Public comment and a hearing before Administrative Law Judge Linda Foreman is set for Wednesday morning in Room 301 at the Oklahoma Corporation Commission for Summit Utilities Oklahoma, Inc. Originally scheduled for July 28, this regular meeting was continued until August 3, 2022 at 8:30 a.m. The company is seeking approval of its performance-based rate …
Category: General
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
ConocoPhillips sells hundreds of wells in Oklahoma and Texas
In a $240 million deal, Alabama-based Diversified Energy Co. Plc has acquired Midcontinent assets from ConocoPhillips. The acquisition includes nearly 1,500 producing wells in Oklahoma and Texas as Diversified strengthens its central regional focus area. “I am pleased to announce another strategically-aligned acquisition at a compelling valuation in the Company’s Central Region that reinforces …
Gain in rig numbers across the U.S.
The U.S. rig count rose by five in the last week to a total of 828 on July 28, according to Enverus Foundations data. The count is down 0.7% in the last month, but up 51% YOY. The number of active rigs running reached as high as 834 during the last week. The DJ …
Pilot travel centers agrees to fine over water violations
Pilot Travel Centers and the Environmental Protection Administration reached an agreement in which the firm would pay at more than $121,000 fine for violating the Clean Water Act at its truck stops. The Omaha World Herald reported the violations occurred at the Pilot Travel centers in Nebraska, Missouri and Iowa. Click here for Omaha …
Gasoline prices continue falling in Oklahoma
Oklahoma, Kansas, Nebraska and Iowa are among those states with the largest drop in average gasoline prices. Oklahoma prices plunged 25 cents while prices in Kansas dropped 26 cents per gallon according to AAA. The new average this week in Oklahoma is $3.88 a gallon compared to $4.13 a week ago. A month ago, prices …