There’s a fear that the COVID-19 pandemic and the oil crisis will lead to a large increase in orphaned wells in the U.S. and the subject was reported on Monday by POLITICO’s Morning Energy Report. WAR OF THE WELLS: There are already tens of thousands of “orphaned” wells spread across U.S. oil-producing states, left abandoned by …
** The CEO of American Electric Power expects final state regulatory decisions this month on the company’s 1,500 MW wind project in Arkansas, Texas, Oklahoma and Louisiana. ** As the state phases out net metering, Vectren is the first Indiana utility to file a request to compensate customers less for excess solar power they send to the grid. ** Michigan regulators tell …
Leaders of Oklahoma City-based Chesapeake Energy have expressed for the first time they have doubts about the ability of the company to survive if they are unable to restructure massive debts through a Chapter 11 reorganization. It is clear the company is teetering on bankruptcy. In a filing with the Securities Exchange Commission on Monday, …
At least one attorney who is a former officer with the Oklahoma Independent Petroleum Association says the argument in support of mandated crude oil reductions in Oklahoma will fail. A.J. Ferate compared it to what Communist nations have done. It’s what he wrote in the McCarville Report. By A.J. Ferate The sudden collapse of …
After 70 years of being headquartered in El Dorado, Arkansas, Murphy Oil is moving to Houston. And last week’s decision has left the city devastated. Click here to view Associated Press report.
Just because U.S. and Canadian oil producers, including those in Oklahoma have shut-in as much as 4.5 million barrels of oil a day doesn’t mean they’re sitting idly around. They’re already planning how to resume production when that time comes. In Oklahoma and the U.S. companies have announced plans to stop more than 600,000 barrels …
Continental Resources, Inc. announced first quarter 2020 operating and financial results with a net loss of $185.7 million or 51 cents a diluted share. The company wrote down $222.5 million in property impairments for the quarter compared to $25 million a year ago. “This has been an unprecedented global market environment, which has seen …
Mammoth Energy Services reported an increase in total revenue for the first quarter of 2020 but also an increased net loss of $84 million or $1.85 per fully diluted share. It was a $24 million dollar increase in net loss compared to the end of the previous quarter on December 31, 2019. Company leaders don’t …
The coronavirus has forced Oklahoma City-based SandRidge Energy Inc. to close its headquarters. In a filing with the Securities and Exchange Commission, the company informed government regulators their ability to respond for the filing of government forms was affected as well. “In particular, COVID-19 has caused the Company’s headquarters in Oklahoma City, Oklahoma to close due …
Oklahoma regulators will hold a hearing Monday whether to support a request of an oil and gas group to order reduced production of crude oil statewide, despite a 1988 Oklahoma Supreme Court ruling that said the Corporation Commission does not have the authority to issue such a ruling. Commissioners will meet Monday morning at …