The U.S. rig count rose by three in the last week to 770 rigs as of April 20, according to Enverus Rig Analytics. Activity levels are down less than a percent in the last month and up 49% YOY. The count was as high as 781 in the last week, which is up 12 …
Rep. Lucas targets Clean Energy Corps
No let up from Republicans on the House Science, Space and Technology Committee in holding President Biden accountable over his energy policies. Led by Oklahoma Congressman Frank Lucas, who is the Ranking member on the committee, the GOP members sent a letter this week to Energy Secretary Jennifer Granholm requesting detailed information about her department’s pllan …
Other energy headlines from the World and US
** Bloomberg News reported this week that a cargo ship loaded with crude product from the U.S. Strategic Petroleum Reserves has departed a port in Texas bound for Europe. President Biden said the release of oil was to lower the price of gasoline. ** U.S. utilities will shed insights on whether soaring natural gas prices will crimp …
Companies sitting on well reports
Reports filed this week with Oklahoma regulators are apparent signs of energy companies finally filing completions on wells that they had been sitting on for the past year to two. Oklahoma City-based CPRP Services filed completion reports this week on a three-well single pad project in McClain County with production of more than 1,500 …
Cushing hub sees no increase in crude storage
The total of crude oil in storage at Oklahoma’s Cushing hub slipped slightly in the past week reaching a level of just above 26 million barrels. The U.S. Energy Information Administration reported the total was 26.2 million barrels as of April 15, down 100,000 barrels from April 8. Records show the Cushing hub’s storage …
Oil and gas responsible for most Oklahoma billionaires
Oil and gas are behind most of the billionaires who live in Oklahoma according to the latest 2022 list of billionaires compiled by Forbes magazine. Forbes cited Continental Resources founder Harold Hamm as number 98 on its list, reporting him with a $17.2 billion fortune. His is truly a “rags to riches” story, considering …
Rising costs hurt Denver’s Liberty Oilfield Services
Denver’s Liberty Oilfield Services reported a 43% increase in first-quarter revenue but the fracking company also recorded a loss because of rising costs. The company reported revenue of $793 million but a net loss of $5 million or 3 cents per share. Even with the loss, it was an improvement over the $57 …
Natural gas prices hit NextEra Energy in first quarter
With at least 17 wind energy centers located in the state of Oklahoma, NextEra Energy Inc. reported a first-quarter loss of $451 million or 23 cents a share. The Juno Beach, Florida-based company had a profit of $1.67 billion or 84 cents a share a year ago reported Reuters. Click here for Reuters
Feds set date for oil and gas lease auction in New Mexico
A June auction is planned by the Department of Interior of federal land in southeast New Mexico. It was supposed to have been sold a year ago but when President Biden took office, he immediately suspended the auction of federal oil and gas leases. Click here for Carlsbad Current-Argus
US crude prices steady while European crude slipped on Wednesday
Crude oil prices were mixed in Wednesday’s trading as benchmark US prices managed a slight increase while European prices fell. US prices initial responded with an increase after the U.S. Energy Information Administration reported a crude oil inventory draw of 8 million barrels for the week to April 15. West Texas Intermediate crude for …
