The nation’s oil rig count reported by Baker Hughes Co. plummeted 17 rigs in the past week and Oklahoma followed suit with a decline of 3. The national count dropped to 731. The number of oil rigs fell by 2 to 586 while the number of gas rigs dropped by 16 to 141. The …
Icahn company counters losses with $500 million buyback plan
After a damaging report resulted in a loss of billions for corporate raider Carl Icahn, his holding company has launched a buyback equaling nearly 27% of its trading shares. The directors of Icahn Enterprises LP approved a $500 million buyback. Icahn, a major investor in Oklahoma City-based SandRidge Energy as well as refinery operator …
Senate votes to reject Biden administration’s protection of bat
Oklahoma U.S. Sen. Markwayne Mullin celebrated a Senate victory this week as the Senate approved two resolutions undoing the Biden administration’s rules regarding the Endangered Species Act. Fellow Oklahoma Sen. James Lankford joined him in voting against the Biden administration. “The completely unreasonable critical habitat rule gives the Biden Administration the power to interpret any …
Other energy notes
** The Biden administration’s new greenhouse gas rule is designed to drive drastic changes in how U.S. power companies produce electricity — but utilities say it could escalate the risk of outages as it squeezes fossil fuel plants into retirement. ** Shell Chemicals is facing its second lawsuit brought by three contractors who say they were injured …
Crude oil slipped on Friday’s trading while OK energy stocks recorded gains
Crude oil prices dropped more than 1% on Friday while Oklahoma energy stocks recorded gains in the day’s training.\ Crude prices dropped for the third consecutive week as each benchmark settled about 1.5% lower for the week. West Texas Intermediate crude dropped 83 cents or 1.2% to close at $70.04 a barrel on the …
Tulsa’s Vital Energy expands Permian Basin holdings with $378 million acquisition
Vital Energy just expanded its holdings in the Permian Basin with a $378 million acquisition of assets from Forge Energy II Delaware LLC, an EnCap portfolio company. The Tulsa company said the acquisition will expand its Permian Basin leasehold to 198,000 net acres and also establish core operating positions in Pecos, Reeves and Ward Counties. …
Corporation Commissioner unleashes harsh criticism of fellow commissioners
In response to what he calls “last-minute changes to the ‘final orders’ and other deceitful statements made by Commissioners Todd Hiett and Kim David” on Thursday, April 20, 2023, Corporation Commissioner Bob Anthony on Thursday filed another 37-page dissent in the 2021 Fuel Cost and Prudence Review cases for the state’s three largest public utilities. …
Ascent Resources reported major first quarter gains in its Utica Shale exploration
Considered one of the largest private producers of natural gas in the U.S. with major drilling efforts in the Utica Shale in southern Ohio, Oklahoma City’s Ascent Resources reported a strong first quarter with $1.1 billion in net income and $112 million in adjusted net income. Ascent reported a 12% increase over a year …
Thursday brought another down day for crude oil prices and Oklahoma energy stocks
Another weak day of trading hit crude oil prices on Thursday and Oklahoma energy stocks had a down day too. Crude prices dropped nearly 2% to a one-week low as the political standoff over the U.S. debt ceiling stirred up recession jitters in the world’s biggest oil consumer, China. West Texas Intermediate crude dropped …
OGE solar farm to supply electrical power to Fort Smith, Arkansas
The city of Fort Smith, Arkansas has decided to take advantage of a solar program run by a utility across the state line in Oklahoma. City directors want to receive electrical power supplied at a 30-acre solar farm operated by Oklahoma Gas & Electric. The deal they approved was made in March to take …
