Entergy says it will shut down aging natural gas plants in Arkansas and Mississippi in favor of a shift toward renewable power. In its 2021 Integrated Resource Plan released this month, Entergy Arkansas, a utility of New Orleans-based Entergy Corp. revealed its future does not include plans to build a new natural gas-fired power plant reported Talk Business …
Luminant to close East Texas mine
Not the kind of Christmas some 160 workers at an East Texas mine want. But the day after Christmas, the workers of Luminant Mining’s Liberty Mine and Martin Lake Mining Complex in Tatum will be laid off as the company is closing the lignite mine reported the Longview News-Journal. Click here for Longview News-Journal.
Rig count gained in US but dropped in Anadarko Basin
The weekly U.S. rig count provided by Enverus Rig Analytics showed a national increase of 3 to 659 rigs while rig operations in the Anadarko Basin of Oklahoma declined. The Anadarko Basin had the largest loss, dropping five rigs to a total of 51. No operators in the Anadarko gained or lost more …
Lankford says US cannot afford Biden’s climate-change plan
Oklahoma U.S. Sen. James Lankford makes the case that the U.S. just cannot afford President Biden’s master plan to combat climate change. He repeats his call that the U.S. must adopt an “all of the above” effort in energy choices. Click here for McCarville Report.
Energy news headlines for Friday
** Electric-truck maker Rivian went public in the largest U.S. IPO since 2014. The stock opened at $106.75, above its initial public offering price of $78. The upstart auto manufacturer is backed by some big names, including Amazon and Ford. ** Six major automakers, including Ford and General Motors, pledge to phase out gasoline- and diesel-powered vehicles by 2040 worldwide, though …
Oklahoma student group wins $250,000 carbon removal award
Bison Underground, a startup created by current and former students from the Mewbourne College of Earth and Energy at the University of Oklahoma, won a $250,000 award and seed funding for a research proposal in the XPRIZE $5 Million Carbon Removal Student Competition. The award program, which is part of the $100 Million XPRIZE …
Devon offers $1.9 billion in notes exchange
Devon Energy came out with a $1.9 billion offering in an exchange of notes this week. The company announced the offering but in its filing with the Securities and Exchange Commission did not include a date for a deadline. The offering was for $224,079,000 of 8.250% notes due 2023; $224,079,000 of 8.250% notes also …
Continental’s big Permian acquisition a headline grabber in the Bakken
The $3.25 billion acquisition of Permian Basin assets by Oklahoma’s Continental Resources was not only big news in Oklahoma and Texas, but it also had the attention of North Dakota media. That’s because Continental Resources is a big driller in the Bakken and its acquisition of assets held by Pioneer in West Texas captured …
Cushing crude oil storage decline slows
Crude oil inventories at the Cushing hub in Oklahoma are reported at 26.4 million barrels, 50% below the previous five-year average. The amount is the same as a week ago. The U.S. Energy Information Administration says the amount of crude in Cushing was also 31% of the working storage capacity in the huge tank farm. …
Wednesday–a bad day for crude oil and OK energy stocks
Up one day, down the next—just like a pump jack. The see-saw price of crude oil took a nose-dive in Wednesday’s trading. So did Oklahoma energy stocks. While West Texas Intermediate crude for December delivery rose by $2.22 a barrel in Tuesday’s trading, a day later it plunged $2.81 to finish the day at …
