When President Trump addressed the nation Wednesday night to announce steps to fight the coronavirus and its impact on the economy he did not offer any specific financial assistance to the oil and gas industry despite calls from independent oil producers to do so. Instead, the President suspended travel from Europe and called on …
Oklahoma has an ally in its case to urge the president to appeal a federal appeals court ruling against small oil refineries that obtained EPA exemptions from ethanol blending requirements. Wyoming. Small oil refinery operators in Wyoming contend the ruling puts their operation in jeopardy. One of the refineries is owned by HollyFrontier Corporation, the …
Iowa’s leaders have a different view of the ethanol policy than those in Oklahoma. In wake of a Denver federal appeals court ruling directly affecting a southern Oklahoma small refinery, Oklahoma leaders urged the President to consider an appeal. But this week, Iowa Gov. Kim Reynolds lobbied the President and his administration not to appeal …
One of the Permian Basin operators says it too is cutting capital expenditures and drilling activity because of the plunging oil prices. Word came from Matador Resources Company which indicated its drilling efforts will be cut in half for the rest of 2020. Executives are also taking cuts in pay. The company said it will …
Murphy Oil Corporation based in El Dorado, Arkansas has joined other oil and gas firms in cutting its capital expenditures for the rest of the year because of the massive drop in oil prices. It’s cut the 2020 budget by 35% and layoffs are being made in Texas. The company announced Thursday it had …
The oil crisis has prompted Oklahoma City’s Devon Energy to cut its capital expenditure budget for 2020 by nearly 30 percent. And it means less activity in the STACK. The company announced Thursday it initiated an immediate decrease of $500 million from the full-year 2020 budget. The revised capital budget is now approximately $1.3 billion. …
Panhandle Oil and Gas Inc. confirmed this week the resignation of Robb P. Winfield, the company’s Vice President, Chief Financial Officer, Controller and Corporate Secretary. Winfield resigned on March 9 after being the company’s Controller since February 2008. He had been named VP and CFO in January 2017. The company’s board appointed Ralph D’Amico …
“We’re not asking for a handout—we want a level playing field.” It’s what Harold Hamm, founder of Oklahoma City’s Continental Resources says as the Trump administration considers way to help the country’s oil and gas industry in the pricing crisis. Interviewed this week on the Bloomberg Markets show with Alix Steel, Hamm accused Saudi Arabia …
Tulsa’s WPX Energy has completed its previously announced acquisition of Felix Energy, which has operations in the eastern portion of the Permian’s Delaware Basin. The acquisition was overwhelmingly approved by WPX shareholders at a special meeting held on March 5, 2020, where more than 99.6 percent of votes cast were in favor of the …
Chaparral Energy, Inc. announced it achieved fourth quarter 2019 production but still reported a net loss of $189.2 million or $4.14 per share. The Oklahoma City’s net loss for all of 2019 totaled $468.9 million or $10.28 per share. In light of the collapse of oil prices this week, the company said it would not …