** This week’s bankruptcy of Murray Energy, the biggest privately owned coal company in the U.S. left retired coal miners wondering about the status of their pensions. Murray is the last large coal operator to pay into the pension fund of the United Mine Workers of America. Some believe Chapter 11 bankruptcy will allow the …
Wisconsin wants to protect oil and gas firms from trespassing protesters
A Senate committee in Wisconsin is following Oklahoma’s effort at targeting protesters who trespass onto land owned by oil and gas companies and pipelines. It has approved bipartisan legislation to make it a felony. The Senate Committee on Judiciary and Public Safety approved the measure this week and sent it to the full Senate. A …
Inhofe introduces his version of a defense spending bill
Oklahoma U.S. Sen. Jim Inhofe took to the Senate floor this week to introduce what he called a “skinny” version of the National Defense Authorization Act. It’s his plan to continue funding basics of the military and other national security operations. Inhofe’s move came as budget negotiations are still underway but approaching a deadline in …
Strong 3Q results and increased earnings reported by ONEOK
Tulsa-based ONEOK, Inc. announced its third quarter 2019 financial results showing an 11 percent increase in net income. The company said its net income for the quarter was $309.2 million or 74 cents a share while adjusted EBITDA was $649.8 million, up 5 percent. Results were driven primarily by natural gas liquids (NGL) and natural …
10-year sentence for defrauding Chesapeake Energy out of more than $4 million
A man who defrauded Oklahoma City’s Chesapeake Energy out of more than $4.3 million was sentenced to more than 10 years in federal prison this week in federal court. Justin Lane Foust of Sulphur had been convicted by an Oklahoma City federal jury in January of six counts of wire fraud, one count of aggravated …
Energy firms among those contributing to Gov. Stitt’s campaign
Reports indicate that energy firms and groups, those in Oklahoma and those nationally, contributed to Oklahoma Gov. Kevin Stitt’s campaign in the most recent quarter. The governor raised $208,000 in the quarter that ran from July 1 through Sept. 30. He received $4,000 from Exxon-Mobil’s political action committee as well as $5,000 from the Oklahoma …
Net income nearly doubled for Holly Energy Partners
The Dallas firm that owns and operates the oil refinery in Tulsa, Holly Energy Partners, L.P. reported a big jump in net income for the third quarter 2019. It was $82.3 million or 78 cents a share compared to $45 million and 43 cents a share in the third quarter of 2018. Distributable cash flow …
Tallgrass Energy Reports Strong Third Quarter 2019 Results
Based in the Kansas City suburb of Leawood, Kansas, midstream operator Tallgrass Energy reported a successful third quarter 2019. Net income was $72.5 million while adjusted EBITDA was $263.8 million and cash available for dividends totaled $210.5 million. The cash available for dividends translated to 75 cents a share or $2.20 on an annualized …
Baker Hughes reports 3Q flat earnings but increased orders
Houston-based Baker Hughes Co. reported third quarter 2019 earnings totaled $5.9 billion but were down two percent compared to the previous quarter. But the earnings were still up 4 percent compared to the third quarter of 2018. Orders for the third quarter totaled $7.8 billion, up 19 percent from the second quarter and up 35 …
PSO Sends Workers to California to Assess/Inspect Lines in Fire-Affected Areas
More than two dozen Public Service Company of Oklahoma employees are on their way to California to assist Pacific Gas & Electric (PG&E) address power outages associated with that state’s ongoing high winds and wildfire emergency. The employees from PSO’s Tulsa, Lawton and McAlester Districts will be arriving in Sacramento, then given their work assignments …