State economy expands as dnergy prices surge
OKLAHOMA CITY — Rapidly rising crude oil and natural gas prices helped push Oklahoma gross receipts to the treasury into uncharted territory in October, State Treasurer Randy McDaniel announced.
Gross receipts of $1.27 billion for October and $14.7 billion for the last 12 months set record highs yet again. Monthly receipts are up by 16 percent over the year and 12-month collections are 11.2 percent higher than during the prior period.
McDaniel said the outlook for Oklahoma’s economy remains favorable.
Gross production collections topped $100 million for a third consecutive month and grew by more than 100 percent compared to the same month of the prior year for the seventh month in a row.
Crude oil prices have risen 20 percent and natural gas by 35 percent in the past two months.
In October, every major revenue stream showed growth except for motor vehicle collections, which were down less than 2 percent. However, the medical marijuana tax fell below collections from October of last year by almost 5 percent. It marks the first year-over-year decline in that revenue source.
Collections from the last 12 months show growth in every major revenue stream.
AAON voted ‘Product of the Year’ by magazine
TULSA — AAON Inc. announced that its RZ Series Rooftop Unit has been named 2021 Product of the Year-Gold by the readers of Consulting-Specifying Engineer.
AAON RZ Series Semi-Custom Rooftop Units (45-261 ton) are selectable with all the features needed for a job. It is constructed of the highest quality materials and designed for long-lasting equipment life. High part load energy efficiencies (up to 22.5 IEER), variable speed compressors, modulating heating, modulating economizer and energy recovery wheel provide operational savings and precise comfort control throughout the year.
Laredo Petroleum announces operating results
TULSA — Laredo Petroleum Inc. announced its third-quarter financial and operating results. Highlights include the following:
• Announced second significant acquisition of 2021, agreeing to purchase about 20,000 net acres in western Glasscock County
• Closed the purchase of assets of Sabalo Energy LLC in north Howard County and divestiture of 37.5% of the company’s legacy proved developed reserves July 1
• Produced an average of 76,703 barrels of oil equivalent per day and 35,329 barrels of oil per day, a decrease of 13% and an increase of 41%, respectively, versus third quarter 2020
• Increased oil cut to 46% of total production in the third quarter versus 29% in third quarter 2020
Bank of Oklahoma names Greg Wheeler as OKC market leader
OKLAHOMA CITY — Greg Wheeler will succeed John Higginbotham as Oklahoma City market leader for Bank of Oklahoma as of Jan. 1. Wheeler will assume the role of market president in addition to his current role as director of the company’s private wealth division.
The change comes as current market executive Higginbotham, who has served as the market executive since 2016, announced his retirement in spring 2022.
Norm Bagwell, regional banking executive for BOK Financial, said that Wheeler’s selection as market president reflects not only the company’s considerable bench strength but also its focus on holistically serving the complete financial needs of businesses and individuals.
As director of private wealth at BOK Financial, Wheeler is responsible for the delivery of private banking, personal trust and asset management to the company’s high-net-worth clients. He also serves as the chief executive officer of the company’s registered investment advisory firm. Prior to joining BOK Financial in 2003, Wheeler’s 14 years at Bank of America culminated in his final role as market executive in Oklahoma.
An Oklahoma City native, Wheeler earned a bachelor’s degree in history from the University of Oklahoma and an MBA in finance from Oklahoma City University. He currently serves as treasurer of the deadCenter Film Festival, a member of the Investment Policy Committee for the City of Nichols Hills and a member of Rotary Club No. 29. Greg previously served as board chair for both Leadership Oklahoma and Leadership Oklahoma City, as well as Positive Tomorrows and the Oklahoma City Police Athletic League.
Devon Energy announces dividends
OKLAHOMA CITY — Devon Energy Corp. announced that its board of directors has declared a fixed-plus-variable dividend of $0.84 per share based on the company’s third-quarter financial performance.
This represents a 71 percent increase in the dividend payout compared to the previous quarter. The dividend is payable Dec. 30 to shareholders of record at the close of business Dec. 10.
The company also announced the next step in its cash-return strategy with the authorization of a $1 billion share-repurchase program of its common stock through year-end 2022. This program is equivalent to about 4 percent of the company’s current market capitalization.
