January 9, 2018 archive

Crude Oil Futures Soar on Tuesday as WTI Settles Nears $63 a Barrel

Crude oil futures continued to rally on Tuesday as favorable forecasts extended gains and drove prices to a three-year high, according to Bloomberg MarketWatch. February West Texas Intermediate crude jumped $1.23, or 2%, to settle at $62.96 a barrel on the New York Mercantile Exchange, marking its highest finish since December of 2014. March Brent crude, …

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Crude Oil Futures Rebound on Monday

Oil prices finished higher on Monday, adding to last week’s rally as traders welcomed data showing a weekly decline in the number of U.S. drilling rigs. February West Texas Intermediate crude rose 29 cents, or 0.5%, to settle at $61.73 a barrel on the New York Mercantile Exchange. March Brent crude, the global benchmark, added 16 cents, …

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SemGroup Exits Asphalt Business to Focus on Houston Oil Terminal Acquisition

Tulsa-based SemGroup Corporation will sell its asphalt business, SemMaterials México, to Ergon Asfaltos México HC, LLC, for an estimated $70 million including a reimbursement of nearly $15 million of net working capital, according to a company press release issued on Monday. SemGroup intends to use proceeds from the sale toward its capital raise plan associated …

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West Virginia Seeking Input From Utilities on Impact of New Federal Tax Law

Oklahoma isn’t the only state monitoring the impact of tax changes on public utilities. In West Virginia, the Public Service Commission has directed all privately-owned electric, gas, water, sewer and solid waste facilities to track the tax savings on a monthly basis beginning in January. The law went into effect after President Trump signed the …

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EnLink Follows Succession Plan, Makes Leadership Changes

Dallas-based EnLink Midstream companies recently announced several changes in executive leadership management, according to a company press release issued on Wednesday. EnLink’s Boards of Directors appointed Barry E. Davis to Executive Chairman, Michael J. Garberding to President and Chief Executive Officer, and Eric D. Batchelder to Executive Vice President and Chief Financial Officer. These transitions resulted from the company’s succession process, …

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