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Strong 4Q reported by Ascent Resources
“An extremely strong note,” is how leadership at Ascent Resources characterized the fourth quarter and full-year 2022 financial reports. Ascent had fourth quarter net income of $1.6 billion while its adjusted net income was $148 million and adjusted EBITDAX was $388 million. The company generated $106 million in Adjusted Free Cash flow during the …
Rig count steady in Oklahoma but national numbers declined
Oklahoma’s oil and gas rig count held steady in the past week while the national count dropped by 3 to 746 according to the Baker Hughes Co. report released on Friday. Oklahoma remained at 61 rigs. Nationally, the count included a decline of 2 oil rigs to 590 while the number of gas rigs …
Oklahoma Representatives voted to fight Biden’s new WOTUS rule
When the U.S. House voted recently to overturn the Biden administration’s expanded WOTUS rule, all five members from Oklahoma voted to fight the President’s latest environmental move. Reps. Bice, Brecheen, Cole, Hern and Lucas were among the 227 who voted to overturn the rule they contend is an example of the President’s environmental overreach …
Short energy reads
** Senator Joe Manchin (D., W.V.), chairman of the Senate Energy and Natural Resources Committee, announced Friday that he would reject yet another Biden nominee, arguing that the administration is pandering to climate radicals. The move came after Manchin sank the nomination of Gigi Sohn to the Federal Communications Commission earlier this week. ** Al Gore has warned it …
Crude oil made gains on Friday while OK energy stocks fell
Crude oil prices managed a 1% gain in Friday’s trading while most Oklahoma energy stocks recorded losses for the day. The gain in crude prices came after U.S. employment data was better than expect. However, despite the 1% gain for the day, crude prices still fell more than 3% on the week because of …
Marathon Oil finds 3 large gas wells in Grady County
Three Grady County wells with combined natural gas output of more than 34,000 Mcf were reported by Marathon Oil Company. The company filed completion reports on the three Kem Ranch wells on a single pad located at 24 4N 6W, a site about 5 miles south of the town of Alex. The wells were …
Completion reports for March 10, 2023
GRADY COUNTY Marathon Oil Company Woodford(15255): Oil 14 Gas 8328 Water 117 Flow 24 4N 6W Kem Ranch 0406 2-24-25wxh, May 31, 2022 HH, GAS, TD: 26086 ft Lat: 34.81142, Long: -97.78363 API: 35051248320001 Marathon Oil Company Woodford(15255): Oil 14 Gas 8328 Water 117 Flow 24 4N 6W Kem Ranch 0406 2-24-25wxh, May 31, 2022 HH, GAS, TD: 26086 ft Lat: 34.81142, Long: -97.78363 API: 35051248320001 Marathon …
Permits to drill for March 10, 2023
Custer County COLLINS 6 OA #2H, March 10 2023 07 13N 16W NENENWNE API: 03922623 Lat: 35.62350934598497, Long: -98.93894225296562 MEWBOURNE OIL COMPANY HH, DR, 16727 ft, CHEROKEE(11600) Ellis County CAMDYN 20/29 #1H, March 10 2023 20 20N 25W NENENWNW API: 04523893 Lat: 36.201506740534754, Long: -99.89530656493437 UPLAND OPERATING LLC HH, DR, 19650 ft, CHEROKEE(8945) Garvin County DOUBLE J …
Texas wants stronger insurance for its power grid
Fixing the power grid in Texas—it’s what Lt. Gov. Dad Patrick and several state senators proposed in a bill that includes addressing infrastructure protections against physical attacks to mitigation planning. Their bill was introduced two years after the grid came close to a total collapse during the 2021 Winter Storm Uri. Senate Bill 6, a …
New Mexico legislature toys with oil and gas industry tax credit
The New Mexico legislature seems intent on offering a $12,000 tax credit for oil and gas operators in the state. Democrats joined a Republican-sponsored House Bill 350 which would provide the tax credit to those operators who install gas-capture devices reported the Carlsbad Current-Argus. If the tax credit is signed into law, it would …