YOUR BUSINESS IS OUR BUSINESS VOL. 125 NO. 50 ■ JOURNALRECORD.COM Part of the network 2 SECTIONS ■ WEDNESDAY, MARCH 11, 2020 ■ $1.00 ‘This is the future’ William Berry, chief executive officer of Continental Re- sources, spoke Tuesday during a luncheon hosted by the Petroleum Alliance of Oklahoma. PHOTO BY MARK HANCOCK Continental responds with plan to cut capital Interstate 40 near downtown Oklahoma City. Oklahoma State University researcher Paul Tikalsky said trucks in Oklaho- ma and about a dozen other states are allowed to hook up electronically and make their way down interstate highways in a computer-augmented slipstream that saves fuel and reduces driver fatigue. AP PHOTO/SUE OGROCKI spending BY DAISY CREAGER Self-driving cars, trucks are The Journal Record OKLAHOMA CITY – Continental Resources Chief around the corner Executive Officer William Berry said Tuesday the com- pany is planning cuts in capital spending and drilling BY CHIP MINTY futuristic advancement appears to have gone main- activity one day after shares on Wall Street recorded The Journal Record stream, and the ultimate goal of throwing humans out their sharpest drop in more than a decade. of the driver’s seat may be right around the corner. At a lunch hosted Tuesday by the Petroleum Alli- Those who are paying attention may have noticed Just look at who has climbed on board the last ance of Oklahoma, Berry discussed the company’s path that cars and trucks are making decisions with less couple of years. The American Automobile Associa- forward after disagreements at OPEC led Saudi Arabia participation by drivers. tion says autonomous technologies that are standard to boost crude oil production in an already oversup- In fact, a growing number of trucks driving Okla- equipment on most of today’s new cars and trucks can plied market, causing the price of oil to fall 24.6% to homa interstates today are taking their cues from oth- save thousands of lives lost every year because of hu- $31.13 Monday, the greatest one-day drop in nearly 30 er trucks, and all their drivers have to do is sit there. man error. The American Trucking Association also years. Shares of several Oklahoma-based energy com- Talk about an emerging revolution in the automo- has called automated driving technology the next step panies also plummeted. tive industry has been around for some time, but for in the evolution of safety technology. Shares of Continental surged Tuesday, closing at many, the prospect of autonomous cars and trucks has Across the country, traffic accidents kill an average $9.39, up from its Monday closing of $7.05. Berry said seemed too outlandish to take very seriously, at least of 100 people per day, and 90% of those deaths are company leadership is revisiting the budget, looking for the foreseeable future. for ways to continue delivering free cash flow and Well, maybe it’s time to look again because this Turn to CARS » p14 “hunkering down” to survive a trend toward $30-per- barrel oil. “My comments to the team were we had a great year, Bill limiting regulation this is a great industry, it’s a long-term thing, we’re go- « 2 » for business innovators House approves COLA increase for state retirees Retired ing to be here for a long, long time,” Berry said. “How- advances » p2 teachers, police officers, firefighters, judges and ever, we are in a commodity business. Nothing shows other former state employees who draw income that more than what’s happened over the last few days. from six state pension funds would receive cost- Bill allowing home In a commodity business you have to be responsive.” of-living adjustments under legislation passed delivery of marijuana He said the company plans cutting production and a Tuesday in the Oklahoma House of Representatives . approved by House » p3 INSIDE Turn to CONTINENTAL » p14 News in Brief . 4A CRUDE OIL NATURAL GAS GASOLINE Around Town . 6A Health Care . 8A Health Care Briefs . 12A 3.23 .158 .0202 Classifieds . 1B. Crossword . 1B. Public Notices . 2B. Apr $34.36 Apr $1.936 Apr $1.1571 2A « March 11, 2020 « THE JOURNAL RECORD « journalrecord.com House approves COLA increase for state retirees BY STEVE METZER bit flatter.” The Journal Record Frix said he was inspired to write the bill after meeting a retired teacher whose OKLAHOMA CITY – Retired teachers, paycheck wasn’t enough even to cover her police officers, firefighters, judges and other health insurance premiums. The fiscal fit- former state employees who draw income ness of the state’s retirement system has from six state pension funds would receive vastly improved since the last time a COLA cost-of-living adjustments under legislation was approved in 2008, he said. Several of passed Tuesday in the Oklahoma House of the plans are now more than 100% funded Representatives. and most are 