A group of Oklahoma oil producers formally filed a request with the state's energy regulator asking for a hearing to consider production curbs in response to tumbling oil prices.
The Oklahoma Energy Producers Alliance and a group of smaller producers are asking the state's Corporation Commission, which regulates its oil industry, to decide that current output represents an economic waste with costs of production exceeding sales prices.
U.S. benchmark oil futures have collapsed to around $22 a barrel as the spread of the coronavirus has crushed fuel demand and Saudi Arabia and Russia last month launched an unexpected price war.
Texas regulators on April 14 separately will hold a hearing on a 20% cut proposed by major producers Parsley Energy Inc. and Pioneer Natural Resources Co. One Railroad commissioner, Ryan Sitton, has been a proponent of those cuts, while other commissioners have rebuked him for suggesting he speaks for the commission. Two of the three must agree to the cuts for them to pass.
Pioneer CEO: More Production Cuts Needed to Save Industry
Major shale producers, including Exxon Mobil Corp. and Occidental Petroleum Corp., have filed letters opposing production limits while some smaller producers have supported it.
Passage of Debt Bill Clears Way for MVP, Swifter Permitting for Infrastructure
2023-06-02 - The MVP natural gas pipeline and a swifter permitting process win as debt ceiling legislation weathers resistance from senators.
Gen. Clark: Oil, Gas Industry Key to US Winning ‘Next Battle’
2023-06-02 - “Oil and gas production is U.S. national security–it’s that simple,” retired four-star Gen. Wesley Clark said during Hart Energy’s SUPER DUG conference.
Kinder Morgan to Add Storage Capacity on Texas System
2023-06-01 - Kinder Morgan’s expansion, for which it is soliciting interested shippers, will increase working storage capacity by more than 6 Bcf, the company said.
Unit Board Declares Quarterly Dividend
2023-06-01 - The $2.50 per share dividend will be payable on June 26.
Exxon, Chevron Shareholders Shoot Down ESG Proposals
2023-06-01 - Investors voted overwhelmingly against resolutions put forward by climate and ESG activists during the Exxon and Chevron annual stockholder meetings this week.