Oklahoma and the U.S. continued their slow decline in the number of oil and gas rigs in the past week, according to the latest report from Baker Hughes Co. It means more drilling rigs are in storage or awaiting possible new drilling assignments. The state count fell one to 39, far from the 64 …
Defense bill includes $170 million in funding for Oklahoma military installations
The U.S. Senate’s recent approval of the Fiscal Year 2024 National Defense Authorization Act resulted in more than $170 million for Oklahoma’s military installations. “I’m glad that we were able to land significant victories for our state and our country in this year’s NDAA,” said Sen. Markwayne Mullin in referring to the funding for …
Energy quick reads
** U.S. regulators approved proposals to speed up the connection of new power projects to the electric grid, reforms that could ease a growing backlog of requests from wind and solar energy developers. Today there is more than 2,000 gigawatts of renewable power waiting to be connected to the grid — nearly double the amount …
Civeo reports lower 2Q earnings
Civeo Corporation, the man-camp provider reported a decline in second quarter revenue and blamed lower Canadian LNG-related lodge occupancy and mobile camp activity. In the second quarter of 2023, Civeo generated revenues of $178.8 million and reported net income of $4.5 million, or $0.30 per diluted share. During the second quarter of 2023, Civeo …
Cash distribution announced by Alliance Resource Partners
Alliance Resource Partners, L.P. announced that the Board of Directors of ARLP’s general partner approved a cash distribution to its unitholders for the quarter ended June 30, 2023 (the “2023 Quarter”). ARLP unitholders of record as of the close of trading on August 7, 2023 will receive a cash distribution for the 2023 Quarter …
California firm reports significant well near Tishomingo, Oklahoma
It isn’t everyday a large producing oil well is reported in Oklahoma’s Johnston County, but California-based Bnk Petroleum Inc. filed a completion report this week on a well with 820 barrels of oil a day in production. The Brock 9-3h also had 586 Mcf of natural gas from a drilled depth of 14,883 feet …
The politics of going after market manipulators—topic No. 1 of “Mitchell talks Energy with Jerry Bohnen
You know what the number one topic was when Scott Mitchell and Jerry Bohnen of OK Energy today held their weekly energy discussion. Of course,it had to be the attorney general’s decision to press forward with possible charges or a lawsuit against those who gained billions of dollars through alleged market manipulation during the …
Energy headlines
** Exxon Mobil Corp. fell short of analysts’ expectations with a third straight drop in profit — the longest decline since the 2014-2016 oil-market crash — amid weaker natural gas prices and shrinking returns from fuel sales. ExxonMobil reported profits of $7.9 billion, down 56 percent on a 28 percent drop in revenues to $82.9 …
Permian Basin group adds 21st member
A 21st member has joined the Permian Strategic Partnership, the organization that includes some Oklahoma companies whose goal is to responsibly develop resources ni the Basin. ChampionX, a global leader in chemistry solutions, artificial lift systems, emissions technologies and other engineered eqipment joined this past week. Oklahoma’s Devon Energy, Helmerich & Payne and …
Mullin bill wins House approval and heads to President’s desk
Whether President Biden will sign the measure is one thing, but the House and the Senate have now passed Oklahoma Sen. Markwayne Mullins bill to reverse the president’s unprecedented and overreaching endangered classification of the northern long-eared bat. Mulling said his bill was to cut “runaway regulation” and reverse Biden’s harmful bureaucratic penalties that …