The bidding battle by Canadian National Railway Co. in the takeover of Kansas City Southern ended this week when CNR declined to increase its offer, giving way to Canadian Pacific Railway Ltd. The deal will create the first railroad to span the U.S., Canada and Mexico. Kansas City Southern lines extend through Oklahoma. …
Crude oil prices held their own with the arrival of Nicholas in Texas
Crude oil prices managed a slight improvement on Tuesday as Nicholas, the short-lived hurricane that quickly turned into a rain-bearing tropical storm over Texas and Louisiana hit the Gulf states. Damages to the U.S. energy infrastructure weren’t as extensive as those reported from Hurricane Ida earlier in September. U.S. West Texas Intermediate crude for …
Colonial pipeline closes again—this time over Hurricane Nicholas
The nation’s largest pipeline was closed Tuesday because of extensive power outages in South Texas caused by the arrival of Hurricane Nicholas. Colonial shut down operations as a pre-emptive move, closing its main gasoline and distillate fuel lines reported Hart Energy. Click here for Hart Energy report.
Supreme Court rules against former legislator in lawsuit against Todd Hiett
The Oklahoma Supreme Court ruled this week that former Oklahoma City Rep. Mike Reynolds lacked legal standing to file suit accusing Oklahoma Corporation Commissioner Todd Hiett of violating the state constitution because he sits on a bank’s board of directors. “Action dismissed for want of standing,” stated the ruling. The court also denied Hiett’s …
New lender for PHX Minerals in OKC
Oklahoma City-based PHX Minerals Inc. recently announced the closing of a new four-year $100 million senior secured credit facility. The new facility, led by Independent Bank including MidFirst Bank replaces the company’s previous credit agreement which was with a lending syndicate led by Bank of Oklahoma. The new facility included an initial borrowing base …
Oklahoma firms get USDA loans for renewable energy projects
Three Oklahoma companies are among those set to receive part of the $464 million the USDA announced it is investing in solar, wind and other renewable energy projects in the Midwest and Great Plains. Central Rural Electric Cooperative headquartered in Stillwater will receive $88.7 million to improve 179 miles of electric lines throughout north-central …
Kansas to install $2 million in EV chargers along interstates
The state of Kansas says it will use millions in Volkswagen settlement money to install at least a dozen electric vehicle charging stations along major interstates and highways. The $2 million project was announced this week by the Kansas Department of Transportation reported the Wichita Eagle. Click here for Wichita Eagle.
Energy news in brief
** The U.S. government has agreed to sell crude oil from the nation’s emergency reserve to eight companies including Exxon, Chevron and Valero, under a scheduled auction to raise money for the U.S. budget, the Department of Energy said. ** U.S. Rep. Teresa Leger Fernández, a New Mexico Democrat, introduces a bill that would provide $5 …
Dems propose keeping oil and gas industry tax breaks
President Biden doesn’t get everything he wants from Congress when it comes to his attacks on the oil and gas industry in Oklahoma and across the U.S. Take for example his call to end the tax breaks for oil and gas producers. Congress ignored Biden this week, unveiling a draft tax overhaul in the …
Feds okay private nuke waste site in West Texas oilfields
A private company’s plan to store tens of thousands of tons of highly radioactive nuclear waste in west Texas oilfields won approval this week from Federal regulators. The U.S. Nuclear Regulatory Commission granted a license to Orano CIS LLC and its joint venture partner, Waste Control Specialists LLC. It will allow the firms to …