** The Minnesota Court of Appeals on Monday affirmed state regulators’ key approvals of Enbridge Energy’s Line 3 oil pipeline replacement project, in a dispute that drew over 1,000 protesters to northern Minnesota last week. ** Royal Dutch Shell Plc is reviewing its holdings in the largest oil field in the U.S., a possible sale that could raise …
Category: Oil & Gas
Refiners might get biofuels relief
Refinery operators such as the CVR Refinery in Wynnewood that took its challenge of biofuels mandates to the U.S. Supreme Court might get some relief under the Biden administration. Reuters reports that the administration, under pressure from labor unions and U.S. senators in Delaware is giving thought to providing relief to the refiners from …
Baker Hughes Reports Slight Increase in US Rig Count
The U.S. oil and gas rig numbers increased by 5 in the past week to reach 365 according to the latest report from Baker Hughes Co. and Enverus. Oklahoma’s count remained unchanged at 28 rigs, still ahead of the 10 rigs reported one year ago. Nationally, the increased count included six more oil rigs to …
Devon Reports on 2021 Annual Meeting Results
Oklahoma City-based Devon Energy Corporation held its Annual Meeting via remote access on Wednesday, June 9, 2021 due to continued concerns regarding the COVID-19 pandemic. Eleven nominees were elected by the shareholders of record to the oil and gas producer’s Board of Directors for a one-year term. The following individuals were elected to serve on …
North Dakota Supreme Court Victory for Continental Resources
Continental Resources recently scored a unanimous victory before the North Dakota Supreme Court. The case involves an appeal filed by plaintiffs, Rhonda Pennington, Steven Nelson, Donald Nelson and Charlene Bjornson against the Oklahoma City-based energy company. In 2011, the plaintiffs executed oil and gas leases for property in McKenzie County, North Dakota. Each lease term …
Energy news in brief
** The director of the North Dakota Pipeline Authority says Keystone XL’s cancelation “adds a cloud to all new pipeline projects.” ** A federal judge prepares to rule on a suit by 13 largely Southeastern states challenging President Joe Biden’s moratorium on new oil leases on federal land. ** Native American contractors working on the Line 3 pipeline replacement and expansion say recent …
Crude oil prices settled back above $70
Crude oil prices rebounded in Thursday’s trading as benchmark US prices finished again above $70 a barrel. West Texas Intermediate crude for July delivery finished up 33 cents at $70.29 a barrel in trading on the New York Mercantile Exchange. Global benchmark Brent crude for August delivery closed up 30 cents at $72.52 …
Magellan Midstream sells terminals network in $435 million deal
Tulsa’s Magellan Midstream Partners, L.P. announced Thursday the $435 million sale of its independent terminals network. The network is comprised of 26 refined petroleum products terminals with nearly 6 million barrels of storage. Buckeye Partners, L.P. made the acquisition of the terminals that are primarily located in the southeastern U.S. “The sale of our …
EV operators in Texas won’t face electric car tax
While Oklahoma and other states have imposed fees on electric vehicle operators in order to get their fair share of highway construction and maintenance, Texas did not this year. The new tax was expected but legislators failed to follow through on the idea and now there are reports such an EV tax might be …
Energy news in brief
** U.S. gasoline stockpiles have jumped to the highest in three-months, while a measure of demand fell to a three-month low, according to a government report published Wednesday. ** The U.S. Energy Information Administration forecasted West Texas Intermediate crude prices for the rest of the year will be at an average of $61.85 a barrel, up …