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oil and gas

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

Crude oil prices continue to rise, but Oklahoma’s oil and gas companies are not necessarily popping any corks. Sarah Terry-Cobo writes in the Journal Record that crude oil hit its highest levels in three-and-a-half years on Friday, but it is more difficult to drillers to make a profit, even though prices have been near or above $60 per barrel since January.

Oklahoma Supreme Court

The Oklahoma Supreme Court on Monday ruled a proposed state question that would ask voters to approve tax hikes on oil and gas production to help fund education can move forward.

Oklahoma Corporation Commission

Oklahoma oil and gas regulators are expanding rules designed to reduce earthquake activity triggered by fracking. Updated guidelines released Tuesday by the Oklahoma Corporation Commission put new requirements on companies operating in two of the state’s most booming oil fields.

Joe Wertz / StateImpact Oklahoma

After getting concessions, a group of small independent oil and gas producers is now endorsing a suite of tax increases and government reforms written by a group of business leaders known as the Step Up Oklahoma plan.

Joe Wertz / StateImpact Oklahoma

Oklahoma experienced a dramatic drop in earthquakes in 2017 — a decline likely due, in part, to regulations limiting activity at oil-field disposal wells, scientists and experts say. New research suggests those regulations might be reducing some quakes more than others.

It’s been two years since state oil and gas regulators adopted a broad regional plan that limits the amount of wastewater pumped into disposal wells in quake-prone areas. The good news: It appears to be working. After peaking in 2015, earthquakes became a lot less frequent.

Oklahoma Corporation Commission

Federal and state authorities are investigating the cause of the deadly explosion and fire at a natural gas drilling rig in southeastern Oklahoma on Monday. 

Oklahoma Supreme Court

The Oklahoma Independent Petroleum Association on Wednesday filed two separate state Supreme Court challenges to a proposed state question that would ask voters to end industry discounts and impose a broad 7 percent tax on oil and gas production to fund teacher pay raises and early childhood education.

Mickey Thompson, founder and director of Restore Oklahoma Now, leaves the attorney general's office after filing paperwork for State Question 795.
Joe Wertz / StateImpact Oklahoma

Mickey Thompson has a manila envelope tucked under his arm as he walks towards the Oklahoma Capitol. If the paperwork doesn’t start a fight, it almost certainly will add fuel to one.

Inside the envelope is the handiwork of about 10 people over a couple of months that could clear a path for Oklahoma voters to do something most lawmakers won’t consider: Enact broad tax hikes on oil and gas production to help fund public education.

Wine bottles in The Spirit Shop in Norman.
Jacob McCleland / KGOU

As we start a new year, Journal Record editor Ted Streuli and KGOU’s Jacob McCleland highlight what could be some of the biggest themes in business news in 2018.

Joe Wertz / StateImpact Oklahoma

A group led by a long-time energy industry leader wants Oklahoma voters to approve an increase in taxes on oil and gas production to help fund public education.

Currently, taxes on oil and gas production are discounted for the first three years making the effective tax rate somewhere around 3.2 percent. Mickey Thompson with Restore Oklahoma Now on Wednesday filed the paperwork for State Question 795 to increase that rate to 7 percent across-the-board.

Warren Vieth / Oklahoma Watch

The battle over Oklahoma’s tax on oil and gas production could soon spread outside the State Capitol to dinner conversations and public debates across the state.

A group of small oil and gas producers said despite recent efforts in the Legislature to raise the gross production tax temporarily to 7 percent on some wells, it will forge ahead with trying to put a state question on the 2018 ballot that would set a permanent 7 percent tax on all wells.

Oil drilling and production is on the upswing in many parts of the country. In the Permian Basin of West Texas, output has doubled over the past five years. But the boom in Texas has a byproduct that producers are less excited about: oil theft.

A demonstrator holds up seven fingers to send a message to a House committee that lawmakers should remove discounts and incentives so all oil and gas wells are taxed at 7 percent.
Joe Wertz / StateImpact Oklahoma

Oklahoma lawmakers have struggled for months to agree on a formula to patch a nearly $900 million budget hole and sign off on a plan that funds state agencies. To help pay for the budget plan, lawmakers are considering ways to squeeze more from taxes on oil and gas production, an option that has divided politicians and one of the state’s biggest industries.

In this Wednesday, June 8, 2011 file photo, sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain.
Hasan Jamali / AP

 

In 2003, Mike Stice was the chairman of the National Petroleum Council’s supply committee. They reached a consensus on the status of oil in the United States: The country was out of oil and gas.

“Of course, you can see today, we were so wrong,” Stice said.

Now the dean of the University of Oklahoma’s College of Earth and Energy, Stice says emerging technologies, such as hydraulic fracturing, have created a whole new supply of oil and gas in the United States.

 

Trucks lined up at a disposal well in northwestern Oklahoma.
Joe Wertz / StateImpact Oklahoma

Oklahoma is still experiencing an unusually large amount of shaking, but the rate of earthquakes recorded in 2016 is down from last year.

The slowdown is likely due to reductions in the amount of waste-fluid the oil industry is pumping into disposal wells, which are thought to be causing most of the shaking.

SandRidge Energy sign
Brian Hardzinski / KGOU

Monday morning Oklahoma City-based SandRidge Energy formally filed for bankruptcy.

The move wasn’t unexpected among energy observers, but one of the interesting things about this particular filing is that SandRidge has almost twice as many assets as it does debt.

Oklahoma state capitol
Jacob McCleland / KGOU

The Oklahoma Senate passed legislation Thursday that would fill nearly one-tenth of a projected $1.3 billion budget shortfall in the upcoming fiscal year.

Senate Bill 1577 eliminates a tax credit for economically at-risk oil wells, saving the state over $132 million. Under the bill, no tax credit claims can be made on marginally-producing wells from calendar year 2015 and beyond.

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.

 

Chesapeake Energy's Losses Rattle Oklahoma Economy

Feb 9, 2016

The Oklahoma company Chesapeake Energy’s stock value plummeted Monday. Over the past year, the stock is down more than 90 percent.

Chesapeake is the second-largest natural gas extractor in the U.S. and a major employer in Oklahoma. Here & Now’s Jeremy Hobson talks with Brian Hardzinski of KGOU in Oklahoma City about how Chesapeake Energy’s struggles are affecting Oklahoma’s economy.

Gov. Mary Fallin and Secretary of Energy and Environment Michael Teague at the Governor's Energy Conference September 4, 2014 in Oklahoma CIty.
Joe Wertz / StateImpact Oklahoma

Gov. Mary Fallin on Thursday approved the transfer of nearly $1.4 million from the state emergency fund to strengthen Oklahoma’s earthquake response.

The money is going to a pair of agencies tasked with researching the earthquake surge and regulating the oil and gas activities likely causing it.

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