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 …
Fort Smith city leaders face $22 million Air Force decision
City leaders in Fort Smith, Arkansas just across the state line with Oklahoma will have a decision to make next week—whether to kick in $22 million for a runway extension so Ebbing Air National Guard Base can become the site of a Lockheed Martin F-35 Lightning II training center. The Air Force announced last …
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 …
Produced water session to be presented Friday
The Oklahoma Water Resources Center will hold a second session on Friday of its Produced Water Treatment and Reuse Seminar series. The largest volume by-product of oil and gas production is produced water. The average oil well in the U.S. produces over 9 barrels of water per barrel of oil. The Friday session will begin …
Former SandRidge Energy tower renamed
Once home to SandRidge Energy, the company’s former headquarters tower in downtown Oklahoma City has been officially renamed the “Strata Tower at Oklahoma Commons.” Located at 123 Robert S. Kerr Avenue, the 30-story building is now home to about 1,200 state employees after SandRidge went bankrupt and sold it to the state. The renaming …
Oil recovery boosts New Mexico’s revenues
New Mexico’s oil production is recovering from the pandemic despite fewer oil rigs according to state officials who said this week revenues are tracking ahead of forecasts by nearly $350 million. A state official who testified before a legislative committee this week indicated overall gross receipts tax collections are still down compared with fiscal …
New Mexico stream access fight attracts US Senator
The long-running dispute in New Mexico over public access to rivers and streams that flow through private property has attracted the attention of Democratic U.S Sen. Martin Heinrich. He’s opposed to a 3-year old state Game Commission rule that gives landowners the ability to petition state officials to certify the waters on private property …
Keystone XL pipeline is officially dead
This week’s decision by TC Energy to officially pull out of development of the Keystone XL oil sands pipeline drew quick responses from Oklahomans in congress and others who supported the project. The abandonment left the Keystone officially dead and in the obituary columns. Oklahoma U.S. Rep. Markwayne Mullin immediately tweeted his reaction. Markwayne …