July 2022 archive

Mammoth Energy Announces Strong 2Q 2022 Financial Results

Oklahoma City-based Mammoth Energy Services, Inc. appears to be rebounding as it reported total revenue of approximately $89.7 million for the second quarter of 2022, nearly doubling its reported revenue from one year ago. Total revenue was $89.7 million for the second quarter of 2022, as compared to $47.4 million for the same quarter last …

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US Energy Information Administration Provides Electricity Spreadsheet

The U.S. Energy Information Administration (EIA) recently released its data analysis and projections for the U.S. wholesale electricity and natural gas markets. The data is collected and updated biweekly by the Intercontinental Exchange (ICE). To review a spreadsheet containing daily electricity pricing, volumes and number of trades for 2022, click here.

OCC ALJ to Hear Summit Utilities Rate Application on Wednesday

Public comment and a hearing before Administrative Law Judge Linda Foreman is set for Wednesday morning in Room 301 at the Oklahoma Corporation Commission for Summit Utilities Oklahoma, Inc. Originally scheduled for July 28, this regular meeting was continued until August 3, 2022 at 8:30 a.m. The company is seeking approval of its performance-based rate …

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Crude oil made gains on Friday

  This week’s OPEC + meeting affected crude oil prices on Friday as they settled up more than $2 a barrel. Investors are no longer optimistic that OPEC+ will boost supplies. West Texas Intermediate crude for September delivery managed a $2.20 gain to $98.62 a barrel. Global benchmark Brent crude settled up 52 cents to …

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Increased revenue for Magellan in 2Q

  Magellan Midstream Partners, L.P. in Tulsa reported it had increased revenue in the second quarter of 2022, reaching $354 million in net income compared to $280 million a year earlier. The company said the current period included a $162 million gain on the sale of discontinued operations tied to the June 2022 divestiture of …

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Dropping volumes on Magellan’s Permian pipelines

  Tulsa’s Magellan Midstream Partners LP reported dropping crude oil volumes in the past three months on its Longhorn and Bridgetex pipelines in the Permian Basin. Click here for Reuters  

Energy briefs

** Chevron Corp posted its biggest quarterly earnings ever on Friday, built on strong fuel margins and high prices for natural gas and oil, and boosted its share buyback target. The oil major posted second-quarter net profit of $11.6 billion, or $5.95 per diluted share, more than triple the $3.1 billion, or $1.60 per share, in the …

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A big problem in Biden’s electric car charger plan

  Small business operators across the U.S. contend there is a major flaw in the Biden administration’s $5 billion plan to create an EV charging infrastructure. Among those complaining about the effort are convenience store owners according to an Editor at Oilprice. Click here for Oilprice.com    

ConocoPhillips sells hundreds of wells in Oklahoma and Texas

  In a $240 million deal, Alabama-based Diversified Energy Co. Plc has acquired Midcontinent assets from ConocoPhillips. The acquisition includes nearly 1,500 producing wells in Oklahoma and Texas as Diversified strengthens its central regional focus area. “I am pleased to announce another strategically-aligned acquisition at a compelling valuation in the Company’s Central Region that reinforces …

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Gain in rig numbers across the U.S.

  The U.S. rig count rose by five in the last week to a total of 828 on July 28, according to Enverus Foundations data. The count is down 0.7% in the last month, but up 51% YOY. The number of active rigs running reached as high as 834 during the last week. The DJ …

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