The timing and volume of share repurchases under this authorization will be determined by management at its discretion.
Share repurchases under the program may be made through a variety of methods, including open market purchases or private transactions. The stock repurchase program may be discontinued at any time.
The company intends to further improve its financial strength by retiring and calling low-premium debt of approximately $1 billion in 2022 and 2023. Devon has accumulated sufficient cash balances to execute on the strategic objective.
Cinergy to partner with community food banks
DALLAS — Cinergy Entertainment Group announced an annual Thanksgiving food drive, benefiting local food banks in the community. Over two million households across Texas and Oklahoma are in severe need of their next meal. Cinergy is hosting a food drive to help.
Hosted yearly, Cinergy has donated over five tons of food to community food banks so far. This year, Cinergy is offering guests a choice of a $5 game card or a free popcorn in exchange for two canned food items (limit two offers per person). Guests can drop cans off at any Cinergy location between Nov. 4-28.
TPC Group announces earnings call
HOUSTON — TPC Group Inc. announced that it will post its results for the quarter ending Sept. 30 on its website at noon Nov. 14 and that it will host a conference call for holders of its 10.5 percent and its 10.875 percent senior secured notes, analysts and prospective investors at 3 p.m. Nov. 15.
Financial results and conference call details will be available to current noteholders and prospective investors who register on the Investor section of tpcgrp.com.
Oil States announces operation results
HOUSTON — Oil States International Inc. reported a net loss of $13.0 million, or $0.22 per share, for the third quarter.
Reported third quarter results reflect the impact of Hurricane Ida, which negatively affected operations in southeast Louisiana and the Gulf of Mexico. The results also include a non-cash inventory impairment charge of $2.1 million ($1.7 million after-tax, or $0.03 per share) and severance and restructuring charges of $0.7 million ($0.6 million after-tax, or $0.01 per share).
During the third quarter, the company generated revenues of $140.5 million and Adjusted Consolidated EBITDA (Note A) of $8.5 million. These results compare to revenues of $145.7 million and Adjusted Consolidated EBITDA of $10.1 million reported in the second quarter. Highlights include the following:
• Hurricane Ida resulted in a transitory reduction in Oil States’ and its customers operations in southeast Louisiana and the Gulf of Mexico, resulting in an estimated reduction in third-quarter consolidated revenues and EBITDA of $5.9 million and $3 million, respectively
• Offshore/Manufactured Products backlog increased $35 million to $249 million, with quarterly bookings up 64% sequentially, resulting in a book-to-bill ratio of 1.5 times.
• Generated cash flow from operations of $6.6 million.
• Received an ESG Accelerator Award from the Energy Workforce & Technology Council.
Targa Resources Corp. reports financial results
HOUSTON — Targa Resources Corp. reported third quarter results.
Third quarter 2021 net income attributable to Targa Resources Corp. was $182.2 million compared to net income of $69.3 million for third quarter 2020.
The company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items of $505.9 million for the third quarter compared to $419.1 million for third quarter 2020.
On Oct. 14, TRC declared a quarterly dividend of $0.10 per share of its common stock for the three months ending Sept. 30, or $0.40 per share on an annualized basis.
Total cash dividends of approximately $23.3 million will be paid No. 15 on all outstanding shares of common stock to holders of record as of the close of business Oct. 29.
Also, on Oct. 14, TRC declared a quarterly cash dividend of $23.75 per share of its Series A Preferred Stock. Total cash dividends of about $21.8 million will be paid Nov. 12 on all outstanding shares of Series A Preferred Stock to holders of record.
The company reported distributable cash flow and adjusted free cash flow before dividends for the third quarter of $383.9 million and $297.2 million, respectively.
Gulf Island announces conference call
HOUSTON — Gulf Island Fabrication Inc. will report third quarter results after the market closes Tuesday.
Gulf Island management will host a conference call at 4 p.m. Tuesday to discuss financial results. The call will be available by webcast and can be accessed at gulfisland.com.
Participants may join the call by calling 800-437-2398 and requesting the “Gulf Island” conference call. A replay will be available on the company’s website for seven days after the call.
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