The challenges of biodiesel refining claimed one of the nation’s eleven biodiesel refineries. W2Fuel in Crawford, Iowa shut down operations this week with a company official explaining the firm needed more certainty for the need of its product. The plant produced nearly 10 million gallons of fuel a year. But there was doubt about …
Category: Oil & Gas
Other energy reads
** U.S. climate envoy John Kerry on Tuesday urged the world to be “very skeptical” about claims from oil and gas producers that emerging technology soon will allow people to adequately capture the climate-wrecking fumes emitted by their cars, planes and businesses. ** West Virginia Sen. Shelley Moore Capito and Rep. Carol Miller have teamed …
ONEOK and Magellan advance their nearly $19 billion merger
Despite opposition from one Magellan Midstream shareholder, ONEOK and Magellan are moving ahead in preparation of ONEOK’s $18.8 billion acquisition of the Tulsa company. In a filing with the Securities and Exchange Commission, the two companies described it a “fast paced few weeks since we announced our merger.” The two announced the formation of …
Biden administration managed to make profit as it refills Strategic Petroleum Reserve
The refilling of the nation’s Strategic Petroleum Reserve by the Biden administration resulted in a $66 million profit for the country. The profit came after the President released millions of barrels from the SPR in 2022 because of high gasoline prices. Now, as the government replenishes its emergency oil reserves, its deal with five …
McClain County drilling effort proves successful for CPRP Services
Completion reports filed nearly 7 months after some wells were producing in McClain County, show growing exploration efforts by CPRP Services LLC of Oklahoma City. The company had a two-well effort from a single pad with production of nearly 1,800 barrels of oil a day. A third adjacent well brought the three-well production to …
House votes to turn up the heat on Biden administration’s proposed ban of gas stoves
The U.S. House on Tuesday voted to block the Biden administration’s plans to ban gas stoves. All five Oklahomans in the house were among the 248 who voted in support of H.R. 1615, the Gas Stove Protection and Freedom Act. The act was opposed by 180 Representatives. Rep. Josh Brecheen’s vote was no surprise …
An ‘up’ day for crude oil prices and Oklahoma energy stocks
A 3% climb in crude oil prices on Tuesday also saw Oklahoma energy stocks make a big up with one firm recording a nearly 9% gain for the day. Crude prices recovered from steep losses a day earlier and did so after China’s central bank lowered its short-term lending rate for the first time …
Oklahoma’s crude oil production to grow in July
A new report by the federal government predicts increased crude oil production in the Anadarko and the Permian Basins from June to July. The U.S. Energy Information Administration, in a report issued this week, said it expects crude oil production in the Anadarko Basin to increase from 439,000 barrels of crude oil a day …
Ovintiv completes $4.2 billion acquisition of holdings in Permian Basin
Ovintiv Inc., the company with a history of large producing oil wells in Kingfisher County, announced this week the completion of its $4.2 billion acquisition of core Midland Basin assets in West Texas. The Permian deal involved its purchase of assets of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources. The acquisition …
Other energy highlights
** The inflation rate is down slightly but is still two times higher than the Federal Reserve’s ideal rate of 2%, according to Tuesday’s Consumer Price Index Report, which showed that the prices of U.S. goods and services increased 4% in May compared to the previous 12 months. ** In a weekend speech to Georgia Republicans, former President …