As the East Coast prepared for the landfall of Hurricane Matthew, crude oil futures climbed above $50 a barrel on Thursday, according to Bloomberg MarketWatch. Traders were optimistic that the potential for storm-related disruptions in several southeastern states could contribute to an overall decline in the nation’s inventory levels. November West Texas Intermediate crude climbed …
October 6, 2016 archive
Devon Completes Access Pipeline Divestiture for $3.2 Billion
Devon Energy Corp. announced Thursday that it has completed the divestiture of its 50% ownership in Access Pipeline to Wolf Midstream for $1.1 billion, according to a company press release. The Oklahoma City-based energy company also has the right to receive an incremental $120 million payment from Wolf Midstream with the sanctioning and development of …
Blueknight Energy Expands Ownership of Asphalt Terminals Nationwide
Oklahoma City-based Blueknight Energy Partners announced this week it completed the $109 million purchase of nine asphalt terminals from Ergon Asphalt and Emulsions of Jackson, Mississippi. At the same time, Ergon wrapped up it acquisition of Blueknight’s General Partner. As part of the $108.8 million dollar purchase by Blueknight Energy, Ergon kicked in $22.1 million …
Tulsa’s Murphy Energy Latest to File Chapter 11 Bankruptcy
Tulsa-based Murphy Energy has become the latest energy firm to file Chapter 11 bankruptcy, listing more than $75 million debt including $57 million to lenders led by Bank of America. The 23-year old oil and natural gas transporter with 210 employees has ten truck-to-pipeline crude oil terminals in Oklahoma and north Texas. The terminals buy …
Appeals Court Raises Questions of Tribe Fighting Oil Pipeline in North Dakota
A federal appeals court has not indicated when it might issue a ruling after listening to arguments for and against the nearly $4 billion Dakota Access oil pipeline being fought by environmentalists and members of the Standing Rock Sioux Tribe in North Dakota. Some of the environmentalists and opponents include Oklahomans who traveled to North …
Duncan Honored for Economic Development
Despite having the state’s highest jobless rate over the loss of oil and gas field workers, the city of Duncan has received a Silver Excellence in Economic Development Award from the International Economic Development Council. The award for the Duncan Area Economic Development Foundation was for its 2015 Annual Newsletter and for communities with …
GE Officials call it a ‘Great Day’ to Open new OKC Energy Research Center
General Electric’s put out a slick magazine with the title of “Innovating for the Future of Energy” as part of the grand opening this week of its $125 million Global Research Oil and Gas Technology Center in Oklahoma City. Director Mike Ming is quoted in the magazine as pointing out how GE is emerging …