Crude oil producers in the Permian Basin are being told the pipelines carrying their product to Gulf Coast refineries are nearly out of space. A report by Bloomberg suggests pipelines owned by Oklahoma’s ONEOK could be a possible answer. Instead of shipping oil to the Port of Corus Christi where the pipelines are …
Category: Oil & Gas
Court rejects FERC approval of $1 billion Williams Cos. project along Atlantic coast
panel ruled FERC should have better assessed the risk of significant greenhouse gas emissions and how Williams (WMB) Tulsa’s Williams Cos. suffered a legal setback in its $1 billion project to provide more natural gas in five mid-Atlantic states where it planned to serve 3 million customers. The D.C. Circuit Court of Appeals …
Another slide for crude oil prices
A nearly 1% slide in crude oil prices was felt by the oil and gas industry on Tuesday as prices reached a seven-week low. It came as investors reportedly focused their concerns on weakening oil demand from China while OPEC+ appears to not be budging from its plans to increase production. Both benchmarks dropped to …
Oklahoma gasoline prices—down in Tulsa—up in OKC
If there’s a trend in Oklahoma’s gasoline prices, it appears to be increased prices at the pumps in the western half of the state while the eastern counties, for the most part, have seen declining prices. AAA reports the state average is $3.12 per gallon, up four cents from a week ago and …
Energy briefs
** Financially troubled Stellantis might kill some of its underperforming EV brands. It’s what CEO Carlos Tavares said in response to the company’s latest earnings report which showed a net profit drop of 48%. ** Banks including Citigroup Inc. have downgraded their growth forecasts for Asia’s biggest economy, while export prices of US oil heading to …
Bonds to cover storm costs? Sound familiar? It’s the intent of the Houston power company after a hurricane hit the city
Already the target of investigations ordered by the Governor and regulators following the power debacle caused by Hurricane Beryl, CenterPoint Energy Inc. now wants customers to cover the nearly $2 billion in storm costs. And guess how it will do it? With bonds—just like the controversial bonds in Oklahoma’s notorious Winter Storm Yuri. CenterPoint …
Oil company mergers and acquisitions topped $30 billion in 2Q
A report by energy researcher Enverus shows oil patch acquisitions and mergers topped $30 billion in the second quarter of this year and that includes Devon Energy’s $5 billion takeover of shale oil producer Grayson Mills. Devon’s deal allows the Oklahoma City company greater access to the Williston Basin in North Dakota, Montana, South …
Energy Department’s running out of money to refill emergency oil reserve
Nearly two and a half years after he released more oil from the U.S. Strategic Petroleum Reserve in the political name of lowering the nation’s gasoline prices, President Biden now wants more money to replenish the emergency storage. If you recall, Oklahomans in the U.S. House and Senate were critical of the President’s …
SandRidge makes $144 million acquisition in Western Anadarko Basin
SandRidge Energy expanded its western Oklahoma holdings with a $144 million acquisition announced this week. The identity of the seller or sellers was not disclosed but the announcement indicated the acquisition was in the Cherokee play of the Western Anadarko Basin and was for cash consideration. SandRidge also entered into a Joint …
More than being drunk—Corporation Commissioner allegedly attempted to grope a man at a bar
The alleged drunken incident that prompted Oklahoma Corporation Commission Chairman Todd Hiett to go public last week with his admission of an alcohol affliction was more than what we were initially led to believe. Now there is a report that it involved Hiett allegedly groping a man and putting his hand on a man’s …