Rains predicted this week in Oklahoma might take significant steps in easing the dry conditions in the state, conditions that are not as severe as in western states. Oklahoma has only the far western reaches of the Panhandle in what is considered extreme drought. Otherwise, the western parts of the state are in abnormally …
Oil rebounded on Friday along with Oklahoma energy stocks
Crude oil prices made a big rebound in Friday’s trading with US prices settling above the $65 a barrel mark while European prices approached $69. West Texas Intermediate crude for June delivery rose $1.55 to settle at $65.37 a barrel in trading on the New York Mercantile Exchange. Global benchmark Brent crude for …
Energy news in brief
** The company that operates America’s biggest fuel pipeline has reportedly paid a ransom of nearly $5m (£3.5m) to hackers who shut down the facility last week triggering fuel shortages and price hikes across the East Coast. Colonial Pipeline paid the extortion fee on Friday, Bloomberg reported, despite reports that it had no plans to do so …
Crude oil plunges—takes Oklahoma energy stocks with it
Crude oil prices took a nearly 3% plunge in Thursday’s trading as analysts credited the fall to the deepening coronavirus crisis in India. The fall brought an end to the rally that on Wednesday lifted crude to an eight-week high. West Texas Intermediate crude for June delivery dropped $2.26 to $63.82 a barrel in …
Magellan Midstream Partners seeks new investors
Magellan Midstream Partners, LP in Tulsa is seeking more investors and company leaders plan to take part in an energy investor conference. The company announced that Michael Mears, chief executive officer will participate in the 2021 Investor Conference hosted by the Energy Infrastructure Council on May 19 in Las Vegas, Nevada. His participation will …
US rig count makes another jump
The US rig count rose by 12 in the last week to 535 rigs as of May 12, according to Enverus Rig Analytics. The count is up 3% on the month and up 52% YOY. The most notable week-over-week change occurred in the Permian, where seven additional rigs brought the total to 219. Lea …
Chesapeake leaders—stronger after bankruptcy
Leaders of Oklahoma City’s Chesapeake Energy say the company is significantly stronger after emerging from its Chapter 11 bankruptcy in February and reducing total indebtedness by $9.4 billion. In a Form 10-Q filing with the Securities and Exchange Commission, the company offered more details that were not offered as part of its first quarter …
States brace for serious wildfire season
The wildfire season has already started in several states as the western part of the country is experiencing one of the worst droughts in hundreds of years. New Mexico is quickly gearing up for the fire season according to Wendy Mason, the New Mexico State Forestry Wildfire Prevention and Communications Coordinator. “Right now, New …
Energy news in brief
** Federal lawmakers introduce a swath of cybersecurity and pipeline bills in response to Colonial Pipeline hack. ** At least 74 Biden administration officials and nominations disclosed some stake in the fossil fuel industry, according to a review of disclosure documents by Forbes Magazine and the Brown Institute for Media Innovation. ** A coalition of conservation groups are suing the …
FirstEnergy and Icahn might consider divestitures
After gaining indirect control of the U.S. utility FirstEnergy Corp this year, activist Carl Icahn and the board is reported to be considering divestitures to raise cash for the firm. Icahn already has indirect control of the board at Oklahoma City-based SandRidge Energy and the state’s CVR-owned Wynnewood Refinery. He recenty won seats on …