80% funded. House Bill 3350 by state Rep. Avery Frix, “Our state retirees have not had a cost- R-Muskogee, cleared the chamber on a of-living adjustment for 12 years, even as unanimous 99-0 vote and will advance for their health insurance premiums and other consideration in the Senate. living expenses have risen,” Frix said. A bill to give state retirees a 4% raise Dixie Jackson, who worked for the passed in the House last year but stalled Oklahoma Department of Mental Health in the Senate as lawmakers there sought for 40 years before retiring nine years ago, to ensure that solvency of the pension said many former state employees have funds would not be jeopardized. HB 3350 struggled to cover costs of insurance, pre- would take a different approach, Frix said, House Speaker Charles McCall, R-Atoka, discusses passage of a bill Tuesday in the House scription drugs and other day-to-day ex- providing a 4% increase only for former that would provide a cost-of-living adjustment to most retired state employees. penses in the years since they last received state employees who have been retired for PHOTO BY STEVE METZER a COLA. at least five years. Those retired for between “Many state employees have had to go two years and five years would receive 2% Oklahoma City Fraternal Order of Police. in recent years and will continue to grow find additional jobs to pay for the essentials. COLAs and those retired for less than two He said the vote was cause for optimism even if state retirees are provided COLAs, That really is not retirement,” she said. years would not receive an increase. The even for non-retirees. “The reason we’re here today is that we Another retiree, George Fina, who COLAs would take effect after July 1. “We’re very optimistic and thankful for have instituted fiscal discipline over the last served as an Oklahoma City firefighter for Passage of the bill drew applause from all 99 members of the House who voted to decade to bring our pension systems up to 24 years, agreed that many state retirees numerous state retirees who had gathered support this,” Nelson said. “I think it sends a the level of where they are,” McCall said. “I have lost ground financially especially as in the House gallery, among them Dale strong message to their counterparts in the want to recognize those who have served health care and insurance costs have risen. Scruggs, who retired from the Oklahoma Senate.” before us in the Legislature who did a lot of According to the U.S. Bureau of Labor City Police Department in 2016 and would Senate President Pro Tempore Greg heavy lifting to ensure that $300 million a Statistics, inflation has increased consumer receive a 2% COLA. Another retired police Treat, R-Oklahoma City, said Monday that year (has gone) into our pensions to make costs by 19.5% since the last time Oklahoma officer, Thomas Ashing, said he has been while he is still evaluating the COLA bill, he sure that the solvency increases.” public employee retirees received a COLA. retired longer and would receive a 4% in- appreciated the “stair-stepped” approach it McCall predicted that the pension funds State Rep. David Perryman, D-Chicka- crease. Both men said they were pleased to proposes. would continue to grow even if HB 3350 sha, said not being able to pass a COLA in see strong support in the House for a pay “I’m supportive of the concept. I’ve got passes. The measure was proposed after an recent years has been a source of frustration. raise for pensioners. to look at the details, but the stair-stepped actuarial analysis showed that a 4% COLA “I’ve been up here coming up on eight “It was good to see that they support us. approach … is a concept that I appreciate. would not affect any retirement plan’s fund- years, and it’s been frustrating. Year after We’ve been fighting this battle for a long We want to make sure not to jeopardize ed ratio by more than 2.9%. The COLAs, if year after year our retired employees of the time,” Ashing said. “Every journey starts pension fund balances,” he said. they’re provided, would affect the system’s state of Oklahoma have lost ground, not by with a first step. We need more, but we’ll be House Speaker Charles McCall, R-Ato- cumulative funded status only by about 2%, inches but by miles, every year as the cost happy to take what we can get.” ka, said he is convinced that state pension McCall said of living increases. We are way past time on The retired officers were joined by Mark funds – which weren’t adequately funded “The system will still be on a positive giving retirees of the state a cost-of-living Nelson, the current vice president of the 15 years ago – have grown to healthy levels trajectory,” he added, “even if it is just a little adjustment.” Bill limiting regulation for business innovators advances BY STEVE METZER said.