Entries by Naomi Lemon

Would Limiting Texas Oil Production Really Boost Prices?

Jason Lawrence | JD Supra The combination of the COVID-19 pandemic and the Saudi-Russia price war is wreaking havoc on global demand for crude oil, flooding the market with cheap crude and pushing prices to the low $20/bbl range. In response to these events, the Railroad Commission of Texas (RRC) is weighing whether to cap—or proration—crude oil output in an effort to […]

Oklahoma oil producers formally petition state for output curbs

Liz Hampton | Reuters 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, […]

Texas and Oklahoma weigh production quotas for oil

Will Englund | Washington Post Now that Saudi Arabia and Russia have agreed to cut oil production, dragging the other countries belonging to the so-called OPEC Plus group along with them to some extent, Texas and Oklahoma will have to decide whether to follow suit. President Trump hailed Sunday’s agreement to halt the Saudi-Russian price […]

CARES Act Money Bookmarked for Oil & Gas

17 GOP senators are urging The Honorable Steven Mnuchin, Secretary of the Treasury, to ensure some of the $500 billion in Treasury loans from the CARES Act goes to oil and gas companies. This letter was sent to Secretary Mnuchin and Chairman Powell on April 7, 2020 from 17 senators: Kevin Cramer (R-ND), James M. Inhofe […]

Amid oversupply and economic shocks, Oklahoma oil producers ask Corporation Commission for help

Erin Beu | KOCO Oklahoma oil producers say the industry is in its worst state in decades, and they’re asking the Oklahoma Corporation Commission for assistance and guidance. A global oversupply and the economic fallout from the coronavirus pandemic have pummeled the industry recently. An Oklahoma Energy Producers Alliance estimated that the state is overproducing […]

OEPA requests hearing to limit Oklahoma oil production

Daisy Creager | The Journal Record The Oklahoma Energy Producers Alliance announced Friday that it filed a request for a hearing with the Oklahoma Corporation Commission to discuss a previous request that the commission restrict oil production in the state. In an April 1 letter to the commission, OEPA President David Little and Chairman Dewey […]

Net Operating Loss (NOL) Provisions CARES Act

There CARES Act implemented numerous changes regarding Net Operating Losses. It allows for a 5 year carry back. The effective date for this change means the change applies to the tax years 2018, 2019, and 2020. Modification of Rules Relating to NOL Carrybacks Under the CARES Act, an NOL incurred in tax years beginning after […]