A subsidiary of ONEOK ended up being the only company to apply for millions in federal coronavirus aid in North Dakota for the construction of a natural gas pipeline before the deadline on Monday. Viking Gas Transmission requested $10 million to build a 12-mile pipeline that would link to its existing pipeline in western Minnesota …
Headlines of other energy stories
** In response to higher crude oil prices, financial results for 42 U.S. exploration and production companies showed large increases in both cash from operations and capital expenditures in the fourth quarter of 2021 (4Q21). Cash from operations for the E&P companies reached $27.5 billion in 4Q21, the largest amount in any quarter since 3Q14 reported …
Cushing crude storage increased in past week
While the amount of crude oil in storage in the U.S. increased in the past week, the Cushing hub in northern Oklahoma also reported a slight gain in crude. U.S. crude oil inventories increased by 1.3 million barrels from the previous week reported the U.S. Energy Information Administration. Inventories are about 15% below the …
Income soared for OGE Energy Corp. in 1Q
The same week the Oklahoma Supreme Court okayed nearly $1 billion in ratepayer-backed bonds to cover February 2021 storm costs for Oklahoma Gas and Electric Company, its parent company, OGE Energy Corp. reported significantly improved earnings in the first quarter of 2022. The company cited net income of $280 million or $1.39 a diluted …
Williams announces deepwater agreement in Gulf of Mexico
Williams announced another major business move in its pipeline operations in the Gulf of Mexico. The Tulsa company said it secured another tieback to Discovery’s Keathley Canyon Connector line that will provide deepwater natural gas infrastructure services to operator LLOG Exploration Offshore, L.L.C. The services will be for LLOG’s new Salamanca development in the …
Income grew 9% for Blueknight Energy in 1Q
Blueknight Energy reported a 9% increase in its first quarter 2022 income compared to a year ago. Income totaled $6.6 million compared to $6.1 million a year earlier for the Tulsa-based energy company while its first quarter adjusted EBITDA from continuing operations amounted to $11.5 million. It also had distributable cash flow from operations …
Permian Basin activity keeps improving for Laredo Petroleum
Laredo Petroleum’s active exploration in the Permian Basin resulted in improved earnings in the first quarter of 2022. While the company reported a net loss of $86.8 million or $5.18 per diluted share, it also had cash flow from operating activities of $170.9 million which helped generate adjusted EBITDA of $222.1 million. It’s Adjusted Net Income …
Chesapeake’s 1Q had highest cash flow in company history
Chesapeake Energy reported it had the highest quarterly adjusted free cash flow in the first quarter of 2022, the highest quarterly amount in company history. The Oklahoma City-based company reported its quarterly net cash provided by operating activities totaled $853 million and adjusted EBITDAX was $913 million. It also had $19 million of cash …
ONE Gas honored with safety award
For the fifth consecutive year, ONE Gas has received an American Gas Association (AGA) Safety Achievement Award for excellence in employee safety. The award was presented at the AGA 2022 Operations Conference General Session May 4 in New Orleans, Louisiana. ONE Gas was recognized for having the lowest incident rate for the number of days away from work, …
Oil prices rose on EU’s move to ban Russian oil purchases
The proposal by the European Union to phase out Russian oil purchases within 6 months caused a sharp rise in crude oil prices on Wednesday. West Texas Intermediate crude for June delivery went up $5.40 to settle at $107.81 a barrel on the New York Mercantile Exchange. Global benchmark Brent crude for July delivery …
