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Energy briefs
** Financially troubled Stellantis might kill some of its underperforming EV brands. It’s what CEO Carlos Tavares said in response to the company’s latest earnings report which showed a net profit drop of 48%. ** Banks including Citigroup Inc. have downgraded their growth forecasts for Asia’s biggest economy, while export prices of US oil heading to …
Commissioner calls for Hiett’s resignation following drunken male groping incident
The claims that a drunken Oklahoma Corporation Commissioner Todd Hiett groped a man at a national convention in Minnesota prompted fellow commissioner Bob Anthony on Tuesday to call for Hiett’s resignation. Anthony did so in a filing with the commission saying the “horrifying behavior compromises Corporation Commission integrity and Hiett must resign.” (https://public.occ.ok.gov/WebLink/DocView.aspx?id=16898991&cr=1) Within a …
Bonds to cover storm costs? Sound familiar? It’s the intent of the Houston power company after a hurricane hit the city
Already the target of investigations ordered by the Governor and regulators following the power debacle caused by Hurricane Beryl, CenterPoint Energy Inc. now wants customers to cover the nearly $2 billion in storm costs. And guess how it will do it? With bonds—just like the controversial bonds in Oklahoma’s notorious Winter Storm Yuri. CenterPoint …
Oil company mergers and acquisitions topped $30 billion in 2Q
A report by energy researcher Enverus shows oil patch acquisitions and mergers topped $30 billion in the second quarter of this year and that includes Devon Energy’s $5 billion takeover of shale oil producer Grayson Mills. Devon’s deal allows the Oklahoma City company greater access to the Williston Basin in North Dakota, Montana, South …
Energy Department’s running out of money to refill emergency oil reserve
Nearly two and a half years after he released more oil from the U.S. Strategic Petroleum Reserve in the political name of lowering the nation’s gasoline prices, President Biden now wants more money to replenish the emergency storage. If you recall, Oklahomans in the U.S. House and Senate were critical of the President’s …
SandRidge makes $144 million acquisition in Western Anadarko Basin
SandRidge Energy expanded its western Oklahoma holdings with a $144 million acquisition announced this week. The identity of the seller or sellers was not disclosed but the announcement indicated the acquisition was in the Cherokee play of the Western Anadarko Basin and was for cash consideration. SandRidge also entered into a Joint …
More than being drunk—Corporation Commissioner allegedly attempted to grope a man at a bar
The alleged drunken incident that prompted Oklahoma Corporation Commission Chairman Todd Hiett to go public last week with his admission of an alcohol affliction was more than what we were initially led to believe. Now there is a report that it involved Hiett allegedly groping a man and putting his hand on a man’s …
Chesapeake reveals losses in 2Q—adjusts with deferrals of completions and lower capital guidance
Oklahoma City’s Chesapeake Energy surprised investors this week with a second quarter earnings report showing a $227 million or $1.73 a share net loss—-a loss that prompted the company to defer completion of some wells and lower its capital guidance for the rest of the year. Chesapeake reported adjusted net income of $1 …
Crude oil prices took a Monday hit on latest deadly violence in the Middle East
Both crude oil prices and Oklahoma energy stocks suffered on Monday. Crude dropped by about 2% and state energy stocks included an 8% fall for one oil and gas firm. The Hezbollah attack on Israel that killed nearly a dozen children playing in a school yard has many wondering if the war will be expanded …
Skipped over by the EPA, Oklahoma pushes ahead with clean air plan
Oklahoma wasn’t one of the 25 sites last week where the Environmental Protection Agency handed out another $5 billion for green energy projects favored by the Biden administration. The state applied but it was not included in the final list. As the Oklahoman reported this week, the effort still might lead to a reduction …