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."
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.
The Oklahoma City-based oil and natural gas company announced early Tuesday morning Fieldwood Energy will pay $750 million in cash and assume $370 million in abandonment liabilities for its Gulf and coastal properties.
A top executive for SandRidge Energy says the company plans to spend $350 million next year to drill another 100 horizontal wells and build associated infrastructure in the Mississippian Lime formation in Kansas
David Lawler, executive vice president and chief operating officer for the Oklahoma-based firm, says that plan should make people understand the company's interest in the Kansas formation.
The former CEO of SandRidge Energy Inc. and co-founder of Chesapeake Energy Corp. has started a new Oklahoma City energy company.
The Oklahoman reports that Tom Ward's new company, Tapstone Energy LLC, has leased space in an office building downtown. Ward says the company has "a handful of employees" and is looking for more employees and oil and gas properties.
Ward says he is funding the new company himself for now, but that he might consider bringing on other investors.