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Despite Profits, Chesapeake’s Cutting Rig Numbers
Despite $470 million in earnings compared to a loss one year ago, Oklahoma City’s Chesapeake Energy is cutting back on the number of operational rigs. The company expects production to continue growing but it also will cut four rigs by the end of the year as it attempts to curtail expenses. The $470 million in …
Big Income Quarter for Tulsa’s Williams Partners
After the sale of its holdings in a Geismar, Louisiana plant, Tulsa’s Williams Partners announced second quarter net income of $81 million. The Geismar sale totaled $2.1 billion in cash and proceeds were used to pay off an $850 million term loan and also prefund part of growth capex. The $81 million net income was …
Tough Quarter for Tulsa’s NGL Energy
Tulsa-based NGL Energy Partners LP reported a net loss of nearly $64 million for the quarter ending June 30, 2017. The loss of $63.7 million compared to net income of $182.8 million in a year ago, leading CEO Mike Krimbill to explain, “Our first quarter results (2018) were impacted by the continued challenges facing our Refined …
Murphy Oil Offers $550 million in Senior Notes
Murphy Oil Corporation’s announced the offer of $550 million in Senior Notes that will mature in 2025. The El Dorado, Arkansas based independent oil and gas exploration company said it will use proceeds to redeem its 2.500 percent Notes due December 2017. J.P. Morgan Securities LLC is the joint book-running manager for the offering.
Newfield Sees Continued Improvements in STACK and SCOOP
While Houston-based Newfield Exploration was reporting profits in the second quarter, it was also offering details of its operations in Oklahoma’s STACK and SCOOP plays. As OK Energy Today reported, the company recently completed several wells in Blaine county in the STACK. But in the company’s second quarter financial statement, Lee Boothby, Newfield Chairman, President …
Two FERC Nominees Confirmed by US Senate
Oklahoma Senators Jim Inhofe and James Lankford helped confirm two new members to the Federal Energy Regulatory Commission on Thursday. It was considered an important step in returning a quorum to the agency. The Senate gave a voice vote for Neil Chatterjee and Robert Powelson. “Neil Chatterjee and Rob Powelson will bring strong, pro-energy perspectives …
Justices to Hear Arguments to New Car Taxes and Others
New taxes on electric and hybrid cars are among those to be heard by the Oklahoma Supreme Court on Tuesday following the filing of three lawsuits two months ago after they were created by the legislature. Oral arguments will be heard on the suits filed in a challenge to the legality of the way the …
SandRidge’s Reversal of Fortunes
SandRidge Energy not only reported a more than $23 million second-quarter profit this week but immediately boosted its capital expenditure budget by $40 million. It constitutes a reversal of fortunes for the company that lost nearly half a billion dollars a year ago. The increase will result in the company’s cap-ex of about $260 million …
Energy Secretary Predicts Solar Power Will Grow in Oklahoma
What’s the next energy potential for Oklahoma? Solar. At least that’s the opinion of Michael Teague, Oklahoma’s Secretary of Energy and Environment. It’s what he told the Northwest Oklahoma Alliance networking luncheon this week in Woodward according to the Woodward News. “I think solar is the next potential for Oklahoma,” said Teague. “Look at how …
Continental Resources Reports Large Gas Wells in STACK and SCOOP
Oklahoma City’s Continental Resources Inc. is reporting success in both oil and gas production from wells in the SCOOP and STACK. Completion reports published by OK Energy Today show the company brought in a well producing 1,347 barrels of oil equivalent a day near Chickasha in Grady County. Located north of Highway 62 and at 15 …