The significant gain in crude oil prices prompted Tulsa’s Unit Corporation to call off its previously-announced effort to sell all of its oil and gas properties and reserves. The company announced Friday that as a result, it ended its engagement with Tudor, Pickering, Holt & Co. as advisor for the sales effort. The reason? …
Drilling activity increases as rig count grows nationwide
The number of oil and gas rigs put into play in the past week increased by 6 to 733 across the U.S. while Oklahoma’s active rig count remained steady. Oklahoma’s number stayed at 59 rigs while nationally, the number included a gain of 6 oil rigs for a total of 580 while the number …
High May inflation rate sent crude prices down on Friday
Another drop in oil prices happened Friday, thanks to a U.S. May inflation report that was worse than expected and sent the dollar higher and equities lower. The May consumer-price index came in at a year-over-year rate of 8.6%, a 40-year high. Despite the drop in crude prices, the U.S. benchmark recorded its seventh …
Lankford and other senators accuse SEC of climate change “overreach”
Senator James Lankford (R-OK) and 31 of his colleagues pushed back on a proposed rule from the Securities and Exchange Commission (SEC) that would place what they called unworkable climate disclosure regulations on farmers, ranchers and agriculture producers. They called it “overreach” by the agency. The Senators’ called on the SEC to rescind the …
More execs report cashing out some of their shares
A few days after an Ovintiv executive in Denver reported cashing out and taking advantage of the high price of company shares, another leader in the firm did the same. So did an executive with Williams Cos. in Tulsa. In the case of Ovintiv’s Rachel Maureen Moore, the firm’s Executive Vice President of Corporate …
Governor says Rare Earth to keep Oklahoma an energy leader
When it comes to energy production in Oklahoma, Gov. Kevin Stitt says the $100 million facility that USA Rare Earth is bringing to Stillwater will keep the state a leader. The Governor and the Oklahoma Commerce Department formally announced Thursday that USA Rare Earth will use a large facility near the Stillwater airport to …
$2 billion transmission line approved in Colorado
Xcel Energy’s $2 billion transmission line meant to carry renewable energy power across Colorado was approved by the state’s public utility regulators. The Colorado Public Utilities Commission approved the project called Colorado’s Power Pathway, a 650-mile stretch of high transmission lines from northern Colorado to the southeast reported The Denver Post. The project will include four …
Rig growth in US reported by Enverus
The U.S. added nine active rigs over the last week to arrive at a count of 813 as of June 8, according to Enverus Foundations data. The count is up 4% in the last month and up 55% in the last year. Activity levels reached as high as 814 during the last week, up …
Oklahoma energy stocks dipped with fall in crude oil prices on Thursday
Crude oil prices suffered a slight drop in trading on Thursday but remained close to the three-month highs they hit in Wednesday’s trading. The drop came after parts of Shanghai implemented new COVID-19 lockdown steps. In the U.S., West Texas Intermediate crude for July delivery dropped 60 cents or 0.5% and settled at $121.51 …
Stillwater lands exclusive mining company
The rare-earth mining company USA Rare Earth chose Stillwater as the site for a new operation. The company owns a mine in west Texas where minerals critical to U.S. national security are mined, including gallium, which is a critical semiconductor chip material for which there are currently no U.S. producers. It plans to invest …
