March …
Chesapeake Energy sets date for vote on reverse stock split
Oklahoma City-based Chesapeake Energy Corporation has set an expected effective day for its planned reverse stock split. A special meeting of shareholders will be held April 13 and the reverse stock split will need their approval before it can go into effect. The reverse stock split proposal includes a proposed reverse stock split …
Oklahoma and US lose more oil rigs as slump grows
Oklahoma’s rig count in the past week fell by three more to reach only 26 active rigs drilling for new oil and gas sources while nationally, the count plummeted by 62 to 602 rigs. The Baker Hughes rig count, released a day earlier than normal because of Good Friday and the Easter weekend, showed Oklahoma’s …
