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 …
July 30, 2022 archive
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 …
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 …
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