Iran dumping oil? Satellite imagery revealed a massive suspected oil slick spreading near Kharg Island, Iran’s main oil export terminal, in what experts say could be evidence that Tehran’s oil infrastructure is buckling under mounting U.S. pressure. Iran still wants control Iran is seeking to formalize its control of the Strait of Hormuz by transferring …
Category: Oil & Gas
Mach switches to oil drilling
Oil’s in and gas is temporarily out at Mach Mach Natural Resources LP confirmed it paused some of its deep Anadarko Basin drilling activity and redirected efforts to oil-weighted projects in the Mid-Continent, including a directed effort in Kingfisher County. Details of the program came as the Oklahoma City company announced financial and operating results …
Energy briefs: oil drops–fighting on hold
Slipping oil prices Oil prices have plunged on reports that the US and Iran are nearing a peace deal, a development that paid off big for traders that happened to be shorting crude just ahead of the news. Bombs down the smoke stack The U.S. carried out new attacks on Iranian targets Friday, striking several empty …
Devon’s $8 billion buyback
When Devon Energy and Coterra Energy completed their merger on Thursday, the newly combined company, still called Devon Energy, also announced an $8 billion share buyback program. It was part of a series of capital return actions announced by Devon Energy Corporation. In making the announcement, Devon said the buyback actions reflect the board’s confidence …
OGE honors teacher
OG&E recognizes OKCPS teacher as May Power Educator of the Month F.D. Moon Middle School P.E. teacher honored for dedication to education Students, educators and OG&E representatives gathered at F.D. Moon Middle School to celebrate Ty-Juan Turner, a physical education teacher, as the May OG&E Power Educator of the Month. In recognition of his impact, OG&E awarded Turner a $500 DonorsChoose donation to support resources …
What happens next to oil?
Renewed fighting between the U.S. and Iran on Friday sent crude oil prices jumping upward 3% before easing their climb. U.S. and Iranian forces clashed in the Gulf, and the UAE came under renewed attack as Washington awaited a response from Tehran to its proposal to end the conflict, which began with joint U.S.-Israeli …
Rig activity grows in Oklahoma
With oil prices at $100 a barrel or slightly less, the nation’s rig activity saw a gain of one rig to reach 548 in the past week, according to the latest Baker Hughes Rig Count released on Friday. Oklahoma also saw a gain, adding one rig to reach a total of 44. The count is …
Oil slips while peace chances grow
Reports that the U.S. and Iran are edging to a limited and temporary peace agreement sent crude oil prices slipping on Thursday. Reuters reported the draft framework would stop the fighting but still leave the most contentious issues unresolved. Adding to the drop in crude was a report that Saudi Arabia and Kuwait had removed …
Landmark oil and gas payment law
( Gov. Kevin Stitt signs House Bill 1371 during The Petroleum Alliance of Oklahoma Sine Die celebration Wednesday. ) State lawmakers and Gov. Kevin Stitt have finalized a landmark agreement between mineral owners and the oil and gas industry with the passage and signing of House Bill 1371. The measure represents a show of unity, …
Energy briefs–is Strait open or closed?
Failed blockade runner ** A US Navy fighter jet disabled the rudder of an Iranian-flagged tanker on Wednesday with its 20 mm cannon. The tanker was trying to bypass the blockade of Iran’s ports, the US military said. Strait of Hormuz ** Shipping intelligence firm Lloyd’s List says the Strait of Hormuz is now closed, …