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Devon Energy

Devon Energy Corp. headquarters at 333 W. Sheridan Ave. in Oklahoma City.
Brent Fuchs / The Journal Record

Devon Energy announced nearly $1 billion in sales Monday. The Oklahoma City-based oil and gas giant is selling wells, land leases, and mineral royalties in Texas and Oklahoma in three separate deals for about $974 million, The Journal Record’s Sarah Terry-Cobo reports:

oil pump jack
Paul Lowry / Flickr

It’s been another volatile week for Oklahoma’s energy industry, and many of the state’s oil and gas companies released earnings report for the final quarter of 2015 that continue to paint a grim portrait of the economic downturn.

 

The Devon Energy Center in downtown Oklahoma City.
Brent Fuchs / The Journal Record

About 1,000 Devon Energy employees will lose their jobs in the next few days, with 700 at the company’s headquarters in Oklahoma City learning their fate by Thursday. Field workers will be notified by February 22.

A SandRidge Energy well in northwestern Oklahoma.
Joe Wertz / StateImpact Oklahoma

The Sierra Club filed a federal lawsuit today against three Oklahoma energy companies over earthquakes linked to oil and gas production.

The lawsuit, filed in the U.S. District Court for the Western District in Oklahoma City, accuses Chesapeake Energy, Devon Energy and New Dominion of operating wastewater injection wells that have contributed to a massive spike in earthquakes in Oklahoma and Kansas.

backpacks
Jacob McCleland / KGOU

Four stories that were trending or generated discussion online or on KGOU’s social media platforms during the past week.

Devon Tower in downtown Oklahoma City.
Brian Hardzinski / KGOU

Devon Energy plans to lay off workers before the end of March.

The company's CEO Dave Hager made the announcement to employees during a packed meeting Wednesday at the Cox Convention Center.

In a statement later in the afternoon, the company said the layoffs are necessary due to continued low oil and natural gas prices.

Gary Matli, a field inspector supervisor for the Oklahoma Corporation Commission, checks on a Craig Elder Oil and Gas disposal well located east of Guthrie, Okla.
Joe Wertz / StateImpact Oklahoma

While the research connecting Oklahoma’s earthquake surge to oil and gas activity is built on algorithms, statistical analysis and computer models of fluid flow and seismic energy, monitoring compliance with regulatory actions designed to stop the shaking relies on muddy, manual fieldwork.


Gary Matli, a field inspector supervisor for the Oklahoma Corporation Commission, checks on a Craig Elder Oil and Gas disposal well located east of Guthrie, Okla.
Joe Wertz / StateImpact Oklahoma

While the research connecting Oklahoma’s earthquake surge to oil and gas activity is built on algorithms, statistical analysis and computer models of fluid flow and seismic energy, monitoring compliance with regulatory actions designed to stop the shaking relies on muddy, manual fieldwork.

TURN DOWN THE VOLUME

A crude oil tank farm in Cushing, Okla.
Joe Wertz / StateImpact Oklahoma

A sharp drop in crude prices tugged down shares in oil and gas companies on Friday, leading the Standard & Poor's 500 index to a slight loss in a short trading session.

The index, a benchmark for many investments, still closed out November with its third-best month this year.

"Crude is the big story today," said JJ Kinahan, TD Ameritrade's chief strategist. "There are very clear winners and losers. The Chevrons and Exxons of the world are getting hammered; then on the other side you have the shipping companies — UPS and FedEx — along with the airlines. For them, it's a beautiful story."

Newsok.com reports:

The damage, reflected in stock prices, was widespread this week among our local energy firms. SandRidge Energy shares fell 30 percent; Continental Resources was off 28 percent; Chesapeake dropped 16 percent; and Devon slid 12 percent.

Joe Wertz / StateImpact Oklahoma

Insufficient rains and increasing demand put enormous pressure on Oklahoma’s water resources both on the surface and underground. But it’s also hard to overstate the role evaporation plays in the drought.

The oil and gas industry has been part of the problem, storing tens of millions of gallons of water needed for the hydraulic fracturing process in large, open pits, leaving it to be ravaged by evaporation until the water is needed.

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