** A SEC filing by Chesapeake Energy shows President and CEO Robert D. Lawler recently acquired 50,000 shares in the company. The shares were valued at $0.9148 each resulting in a total acquisition worth $45,740. The acquisition results in Lawler owning 5,133,298 shares in the company. ** Federal regulators have ordered the Keystone pipeline to remain …
No formal increase in Oklahoma speed limits despite new law
Despite a new speed limit law that took effect Nov. 1 in Oklahoma, signs on I-35 and I-40 and other highways remain the same. Most state 70 mph as the limit and the reason is this—the State Department of Transportation is still studying whether, when and where to increase limits to 75 miles an hour. …
Report predicts tough times ahead in US oil production
A prediction of a “major slowdown” in U.S. oil production has been made by IHS Markit which says the nation’s output will fall from 440,000 barrels a day in 2020 to “essentially flattening out” in 2021. The report also assessed what shale producers are already doing as indicated in third quarter 2019 reports….they are cutting …
Roan suspends drilling operations pending merger vote
As Oklahoma City’s Roan Resources, Inc. prepares to formally merge with Tulsa’s Citizen Energy Operating, LLC, the company has temporarily shut down drilling, development and completion activities. The firm stated in its third quarter 2019 earnings report the move will give new CEO Rick Gideon time to assess Roan’s overall operations plan. He took …
Blueknight energy shows increased 3Q earnings
Tulsa’s Blueknight Energy Partners, L.P. reported increased third quarter earning as net income was $7 million compared to $2.4 million reported in the same period in 2018. The increase came after a failed attempt by Ergon to acquire the Oklahoma company last summer. The company’s adjusted earnings before interest, taxes, depreciation and amortization was $18 …
Numbers reflect slowdown in U.S. oil and gas drilling
The latest international rig count announced by Baker Hughes shows how drilling has slowed in the U.S. as numbers for October 2019 were down from a year earlier. The average U.S. rig count for October 2019 was 848, down 30 from the 878 counted in October 2019, and down 214 from the 1,062 counted in October 2018. The average …
Continued drilling activity in Kingfisher County
Kingfisher County continues to see more wells drilled and completed as the latest completion reports on file with the Oklahoma Corporation Commission showed this week. Eight more wells were completed in the county that makes up the STACK including five by Chisholm Oil and Gas Operating LLC of Fort Worth, Texas. All five were in …
Kinder Morgan acquires Southcross pipelines in $76 million acquisition
A bankruptcy court judge has given approval for Houston’s Kinder Morgan Inc. to acquire a pipeline network owned by bankrupt Dallas-based Southcross Energy Partners LP in a $76 million deal. The U.S. Bankruptcy Court for the District of Delaware signed off on the acquisition last month in an announcement made this week. Other assets that …
Energy news in brief
** In Austin, Texas joint venture partners WhiteWater Midstream alongside Agua Blanca lead investor First Infrastructure Capital announced final investment decision to proceed with the expansion of the Delaware Basin Agua Blanca System. The expansion includes a 42” diameter trunkline that more than doubles system capacity to over 3 billion cubic feet per day of natural …
Power Pool approves future projects
Forty-four new projects including 166 miles of transmission line have been approved as part of the Southwest Power Pool’s Integrated Transmission Plan for 2019. More than 120 stakeholders met recently in Little Rock, Arkansas for the annual meeting of members. The upgrades, intended to ensure reliable deliver of lower-cost generation is expected to reduce the …