After ordering the release of 180 million barrels of oil from the nation’s Strategic Petroleum Reserve in a move to lower the cost of gasoline, President Biden now plans to purchase more oil to refill part of the Reserve. CNN reported Thursday the Biden administration will seek bids in the fall to buy 60 …
May 5, 2022 archive
ONEOK subsidiary seeks federal funds to build pipeline in North Dakota
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 …
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