OklahomaMinerals.com

Snippets

• ArcLight Sells Long-time San Juan Operator LOGOS in $400 Million Deal
  Private-equity fund North Hudson Resource Partners LP purchased San Juan Basin...
  Private-equity fund North Hudson Resource Partners LP purchased San Juan Basin operator LOGOS Resources II LLC from affiliates of ArcLight Capital Partners LLC for $402 million, according to a North Hudson news release.
  
  LOGOS’ net production averages 106 MMcfe/d across a 230,000 net-acre position in the San Juan Basin of New Mexico and Colorado. The company recently commenced its 2022 drilling program and anticipates increasing net production to about 130 MMcfe/day by year-end.
  
  A long-time San Juan Basin operator, LOGOS has an “extensive inventory” of drilling locations in the Mancos Shale and Gallup oil play, North Hudson said in a June press release.
  Read More
• How a recession moves oil prices
  From Goldman Sachs to UBS, top firms have made bullish predictions for oil, with JPMorgan...
  From Goldman Sachs to UBS, top firms have made bullish predictions for oil, with JPMorgan even eyeing a worst-case scenario of $380 a barrel.
  
  But Citi has taken the opposite view, and the investment bank's strategists predict oil will take nosedive by the end of the year.
  
  Francesco Martoccia, Citi's head of European commodities strategy, said oil prices could slump as low as $65 a barrel if a recession takes hold.
  
  Oil demand plays a key role, Martoccia explained, and Europe is a likely candidate to cut back on energy consumption.
  Read More
• Federal bank survey shows strong drilling activity planned in Oklahoma and other states
  The Kansas City Federal Reserve Bank announced a second-quarter Energy...
  The Kansas City Federal Reserve Bank announced a second-quarter Energy Survey that showed improved drilling in the region that includes Oklahoma. Results were some of the highest in 8 years.
  
  “District drilling and business activity grew faster in Q2, with additional growth expected in the next six months,” said Chad Wilkerson. Oklahoma City Branch executive and economist in the 10th District that covers the states of Colorado, Kansas, Nebraska, Oklahoma, and Wyoming; 43 counties in western Missouri; and 14 counties in northern New Mexico.
  
  The survey also showed expectations for future activity continued to remain strong.
  
  From OK Energy Today
  Read More
• Oil prices sink as China tightens COVID-19 restrictions
  Oil futures slumped Monday after China imposed curbs on activity in an effort to squelch a rise...
  Oil futures slumped Monday after China imposed curbs on activity in an effort to squelch a rise in COVID-19 cases.
  
  Also, U.S. President Joe Biden was scheduled to visit Saudi Arabia this week in an effort to reset relations with the oil producer.
  

  
  

  
  
  • West Texas Intermediate crude for August delivery CL00 CL CLQ22 fell $2.26, or 2.2%, to $102.53 a barrel on the New York Mercantile Exchange.
  
  
  • September Brent crude BRN00 BRNU22, the global benchmark, lost $1.74, or 1.6%, to trade at $105.28 a barrel on ICE Futures Europe.
  
  
  • Back on Nymex, August gasoline RBQ22 fell 0.7% to $3.4231 a gallon, while August heating oil HOQ22 rose 2.1% to $3.7516 a gallon.
  
  
  • August natural gas NGQ22 rose 3.6% to $6.251 per million British thermal units.
  
  

  
  
  Read More
• Texas at risk of blackouts as ERCOT calls for energy conservation
  The Texas electric grid operator has warned of possible blackouts on Monday due to sweltering...
  The Texas electric grid operator has warned of possible blackouts on Monday due to sweltering heat driving record demand.
  
  The Electric Reliability Council of Texas, or ERCOT, said it was asking for voluntary conservation between 2 p.m. and 8 p.m. local time due to record high electricity demand because of the heat wave, and also because of low wind. ERCOT said current projections show wind generation coming in less than 10% of capacity.
  

  
  
  The National Weather Service said temperatures will reach or exceed 105 degrees Fahrenheit in areas ranging from the Big Country to Central Texas regions. A heat advisory is in effect for the Dallas-Fort Worth region into East Texas, where temperatures will reach or exceed 103 degrees.
  
  
  Read More

• Prev
• Next