Nearly a month after Targa wrapped up a $1 billion acquisition of a share of the Grand Prix NGL pipeline in Oklahoma, the firm finds itself under investigation for failing to report a release of tons of natural gas as quired by state regulations in Texas. The leak happened Jan. 20 near one of …
Anadarko basin crude oil production to increase in March
Oil production in the Anadarko and Permian Basins is expected to make gains in the coming month according to a report from the U.S. Energy Information Administration. The Anadarko Basin’s production was 433,000 barrels of oil a day in February but will increase to 445,000 barrels of oil a day in March predicted the …
Energy briefs
** Ford Motor announced Monday that it’s partnering with a Chinese company to build a $3.5 billion electric vehicle battery plant in Michigan, a move sure to spark backlash from Republican lawmakers. ** Republicans are scrutinizing the administration’s billions of dollars in low-carbon energy incentives for signs that money could benefit companies tied to Beijing. ** Recently …
Kingfisher County wells are strong producers for Canvas Energy
Oklahoma City energy producer Canvas Energy LLC filed reports this week showing two wells drilled on a single pad in Kingfisher County had combined production of more than 1,400 barrels of oil a day. The two Wario wells, drilled at 29 16N 5W, a site 4 miles northwest of the town of Cashion, were …
Oklahoma’s Congressional delegation won’t like Biden’s next oil move
In a move sure to perturb Oklahoma’s congressional delegation, the Biden administration reportedly plans to sell more crude oil from the Strategic Petroleum Reserve. Bloomberg reported the sale will amount to 26 million barrels of crude. It quotes a Department of Energy spokesperson who said the sale is in accordance with a budget mandate …
Value of EV maker Canoo’s shares keeps falling
Electric vehicle maker Canoo continues to find itself in an up hill push financially. Shares in Canoo fell still more this week, days after the firm announced the sale of discounted shares in order to raise more than $52 million. Last week, the price of Canoo shares was down more than 12% and traded …
SEC’s greenhouse rule fought by Lucas and others in Congress
The greenhouse gas emissions reporting rules proposed by the Securities and Exchange Commission were targeted by Oklahoma Congressman Frank Lucas and other farm-state representatives who want exemptions for America’s farmers and ranchers. Rep. Lucas, the longest-serving Republican on the House Committee and Financial Services and former chairman of the House Agriculture Committee was joined …
Russia’s decision to cut crude production prompts slight gain for crude oil prices
Crude oil prices made small gains on Monday as investors wondered how Russia’s plans to cut crude production might impact trading. A few Oklahoma energy stocks recorded significant gains for the day. West Texas Intermediate crude managed a 42-cent increase or 0.5% to reach $80.14 per barrel on the New York Mercantile Exchange. Brent …
U.S. refineries to stay busy in 2023 according to government forecast
A new government forecast says U.S. refineries will be as busy in 2023 as they were in 2022 but a slight reduction might occur in 2024. The report, the Short-Term Energy Outlook (STEO), from the U.S. Energy Information Administration expects refinery utilization will be more than 90% in the next two years. The industry …
Legislators to focus on energy issues in committee meetings
Oklahoma legislators start serious work this week on tackling some of the issues and bills that could have a direct impact on the state’s energy industry. The Senate Aeronautics and Transportation Committee will meet Tuesday afternoon at 2 o’clock in Room 230 of the Capitol. The House Transportation Committee will meet at 1:30 p.m. …
