An 83% drop in profits? It’s been suffered by Occidental Petroleum Corp. The company reported this week the effects of lower oil and gas prices left the firm reeling reported Reuters. Click here for Reuters
Headlines of other energy stories
** Phillips 66 announces second-quarter 2023 earnings of $1.7 billion compared with earnings of $2.0 billion in the first quarter. Excluding special items of $69 million, the company had adjusted earnings of $1.8 billion in the second quarter, compared with first-quarter adjusted earnings of $2.0 billion. **Occidental Petroleum Corp on Wednesday reported an 83% slump …
OERB sponsored summer workshops provided teachers with $185,000 in resources
When the Oklahoma Energy Resources Board says it has a commitment to education, it means it. The OERB showed its commitment to supporting education this summer by providing 374 teachers from school districts across the state with more than $185,000 worth of classroom supplies, equipment and hands-on activities. The two summer energy education …
EPA orders Colorado to revist Suncor refinery’s air quality permit
The U.S. EPA rejects a Colorado petroleum refinery’s air quality permit and orders state regulators to revisit portions concerning dust and carbon monoxide releases. Suncor Energy’s refinery in Commerce City was the target of the EPA action which is considered something of a win for environmental groups who challenged the state’s permit renewal for the company. …
Energy Transfer sees slip in 2Q earnings and revenue
Like some other major energy companies, Energy Transfer, the Dallas company that completed a merger with Oklahoma City’s former Enable Midstream Partners in 2021, wasn’t able to match or exceed the $1.11 billion in net income it recorded in the first quarter of the year. Instead, Energy Transfer reported net income attributable to partners …
More than 3,600 barrels of oil a day from four Garvin County wells
Four Garvin County wells on a single pad produced more than 3,600 barrels of oil a day for CPRP Services LLC of Oklahoma City when they were completed in May and June. The reports on the four wells were filed this week with Oklahoma regulators, showing the site was 30 3N 3W, just east …
A stronger 2Q for Williams
Despite a drop in natural gas prices and reports of other energy firms recording falling revenues, Tulsa’s Williams Companies reported a strong second quarter seeing a 36% increase in net income from a year ago. Net income totaled $547 million or 45 cents a share while adjusted net income was $515 million or 42 …
Earnings and revenue slip in 2Q for SandRidge Energy
SandRidge Energy saw a drop in earnings and revenue in the second quarter of the year. The Oklahoma City company reported net income of $16.6 million or 45 cents a basic share, down from the first quarter net income of $23.8 million, or $0.64 per basic share. Second quarter adjusted net income was …
Historic crude oil draw sends prices down along with OK energy stocks
Even a historic drop in U.S. crude stocks wasn’t enough to keep oil prices from dropping 2% on Wednesday as traders took no chances following the downgrade of the U.S. government’s top credit by a major ratings agency. Despite the record stock draw, U.S. oil prices fell amid falls across financial markets after rating agency …
Crude stocks dwindle more at Cushing and across the nation
The tightening of crude oil supplies was reflected again at the Cushing hub where there was another drop in crude stocks in the past week, according to the government. Nationally, it was an historic fall of 17 million barrels, the largest such decline in U.S. crude inventories according to records dating back to 1982. …