ONEOK, Inc for the first time is releasing some details about the disastrous July 9 fire that occurred at its liquids fractionation facility in Medford, Oklahoma. It indicated the loss approached $100 million. In its third quarter earnings report, ONEOK stated it had received notice its insurers agreed to pay a $100 million unallocated …
Gulfport plans expanded operations in Utica based on 3Q earnings
Gulfport Energy Corporation’s third quarter was strong enough the company is adding yet another drilling rig in the Utica play. The third quarter saw a reported $18.5 million of net loss and $172.7 million of adjusted EBITDA. The company generated $167.9 million of net cash from its operating activities and $11.1 million in free …
Increased earnings, cash and more for Devon Energy in 3Q
This is how big of a third quarter Oklahoma City’s Devon Energy had—a 61% increase in its dividends, net earnings of $1.9 billion or $2.88 per diluted share and a 32% increase in operating cash flow that totaled $2.1 billion. Devon’s core earnings were an adjusted $1.4 billion or $2.18 per diluted share. All …
A big quarter for Chesapeake Energy
Oklahoma City’s Chesapeake Energy reported a record third quarter with $1.3 billion in net cash from its operating activities. The company had $883 million or $612 per diluted share in net income while adjusted net income was $730 million or $5.06 a share. It also delivered adjusted EBITDAX or Earnings Before Interest, Taxes, Depreciation (or …
Crude up again—so were Oklahoma energy stocks on Tuesday
You never know what will happen to crude oil prices from day to day. On Monday, prices fell, then a day later, they rose. At the same time, most Oklahoma energy stocks recorded gains on Tuesday. Analysts credited the gain to growing optimism that China, the world’s second-largest consumer of oil will reopen from …
Production of Tesla’s Cybertruck to begin in 2023 in Austin
Tesla says it will begin mass production of its Cybertruck at the end of next year. The company announced this week that work is underway on preparing the Austin, Texas plant to build the new model with “early production” in the middle of 2023 reported Reuters. Click here for Reuters
Activists blast state leaders and call for probe of winter bond law
Activists who are demanding investigations into the Winter Securitization Bond efforts of 5 utilities in Oklahoma say they uncovered public records showing what they label as political corruption into how more than $4 billion in 2021 Winter storm costs were passed through to ratepayers. Standing outside the Oklahoma Corporation Commission headquarters Tuesday morning, the group …
Chickasaw Nation launches resort construction in OKC
Ceremonies were held this week in Oklahoma City for the groundbreaking on a $400 million OKANA Resort & Indoor Waterpark. Located next to downtown Oklahoma City and the Boathouse District, the Chickasaw Nation project will include an 11-story hotel reported KOKH Fox 25 News. Click here for Fox 25 News
Power Pool cost allocating plan okayed by FERC despite opposition by Oklahoma regulators
The Southwest Power Pool just won the right to spread the costs of certain transmission projects across its 14-state footprint, despite the objections of American Electric Power and Excel Energy. The Federal Energy Regulatory Commission voted 3-2 on Friday in support of the SPP’s proposal reported Utility Dive. The plan had been opposed by …
Excel Energy plans to end coal use by 2030
Excel Energy, a firm that serves eight states, announced this week it plans to stop using coal nationwide by the end of 2030. It also plans to speed up the retirement of coal-fired units at its Tolk Generating Station in Texas reported Wisconsin Public Radio. Click here for Wisconsin Public Radio
