The January closure of a southeast Missouri aluminum plant was blamed on cold weather issues, but now there is a report blaming it really on the high cost of electricity needed to run the plant. The Magnitude 7 Metals plant in Marston, Missouri had the reported capacity to produce as much as 30% of …
Fourth quarter drop recorded by Unit Corporation but a gain for all of 2023 fiscal year
Net income and total revenues for Unit Corporation declined in the fourth quarter of 2023 but advanced for the entire year, according to an announcement by the Tulsa-based oil and gas company. Net income for the quarter totaled $57.4 million or $5.79 per share, down from the $59.3 million and $6.07 a share a …
Lankford and others critical of Biden administration over lack of agricultural exports
U.S. Sen. James Lankford joined an effort this week critical of the Biden administration failure to increase U.S. agricultural export and improve the competitiveness of U.S. products overseas. Lankford and South Dakota Sen. John Thune, Arkansas Sen. John Boozman and Idaho Sen. Mike Crapo urged US Trade Representative Katherine Tai and USDA Secretary …
Supreme Court asked to rule on Utah-Colorado oil train
The U.S. Supreme Court is being asked to settle the dispute that has stalled creation of an oil train carrying crude oil from Utah’s Uinta Basin through Colorado and eventually to the Cushing Hub in northern Oklahoma. After the U.S. Court of Appeals for the D.C. Circuit ruled in August against federal approval of …
Vital Energy announces $575 million note offering
Tulsa’s Vital Energy, Inc. announced it intends to offer $575 million in senior notes in a private placement to eligible purchasers. Vital stated that it will use the net proceeds along with existing corporate liquidity to fund the purchase for cash of up to $475 million of its 10.125% senior notes due 2028 and …
Smart Sand Inc.—weak in the 4Q but stronger for the year
Smart Sand, Inc., the frac sand supply company with an operation in El Reno, Oklahoma as well as in Texas, Wisconsin, Illinois, Ohio and Pennsylvania reported fourth quarter revenue of nearly $62 million and $296 million for the year. “Smart Sand delivered strong operating and financial results for the full year 2023” stated Charles …
More states join Oklahoma’s lawsuit against SEC over climate disclosure mandate
(AP Andrew Harnik, File) Iowa Attorney General Brenna Bird led a 9-state coalition this week in joining Oklahoma and 9 other states that filed suit last week against the Securities and Exchange Commission over its new rule forcing public traded companies to reveal some climate-related information to potential investors. “Not only will this …
Empire Petroleum exec leaves for new job at Vital Energy
The same day Empire Petroleum Corporation announced the resignation of Chief Financial Officer and Chief Accounting Officer Stephen L. Faulkner, he went across town to take a similr job with another Tulsa energy company, Vital Energy, Inc. At Vital, Faulkner is the new Vice President and Chief Accounting Officer effective March 29. He …
Energy short reads
** A major environmental group has sued to challenge new rules issued by the U.S. Securities and Exchange Commission requiring public companies to report climate-related risks, arguing they do not go far enough to protect investors. The Sierra Club and the Sierra Club Foundation filed the lawsuit on Wednesday in the U.S. Court of Appeals for the …
Crude oil prices reach 4-month high in Wednesday’s trading
A four month high was hit by crude oil prices as they rose nearly 3% on Wednesday, thanks to a surprise withdrawal in U.S. crude inventories, including stocks at the Cushing Hub in Oklahoma. Crude prices also responded to a bigger-than-expected drop in US gasoline stocks and possible supply disruptions after Ukrainian drones attacked Russian …