Colorado’s Delta-Montrose Electric Association is bailing out of the Tri-State Generation and Transmission group but it will have to fork over about $86 million to do it. Reports indicate the arrangement still needs approval by the Federal Energy Regulatory Commission and the settlement means Delta-Montrose will pay $26 million for the purchase of facilities and …
The mayor of Hobbs, New Mexico has a message to the oil and gas industry that has helped his city through its drilling operations in the Permian Basin of the state—-we are there to help you and support you. It’s what Mayor Sam Hobbs said in a recent editorial written for the Hobbs News-Sun. “Due …
The state of North Dakota prepares for a slowdown in drilling activity by its largest producers—Oklahoma’s Continental Resources Inc. and Marathon Oil Company of Houston. As Continental recently indicated, it plans a suspension of its quarterly dividends and will cut crude oil production in the Bakken and elsewhere. Marathon said it will take hydraulic fracturing …
Man-camp provider Civeo Corporation is feeling the impact of the coronavirus pandemic and the oil downturn as the Houston company, with operations in Oklahoma announced it is withdrawing its previously announced 2020 guidance. It confirms it has already laid off large numbers of its workforce including most of the handful who worked in Oklahoma. …
ALLETE, Inc., the Duluth, Minnesota-based energy company in the process of building a large wind farm near Ardmore, Oklahoma is following the path set by other large firms in holding virtual annual shareholders meetings. The company announced this week the decision was made because of the COVID-19 pandemic and a desire to protect the health …
Phillips 66 announced it will contribute $3 million to COVID-19 relief efforts across the United States and in the United Kingdom. Of this, $1 million will be directed to the Greater Houston COVID-19 Recovery Fund and $500,000 to the Houston Food Bank. The remaining funds will be distributed to frontline organizations that are responding …
With oil prices into the low $20s, oil producers with major well completions on their hands can only wait so long before filing reports with Oklahoma regulators. Ovintiv Mid-Continent Inc. is one. Chaparral Energy LLC and Paloma Operating Co. In. are two others who filed reports this week on wells with huge productions out …
The state of Colorado has levied a more than $18 million penalty against Anadarko Petroleum, now a subsidiary of Occidental Petroleum and Kerr McGee,formerly of Oklahoma City, over a 2017 natural gas explosion that killed two men while they were working on a house. The $18.25 million penalty was issued over rules violations …
By a more than 3-to-1 margin, shareholders of Oklahoma City’s Chesapeake Energy approved a reverse stock split Monday during a virtual meeting and the vote was quickly endorsed by the company’s board of directors. The vote was 1,107,281,401 in support of the financial move while 334,758,997 votes were against it and 15,53,278 abstentions were made. …
Crude prices settled on a mixed note Monday, with global prices higher but U.S. prices down as pressure from the drop in oil demand, from efforts to prevent the spread of COVID-19, more than offset support from a historic agreement by major oil producers to cut oil production. After an initial 4% surge that …