ConocoPhillips reported a first-quarter 2020 loss of $1.7 billion, or ($1.60) per share, compared with first-quarter 2019 earnings of $1.8 billion, or $1.60 per share. Excluding special items, first-quarter 2020 adjusted earnings were $0.5 billion, or $0.45 per share, compared with first-quarter 2019 adjusted earnings of $1.1 billion, or $1.00 per share. Special items for …
Two years after activist investor Carl Icahn won control of Oklahoma City’s SandRidge Energy allowing him a slate of 5 directors, the company’s board of directors is preparing for its annual shareholders meeting in June and urging the reelection of four of the five. The meeting comes less than a month after …
While Oklahoma Attorney General Mike Hunter contends an easing of absentee voting requirements will only lead to more voter fraud, his office is already dealing with another form of fraud—unemployment compensation. People claiming jobless benefits when they’re cheating those really out of work. The Oklahoma Employment Security Commission reports the discovery of thousands of fictitious claims …
In releasing results of its first quarter 2020 financial results this week, Tulsa-based ONEOK make it clear the spread of COVID-19 and recent energy industry developments had an adverse effect on the company. And finances might not improve anytime soon as ONEOK reported a quarterly loss of $142 million or 34 cents a share in …
The same day of a Reuters report that Chesapeake Energy was close to possibly filing bankruptcy, the company filed an amended proxy statement with the Securities and Exchange Commission. It detailed payments to the board of directors as well as company’s executive officers. Board chairman R. Brad Martin received total payment of $650,000 while members …
Houston’s Trinity Operating USG LLC has a history of drilling in Oklahoma’s Arkoma basin in the southeast and reported this week completions of two wells on a single pad producing more than 18,000 Mcf of natural gas. The two Glynell wells, drilled at 31 8N 12E which is a site near the Canadian River …
As the Trump administration attempts to give help to the ailing U.S. oil and gas industry, one of its plans involves an expansion of the nation’s Strategic Oil Reserve. As a result, nine companies have reached agreement to store 23 million barrels of crude oil in the U.S. emergency oil reserve. Reuters reported a …
Shell has cut its dividend for the first time since the Second World War, ending a run of ever-larger shareholder returns that has lasted for almost a century. Shareholders, which include thousands of pension funds, were told that their chunky dividend – the largest from a London-listed firm in the UK – was …
On the day that Reuters reported Chesapeake Energy was close to pulling the trigger on a bankruptcy court filing, oil prices in the U.S. rose $3 a barrel while the company’s shares dropped $2. West Texas Intermediate was up 24% from earlier in the week and added $3.01 a barrel to reach $15.35. International Brent …
Oil and gas workers in Oklahoma aren’t the only ones losing their jobs due to the COVID-19 pandemic and the oil crisis. Regal Entertainment headquartered in Tennessee notified the Oklahoma Workforce Development office on Wednesday that it was closing its three cinemas in Moore, Broken Arrow and Midwest City and being forced to lay off …