Author's posts
Devon Energy reports nearly $2 billion in 2Q net earnings
The second quarter proved to be another strong one for Oklahoma City-based Devon Energy as the firm reported $1.9 billion or $2.93 per diluted share. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $1.7 billion or $2.59 per diluted share. Devon also reported its highest quarterly amount of free …
Hertz plans expansion of EV cars in its fleets
Hertz is making a major expansion of its electric vehicle fleet.The company announced it ordered 100,000 Teslas to add more choices to its line-up of electric cars reported the Fort Myers News-Press.Click here for News-Press
Nation’s emergency petroleum level to lowest in 37 years
The federal government reported Monday the nation’s emergency crude oil stockpile, the one being drained by President Biden is down to its lowest level since 1985. The Department of Energy issued a report on the Strategic Petroleum Reserve reported Reuters. Click here for Reuters
Other headlines
** The climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer and Senator Joe Manchin could cost billions in new taxes. The legislation, which may get a Senate vote as soon as this week, would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per barrel, …
More heat records to challenge Texas power grid
The soaring temperatures in Texas are likely to result in more power-use records according to ERCOT, the state’s power grid operator. The Electric Reliability Council of Texas (ERCOT), which operates the grid for more than 26 million customers representing about 90% of the state’s power load, has said it has enough resources to meet …
Crude oil made gains on Friday
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 …
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