Author's posts
EPA Director Says Her Agency Will Prevail in Clean Power Plan Fight
While Oklahoma and dozens of other states are fighting the Environmental Protection Agency over its war against coal-fired electric-generating power plants, EPA Director Gina McCarthy is professing the legal fight will not delay the country’s accelerating shift to cleaner sources of energy. The Associated Press reports it’s what McCarthy said over the weekend at …
One Oil Leader Says it’s Time Industry Surrendered All Tax Credits to Help the State
Oklahoma oilman Mike Cantrell is surprising some energy leaders with a call for them to support an end to tax credits for the state’s oil and gas industry. “The state of Oklahoma is in dire financial straits, in large part because the states oil and gas industry is in a depression, due to low prices,” …
Key Energy Reports Losses
Houston-based Key Energy, a firm that’s expanded its holdings over the years by making acquisitions of a handful of Oklahoma energy operations reported first quarter loss of nearly $82 million. The company said the loss translated to $0.51 per share, despite consolidated revenues of $111.1 million. The fourth quarter 2015 consolidated revenues had totaled $150.2 …
EDF Energies Expands Operations to Off-Shore French Wind Farms
Paris-based EDF Energies, the company that is providing electrical power to Google from its northwest Oklahoma wind farm has just announced a new partnership agreement with Enbridge Inc. to operate three French offshore wind farms totaling 1,400 MW of installed capacity. Through the agreement, Enbridge acquires a 50 percent stake in Eolien Maritime France, the …
Tallgrass Energy Expands Pipeline Holdings
Leawood, Kansas based Tallgrass Energy Partners, LP has closed on its purchase of a 25 percent membership interest in the Rockies Express Pipeline LLC from a unit of Sempra U.S. Gas and Power. It was a $440 million deal involving both TallGrass Energy Partners LP and Tallgrass Energy GP. The Rockies Express Pipeline …
Saudi Oil Minister Ousted
He might not have had a direct relationship with Oklahoma energy producers, but his leadership as Saudi Arabia’s oil minister was definitely felt by them. Now, Ali al-Naimi has been removed from power by his own government and replaced by former Health Minister and Saudi Aramco board chairman Khaled al-Falih. Al-Naimi had led the Saudi …
$775 million Pipeline Purchase by Phillips 66 Partners to be Finalized This Month
The pending purchase of the Standish Pipeline and other assets from Phillips 66 by Phillips 66 Partners is expected to be closed in the next few weeks. The $775 million was announced last week. The Standish Pipeline runs from Phillips 66’s Ponca City refinery in northern Oklahoma to the Phillips 66 Partners’ North Wichita Terminal …
Blueknight Energy reports Increased Quarterly Earnings
Oklahoma City-based Blueknight Energy Partners L.P. says its first quarter earnings totaled $13.6 million, an increase from the $12.9 million reported in the first quarter of 2015. The $13.6 million was before interest, taxes, deprecation and amortization. The cash flow was $8.6 million for the three months that ended March 31, 2016 compared to …
Bankruptcy Leads to New Owner of Oilfield Waste Disposal Company
The recent Chapter 11 bankruptcy by oilfield waste disposal company CCNG Energy Partners, LP has led to the firm being scooped up by Trinity Acquisition LLC of Austin, Texas. CCNG had assets located throughout Texas and New Mexico but they were acquired after the firm filed Chapter 11 bankruptcy. The assets include 27 saltwater …
Law Firm Predicts More Oil and Gas Bankruptcies are Looming
The number of North American oil and gas producers that have entered bankruptcy court since the beginning of 2015 is up to at least 69, according to the Texas law firm Haynes and Boone which focuses on such legal matters. The company says the bankruptcies, including Chapter 7, Chapter 11, Chapter 15 and …