After moving its headquarters from El Dorado, Arkansas to Houston, Texas, Murphy Oil Corp. reported a third quarter net loss of $244 million. The company called its $317 million loss in the second quarter “unprecedented” and blamed it on the COVID-19 pandemic. The oil exploration and production company’s per share loss amounted to $1.59 but …
Oklahoma’s government revenue continues to see a drop in collections and oil and gas gross production tax revenue remained down in October. State Treasurer Randy McDaniel announced gross receipts to the treasury continued their slide as individual income tax collections were down 7.5%. He said it is another indication “the state’s economic downturn has …
Oklahoma City-based SandRidge Energy reported it managed to reduce its net debt by nearly $45 million in the third quarter but still suffered a net loss of about $49 million. Leadership also indicated it feels stronger about the company managing to survive even though it has yet to drill a well in 2020. The …
The U.S. rig count is steadily growing according to Enverus which reported an increase of 15 rigs to a total of 356. The data-providing firm’s Day Rate Report showed the count is up 14% over last month but still down 57% compared to a year ago. The largest weekly gain was the Permian where …
OGE Energy Corp., the parent company of Oklahoma Gas and Electric reported a drop in its earnings for the third quarter of 2020 and it blamed much of it on a change in the weather. Earnings totaled 89 cents a share in the quarter, down from the $1.25 per diluted share in the third …
New Mexico’s Oil Conservation Commission set January 4, 2021 as the date for a hearing to enact new oil and gas regulations. The new regulations would affect methane and natural gas emissions and Commissioners will listen to testimony. Click here for story from Carlsbad Current Argus.
** Dominion Energy cuts its quarterly dividend to 63 cents to be paid Dec. 20 to investors of record as of Dec. 4. It will be a 33% reduction from the 94 cent dividend paid in mid-September. ** Reuters reports the clean-up of a massive oil spill in August from a vessel off Mauritius will …
Already struggling with previous losses as well as layoffs throughout Oklahoma, Texas and other states, Weatherford International reported a $60 million operating loss in the third quarter of 2020. But it is a sign of improvement for the company. The $60 million loss compares to the $497 million operating loss in the second quarter …
State Rep. Avery Frix, R-Muskogee, recently announced his intent to file legislation to modernize the state’s structure for radio and telecommunications infrastructure in the coming 2021 legislative session. “Recent ice storms that left hundreds of thousands of Oklahomans without power are just the latest example of why we must have an updated and reliable statewide …
A new report by the Texas Alliance of Energy Producers said the state’s upstream oil and gas economy continued to contract through the first nine months of 2020. TAEP’s report indicated its Texas Petro Index for September showed exploration and production activity declined for the 19th consecutive month. Click here to read the TAEP …