** US auto sales softened at the end of last year as higher financing costs and near-record prices took their toll on would-be buyers. ** General Motors said it will make sure its new electric vehicles remain price competitive even as new rules from U.S. Treasury disqualify some of the carmakers’ electric vehicles for the …
Utility merger scrapped in New Mexico
A proposed merger worth $4.3 billion in which Public Service Co. of New Mexico and Texas New Mexico Power would be owned by Avangrid of Connecticut was scrapped on Tuesday. Avangrid backed out of the deal to acquire PNM Resources and its two utilities, disappoiting PNM president and CEO Pat Vincent-Collawn. “We are greatly …
Williams announces $2.1 billion in senior notes offering
Williams announced that it has priced a public offering of $1.1 billion of its 4.900% Senior Notes due 2029 at a price of 99.839 percent of par and $1.0 billion of its 5.150% Senior Notes due 2034 at a price of 99.975 percent of par. The expected settlement date for the offering is January …
Earthquake numbers declined in 2023 in west Texas oilfields
A crackdown on an oilfield practice of re-injecting oilfield wastewater, very similar to one in Oklahoma some years ago, led to a 10% drop in the number of earthquakes recorded last year in Texas. It was the first such decline in the frequency of earthquakes in half a decade as the Texas part of …
New Mexico proposes more water rules directly affecting oil and gas industry
New Mexico wants new rules perhaps putting more restrictions on ground water use by the oil and gas industry. Its Environment Department recently announced a move to petition the Water Quality Control Commission to begin formal deliverations on the proposed rules, according to the Associated Press. The rules will focus on salty byproducts of …
Crude oil starts New Year on a down note
US crude oil prices started 2024 with a loss and so did the global benchmark, thanks to an ease in concerns about supplies being disrupted by Houthi attacks in the Red Sea. West Texas Intermediate crude finished down $1.27 or 1.8% to $70.38 a barrel on the New York Mercantile Exchange. Global benchmark Brent crude …
Brent crude oil prices averaged $19 per barrel less in 2023 than 2022
The price of Brent crude oil averaged $83 per barrel (b) in 2023, down from $101/b in 2022, a difference of $19/b after rounding. Global markets adjusted to new trade dynamics, with crude oil from Russia finding destinations outside the EU, and global crude oil demand fell short of expectations. Those dynamics offset the impacts from OPEC+ …
Correction
Our mistake. The recent announcement of the addition of 100 jobs in Bartlesville by Lincoln Electric did not involve Lincoln arc welders. Lincoln Electric Products Company, based in New Jersey will expand operations to northeast Oklahoma.
Oil leader predicts 5 billion barrels of Bakken oil to be produced this year
Captured CO2 for enhanced oil recovery could see North Dakota reach 5 billion barrels of Bakken oil this year. If so, that’s good news for Bakken leader Continental Resources of Oklahoma City. It’s the prediction of Ron Ness, President of the North Dakota Petroleum Council. “In mid-2024, we’re going to reach 5 billion barrels …
New EV tax credit rules trims list of those eligible
New rules took effect Jan. 1 under the Biden administration, reducing the number of electric vehicle models eligible for consumer tax credits up to $7,500. The number of such vehicles fell from about two dozen to 13 based on narrower criteria according to federal information from fueleconomy.gov. EVs that use battery components made by …