Oklahoma City-based Mammoth Energy Services announced its wholly owned subsidiary, Cobra Acquisitions LLC has won a nearly $200 million contract to restore power to Puerto Rico following the hurricane. Cobra is a utility infrastructure business that focuses on the repair and construction of transmission and distribution networks. “After witnessing the destruction from Hurricane Maria first …
Oklahoma is receiving $1.6 million as the result of a multistate settlement with General Motors Co. It is a settlement stemming from lawsuits filed by Oklahoma and other states over faulty ignition switches in vehicles. The receipt of the settlement was announced Friday by Oklahoma Attorney General Mike Hunter who explained the overall judgment totaled …
Two major oil and gas groups obviously don’t like talk at the capitol of increasing the gross production tax and their letter to Governor Mary Fallin in recent days prompted a scolding from her chief of staff. As the Oklahoman and Non-DOC, a political news website reported, the Oklahoma Oil and Gas Association and the …
Oklahoma’s rig count remained the same in the past week while the nationwide count slipped by 15 as oil prices slipped in the past few days. The Baker Hughes Co. reported the U.S. rig count fell to 913. The number of oil rigs fell by 7to reach 736 while the gas rig count dropped by …
The Wall Street Journal is reporting that an oil and gas company founded by the late Aubrey McClendon in Oklahoma could see a major development—-either a sale or an initial public offering. The speculation centers on Ascent Resources LLC and the paper indicated the company anticipates aIn stock-market valuation of more than $3.5 billion. Sources …
While a two-day ethanol summit is underway in Houston featuring industry and government officials from more than 15 countries, the issue was at the focus of political posturing in Washington DC this week too. Right in the middle of it was former Oklahoma Attorney General Scott Pruitt who now heads the Environmental Protection Agency. Here’s …
Revenue from the gross production tax on oil and gas has definitely propped up Oklahoma’s state government but a new report from Moody’s Analytics indicates Oklahoma is one of three states ‘least’ prepared for another recession. The report indicated 15 state government don’t have enough money saved to make up for the revenue that would …
The Prague couple that filed the first lawsuit blaming energy companies and their wastewater injection wells for causing earthquakes recently reached a settlement with two of the firms. Sandra Ladra sued New Dominion LLC of Tulsa and Spess Oil Company of Cleveland after she was hurt and her home badly damaged in the 2011 quake …
A quarterly cash distribution of $0.1450 per common unit was announced this week by Oklahoma City-based Blueknight Energy Partners. The board of directors declared the distribution which was unchanged from the Partnership’s second quarter 2017 distribution. Payments will be made Nov. 14 on outstanding common and preferred units to unitholders of record as of the …
The board of directors of Houston-based Phillips 66 Partners LP announced this week it had declared a third-quarter 2017 cash distribution of $0.646 per common unit. The distribution represents a 5 percent increase over the previous quarterly distribution of $0.15 per unit. It is also a 22 percent increase over the third-quarter 2016. The company …