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Crude oil dropped in Thursday’s trading and OK energy stocks recorded losses
Thursday saw lower crude oil prices and Oklahoma energy stocks recording moderate losses and many blamed China’s fall into deflation and growing concerns about fuel demand from the world’s second-largest economy. West Texas Intermediate crude dropped $1.58 or 1.9% to settle at $82.82 a barrel on the New York Mercantile Exchange. Brent crude, the …
Net income drop recorded by NGL Energy Partners
NGL Energy Partners LP reported its first quarter Fiscal 2024 financial results, reflecting a drop in net income but a gain in adjusted earnings. The net income slipped from $23.1 million reported a year ago to $19.6 million this year but adjusted EBITDA rose from $123.9 million to $134.7 million. The company’s water solutions …
Historic hydrogen locomotive finds new home in Oklahoma City
The Oklahoma Railway Museum has taken delivery of a historied alternative fuel testbed locomotive, most recently operated by BNSF as a hydrogen fuel cell switcher in Southern California. Built as Canadian Pacific GP9 8637 in 1957, the unit was rebuilt by CP in the mid-1980s and utilized in regular service until 2006, when the …
Small earthquake results in temporary shutdown of completion of Canadian County well
A small earthquake early Thursday morning near Union City in Canadian county resulted in state regulators enforcing their earthquake mitigation plan and the temporary shutdown of a well completion process. The reported 2.2 magnitude quake followed a series of weaker rumblings. Under the mitigation plan created some years ago by the Oklahoma Corporation Commission, …
Empire Petroleum finalizes $6.7 million acquisition of more New Mexico assets
Tulsa’s Empire Petroleum closed this week on the acquisition of COERT Holdings 1 LLC’s interests in Empire’s three New Mexico assets. The $6.7 million acquisition involved Eunice Monument South Unit A, Eunice Monument South Unit B and Arrowhead Graybur Unit, all located in Lea County. It adds to Unit’s current producing assets in Texas, …
Evergy’s rate hike request fought by retirees in Kansas
Retirees in Kansas are pushing back on a rate hike request sought by Evergy. They’re accusing the state’s largest utility of hiking electricity prices and putting profits before people. The senior citizens are fighting Evergy’s request of increasing annual revenue by nearly $218 million reported the Kansas News Service. Click here for Kansas News …
Unit Corporation announces dividends and changes in SEC filings
Unit Corporation announced Thursday that its Board of Directors approved quarterly dividends of $2.50 per share for the each of the third and fourth quarters of 2023. The record and payment dates for the third and fourth quarter dividends will be determined at a later date. Phil Frohlich, the company’s Chief Executive Officer, commented, …
Energy headlines
** West Virginia officials are mounting additional challenges to the Biden administration’s latest rules targeting fossil fuel generating power plants. The state Public Service Commission has filed a 12-page objection to the new emission rules proposed by the U.S. Environmental Protection Agency. ** The California Energy Commission voted Wednesday to extend the life of three gas power …
Slow progress reported on Uinta Basin Railway in Utah and Colorado
Like the little engine that boasted “I think I can, I think I can,” such is the movement of what has become a controversial plan to ship crude oil by rail from eastern Utah and across western Colorado. Federal agencies have approved construction of the proposed 88-mile Unita Basin railway, allowing producers to ship …
Lankford’s bill to improve federal disaster relief wins Senate approval
Oklahoma U.S. Sen. James Lankford is optimistic his bill to improve federal disaster relief is on its way to approval in Congress. He recently applauded Senate passage of his legislation with Senators Rand Paul (R-KY) and Gary Peters (D-MI), Ranking Member and Chairman of the Homeland Security and Governmental Affairs Committee, to simplify the application …