Devon Energy

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.

Kate Carlton / Oklahoma Tornado Project

Devon Energy announced a $200,000 gift Tuesday to help the City of Moore rebuild the Little River Park that was damaged by the May 20, 2013 tornado.

Reconstruction of the park along Southwest Fourth Street just west of Telephone Road will also be funded by the PATH 2022 master plan's dedicated sales tax.

jasonwoodhead23 / Flickr.com

GE Oil & Gas has announced a new technology collaboration agreement with Devon Energy Corporation to accelerate the development and testing of oil and gas products in the field.

GE announced Monday it will work with Devon Energy on artificial lift systems used for increasing the flow of liquids from production wells, advanced drilling technologies and water treatment solutions.

Close-up of a Pump Jack
neillharmer / Flickr

Executives at Chesapeake Energy, Continental Resources and Devon Energy have proposed a plan for Oklahoma’s taxes on oil and natural gas production.

The proposal comes as legislators are debating state oil and gas taxes, which include an incentive for horizontal drilling that expires next year. The Oklahoman‘sAdam Wilmoth reports:

Logo for Devon Energy
Devon Energy

Devon Energy Corp. is buying oil-producing assets and other property in the Eagle Ford in Texas from GeoSouthern Energy for $6 billion.

Devon said Wednesday that the assets include current production of 53,000 barrels of oil equivalent per day and 82,000 net acres with at least 1,200 undrilled locations.

The acquisition includes acreage in DeWitt and Lavaca counties in Texas. The assets are expected to reach a peak production rate of about 140,000 BOE per day.

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