Tulsa World: FYI: Business

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FYI: Business

By Staff and Wire Reports
Published: 10/31/2009 2:24 AM
Last Modified: 10/31/2009 5:24 AM

Oklahoma rig count rises by four to 77

The number of drilling rigs actively exploring for oil or gas in Oklahoma rose by four this week to 77, Baker Hughes Inc. reported Friday.

The state's rig count is 61 percent below the year-ago level of 197.

Nationwide, the net number of active drilling units rose by 21 this week to 1,069 — the highest level since January, according to data from Houston-based Baker Hughes. A year ago, the total was 1,971.

Of the rigs running this week, 728 were exploring for natural gas and 330 for oil, the report said, while 11 were listed as miscellaneous.

Of the other major oil- and gas-producing states, Texas gained a net total of 13 rigs this week, while North Dakota added four, Colorado gained three, and Alaska, Louisiana and New Mexico each added one rig. Wyoming's net rig total fell by three, while California dipped by one. Arkansas' number did not change.

Net income dips at OGE Energy Corp.

OGE Energy Corp. reported third-quarter net income Friday of $136.8 million, down from $139.5 million in the same period a year ago.

The company, parent of Oklahoma Gas & Electric Co. and Enogex LLC, said earnings came to $1.40 a share compared with $1.50 a share in the third quarter of 2008.

Company officials attributed the quarter's earnings to strong results at OG&E, lower commodity prices in Enogex's pipeline business and an increase in outstanding shares.

"We are pleased to report solid results in a difficult economy," said Chairman Pete Delaney. "In addition, we continue to make progress in positioning our businesses for growth.

"As a result, we are increasing our projected long-term earnings growth rate to 5 percent to 7 percent."

Tulsa-based credit union opens Texas branch

Tulsa-based Energy One Federal Credit Union recently celebrated the opening of its newest branch — an in-company location at the OXY La Porte VCM Plant in La Porte, Texas.

The branch was established to provide service convenience to members employed at OXY plants in the La Porte area. Credit union membership is open to OXY employees, contractors and their household members.

The branch is Energy One's fourth location in the greater Houston area and the sixth in Texas. The credit union also has branches in Georgia and California.

Energy One FCU is a full-service financial institution originally chartered in 1935 under the Federal Credit Union Act.

Commerce Bancshares to pay stock dividend

Commerce Bancshares Inc., which operates two locations in Tulsa, has approved a 5 percent stock dividend payable Dec. 15 to shareholders of record at the close of business Nov. 30.

The board of directors also declared a regular quarterly dividend of 24 cents per share on the company's common stock payable Dec. 15 to stockholders of record at the close of business Nov. 30. The dividend will not be payable on any shares to be issued pursuant to the 5 percent stock dividend.

Commerce Bancshares is an $18 billion bank holding company that operates primarily in Missouri, Kansas, Illinois, Oklahoma and Colorado with more than 370 locations. It also has operating subsidiaries involved in mortgage banking, insurance, venture capital and real estate activities.

Syntroleum loses $270,000 in quarter

Syntroleum Corp. reported Friday that it lost $270,000 in the third quarter, compared with net income of $838,000 in the same period last year.

Revenue totaled $4.41 million, up from $1.45 million in last year's third quarter, the Tulsa-based energy company stated in a news release.

Syntroleum said construction of the Dynamic Fuels LLC plant in Geismar, La., was 76 percent complete as of Sept. 30 and remains on budget. The facility is a 50-50 venture with Springdale, Ark.-based Tyson Foods Inc.

Syntroleum management said it will discuss third-quarter results during a conference call at 2 p.m. Thursday. By Staff and Wire Reports

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okbicyclr1, Tulsa, OK (11/2/2009 10:16:15 AM)

Does anyone know why the Tulsa World only prints half truths about Syntroleum? They did lose $270K in Q3 but did the World bother to tell you what their YTD profits are? NO!

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