Oklahoma Energy Earnings Reports Paint a Troubling Picture

Mar 11, 2016

Credit hess.com

Many of Oklahoma’s energy companies released earnings reports last week. And the state’s economic predicament continues to grow more and more bleak, reports member station KGOU. 

Devon Energy recently announced a series of staff reductions that will lead to 1,000 people losing their jobs. Amid the turmoil, Devon released its earnings report. The company’s core profits were down nearly seven percent, from $343 million to $319 million. Meanwhile, Tulsa-based Williams Companies also reported a big loss of $701 million. By comparison, the company had a two billion dollar profit in 2014.

Williams will soon merge with Dallas-based Energy Transfer Equity, in an attempt to stave off losses. Another Oklahoma company, Seventy Seven energy, lost $60 million in the fourth quarter.