Continental Resources filed reports this week showing a recent completion of a 5-well single pad drilling project in Garvin County that produced more than 3,300 barrels of oil a day. The company also filed amended reports on three Grady County wells, changing their classification to gas production. The biggest project was the drilling of …
Tuesday was a weak trading day for crude oil prices and Oklahoma energy stocks
Crude oil futures dropped again in Tuesday’s trading as weaker-than-expected economic data in China and the US offset a forecast of higher global demand from the International Energy Agency. At the same time, all but 2 of the Oklahoma energy stocks we follow daily managed gains. The rest endured losses. West Texas Intermediate crude …
Cheniere reaches long-term LNG contract with South Korean company
Cheniere Energy, Inc., the Houston-based company that is well known for its natural gas transmission operations in Oklahoma’s STACK play, has announced a long-term liquefied natural gas sale and purchase agreement with Korea Southern Power Co. Ltd. The sale involves Cheniere’s subsidiary, Cheniere Marketing International LLLP. Under the agreement, the Korean company will acquire 0.4 …
IEA–don’t let lower crude oil prices fool you
Worth repeating from Axios Generate…..a report indicating that despite current lower oil prices in the US and the world, we can expect tighter markets and increased global demand in the second half of 2023. Here is how Axios reported the prediction of the International Energy Agency on Tuesday: “The global oil market is slated to …
Canoo reports loss of $91 million in 1Q but pledges 20,000 car production this year
Canoo, the EV maker with plans for manufacturing plants in Oklahoma City and Pryor, admitted this week it lost nearly $91 million in the first quarter of the year. But the company also continued with its pledge to build 20,000 cars by the end of this year. Canoo reported a GAAP net loss and …
EV drivers in Texas to cough up more money for registration fees
Later this year Texas will begin charging extra registration fees for electric vehicles in lieu of motor fuel taxes that support the construction and maintenance of highways in the Lone Star State. The Texas Legislature passed and Gov. Greg Abbott signed Senate Bill 505, which will impose an annual $200 fee for the …
Truckers rally around Congressman Brecheen’s act to fight proposed rule
Truckers are reaching out to offer thanks to Oklahoma Congressman Josh Brecheen for his recent introduction of a bill to stop the government from limiting the speeds of their big rigs. Members of the CDL Drivers Unlimited, Inc. offered their appreciation for his introduction of H.R.3039, the Deregulating Restrictions on Interstate Vehicles and Eighteen-Wheelers …
Biden promotes $11 billion program to boost rural electrification in his green energy efforts
An $11 billion program by the Biden administration to fund electrification of rural America is being described as the biggest such effort since FDR signed the Rural Electrification Act in 1936 as part of his administration’s New Deal. The funding to electrify and at the same time decarbonize rural parts of the U.S. would …
Solar developers vow to leave Texas if legislature adopts restrictive rules and regulations
Several Texas solar developers say they’ll consider shifting their operations elsewhere if state lawmakers pass legislation enforcing new permitting restrictions and fines on solar and wind projects. The utility-scale solar and wind market was dealt a blow to the head when a Texas senate group voted 21-9 in favor of SB 624, a state bill which …
Biden’s plan to lease federal lands to conservationists draws opposition and criticism
The Biden administration is working hard to deflect criticism from Republicans, ranchers and the oil and gas industry who contend a proposal to allow conservationists and others to lease federally owned land to restore it is just another way of excluding oil drilling and livestock grazing. Under the plan, the same leases that can …