Oklahoma business energy news

[bchris02]

So crude is now at $80/bbl. How low does it have to go before it signals trouble?

[s00nr1]

Hard to give a specific number due to various hedging programs used by different E&Ps but I'd say you'd start to see some enhanced nervousness in the $65-68 range. Still a long way to go to get there, however.

[mugofbeer]

Oil production is more affected by the drop. Gas heavies have been somewhat insulated. Some hi cost oil producers already worried

[Plutonic Panda]

Oil prices won't slow Oklahoma drilling for a while | News OK

[Plutonic Panda]

Lower gas prices could mean economic impact down the road | News OK

[bchris02]

Lets see what happens after the midterm elections. For one reason or another there is always a temporary drop in oil prices in the weeks running up to an election.

[Plutonic Panda]

Harold Hamm predicts Oklahoma oil production will pass Alaska soon - Tulsa World: Business

[Plutonic Panda]

Price Of Gasoline Rising In Oklahoma - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |

[bchris02]

Pro: Energy investors should prepare for $60 oil

To those who know more than I, is this something to be concerned about? How at risk is OKC to another '80s style crash?

[bradh]

Pro: Energy investors should prepare for $60 oil

To those who know more than I, is this something to be concerned about? How at risk is OKC to another '80s style crash?

I don't think $60 would bring that style of "crash," just seems like you'd need to see something like half of that to do that.

I do find this funny after a couple years ago everyone was freaking out that we had passed "Peak Oil"

[bchris02]

I don't think $60 would bring that style of "crash," just seems like you'd need to see something like half of that to do that.

I do find this funny after a couple years ago everyone was freaking out that we had passed "Peak Oil"

Before fracking and other forms of non-conventional production, peak oil was a real threat. Had it come to pass it would have been a permanent great depression. Today the important thing is that the price stays high enough so that production remains profitable but low enough that it doesn't shock consumers. I simply hope we don't enter into a prolonged period of oil prices too low which in turn could derail the economic boom in OKC.

[PhiAlpha]

Pro: Energy investors should prepare for $60 oil

To those who know more than I, is this something to be concerned about? How at risk is OKC to another '80s style crash?

It wouldn't cause an 80s style crash but a prolonged period of $60 oil would definitely slow drilling in some of the higher drilling cost plays. Many projects that would be economic between $80 and $100 oil would be delayed until the price improves. On the other hand, companies with little debt and some cash on hand will likely use the lower prices to their advantage and buy more properties. If it goes much lower than $60 for a long period of time, we might be in trouble, but even then, just like during the price dip in 2008, it should come back up.

[adaniel]

I can tell you, a lot of stuff in the SCOOP would be shutting down at $60, or even $70 for that matter. That is one of the more high cost plays in the nation. From what I am hearing, a lot of stuff in the Eagle Ford may be pulled back as well.

With that in mind, I am not worried about a full-on crash, at least not yet. The decline curves on these horizontal wells is so steep, even a slight pullback in drilling would signficantly reduce production. Also, the majors might start pulling back, but the independent drillers--the Devons, Chesapeakes, and Continentals of the world--haven't indicated they plan to scale back anytime soon.

Personally, I work for an exploitation company, so the tapping of the breaks right now should be a big boon for my company. We can scoop up some acreage on the cheap, and I imagine a lot of other companies may as well.

[ljbab728]

Oklahoma City's Gulfport Energy Corp. to break ground on new headquarters | NewsOK.com

Gulfport Energy Corp. will poke a different kind of hole in the ground when it ceremonially starts work on a new corporate headquarters in Quail Springs Office Park.

The new $30 million building, designed by RBA Architects, will have underground parking, a staff restaurant, fitness center and auditorium on six floors totaling 120,000 square feet of space, said Rick Brown, principal architect. A groundbreaking ceremony will be at 1:30 p.m. Friday.

Brown said the building’s architecture will suggest the function of its owner-occupant.

“A glass tower on the southeast corner ... will feature LED lighting affixed to internal X-bracing, symbolizing the illumination seen on oil derricks,” he said. “The building has a curved, glass front, with aluminum panels and sunscreens designed to integrate the dynamic image of the company with energy-efficient, sustainable practice.”

[Plutonic Panda]

Oklahoma City's Gulfport Energy Corp. to break ground on new headquarters | NewsOK.com

Might I suggest you create a new thread in the development section? If not, I can or Pete probably will. This is pretty cool! Glad to see this!!

[Plutonic Panda]

I'm trying to find the renderings on their website. I could go to city permits I guess, but I'm not sure how to do that for OKC.

[Plutonic Panda]

PS, they also have a pretty cool project planned for NE122 St. and Broadway ext.

[Plutonic Panda]

Baker Hughes closes Clinton, Oklahoma, office, lays off 62 | News OK

[bchris02]

Enable Midstream plans to cut 10 percent of workforce amid lower oil prices | News OK

[PhiAlpha]

I just heard that Range Resources shut down their OKC office today without warning. Everyone was basically given severance packages and boxes to pack up their belongs. My source is generally pretty good, but I haven't talked to anyone I know there yet and haven't seen anything in the news. Hopefully my source is wrong but keep your eyes open for more info.

On Edit: a second high ranking source at another company heard this as well, not looking good.

[gurantula35]

I have a friend that works there and he confirmed it to me.

Some people were given severance packages, some were given transition/severance packages, and some were given the opportunity to relocate to Ft Worth or other divisions.

[PhiAlpha]

I have a friend that works there and he confirmed it to me.

Some people were given severance packages, some were given transition/severance packages, and some were given the opportunity to relocate to Ft Worth or other divisions.

Well crap...

[Pete]

Any idea how many employees were at the Range office in OKC?

[PhiAlpha]

Any idea how many employees were at the Range office in OKC?

I think it was some where between 50-100 but I'm not sure.

[zookeeper]

About Enable....it sounds like they had the chutzpah to announce the layoffs and announce the intention to continue acceptance for Quality Jobs money at the same time. Their PR guy says how sorry they are about the layoffs and know it will hurt a lot of people and then says according to the Oklahoman "Alford said Monday’s announcement wasn’t expected to jeopardize long-term plans by the company to take advantage of state and local job-creation incentives."

Note: Enable has assets of 11.7 BILLION dollars. But, they need layoffs - and - part of your paycheck. Stop this insanity!