Author's posts
3Q results to show how Mammoth Energy weathered its financial storm
When Mammoth Energy Services Chief Executive Arty Straehla announced second quarter financial results in August, he admitted the second half of the year would be challenging. After all, the company had just signed two non-binding agreements with lenders to refinance and repay its existing revolving credit facility. It also recorded a 16% drop from …
State leaders how to survive Michelin tire plant closing
Oklahoma legislators who held a hearing this week into Michelin’s decision to close its tire production plant in Ardmore were careful not to criticize the company. Still, they also mourned the loss of the major company and the huge economic impact the closing will have on southern Oklahoma. “The economic ripple effect that it …
Keystone pipeline spill in Kansas declared cleaned up
Cleanup of the 13,000 barrel spill of the Keystone pipeline in northern Kansas has been declared to be officially cleaned up according to the Environmental Protection Agency. It was December of last year when TC Energy’s pipeline leaked oil into Mill Creek in Washington County. This week, TC Energy and the EPA’s regional office …
ONEOK recorded higher 3Q results—continued quarterly increases
ONEOK has continued its quarterly jumps in earnings as the firm had higher third quarter results, increasing its 2023 net income by $120 million and boosting EBITDA guidance by $125 million over the second quarter. The growth came as ONEOK also acquired Magellan Midstream in the past month and followed a 13% in earnings …
Texans to decide on using billions in state surplus on expanded energy projects
An election in Texas next Tuesday will determine whether the state’s residents want to approve major spending for new power plants, an expansion of broadband access and new water infrastructure. Some $13 billion in spending will be decided by voters as they will decide on several constitutional amendments. The ballot issues came as the …
Gulfport saw stronger revenue results and production in 3Q
Gulfport Energy Corporation did better in the third quarter than analysts predicted, recording $608.4 million in net income and $160 million of adjusted EBITDA. The Oklahoma City company reported financial and operating results for the three months ended September 30, 2023 and provided an update on its 2023 development plan and financial guidance. It …
Sens. Lankford and Mullin supported failed effort to strip salary of Biden administrator
Oklahoma U.S. Sens. James Lankford and Ted Cruz tried their best to support a bill by Texas Sen. Ted Cruz to strip the salary from a Biden administration official overseeing federal fuel efficiency regulations. But the bill introduced last month failed on a 49-47 vote held Tuesday. The bill, introduced by Cruz and Wyoming …
Headlines of energy stories
** The Michigan Supreme Court has declined to revive charges against former Gov. Rick Snyder (R) in connection with the Flint water crisis, putting what prosecutors described as the “final nail in the coffin” of their efforts. ** The Biden administration has approved what is expected to be the nation’s largest offshore wind farm yet, it announced Tuesday. …
ROFRs, PBRs and anything else on latest Mitchell and Bohnen energy podcast
Why would the Oklahoma legislature be studying and perhaps even drafting ROFR (right of first refusal) legislation for 2024 that could further increase electricity prices? The answer is long and involved and that’s the focus of this week’s episode of Scott Mitchell Talks Energy with Jerry Bohnen.
Crude makes another decline as Israel moves deeper into Gaza
Investors apparently aren’t as concerned that the fighting in Gaza will cause a great disruption of oil production in the Middle East. Crude price on Tuesday dropped every so slightly as data was also released showing gains in crude oil production from OPEC and the U.S. Between WTI and Brent, WTI had the biggest …