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 …
Oklahoma inventor to repay some investors
A Judge in Oklahoma City has ordered a man to repay nearly $270,000 to investors of his gravity-powered electricity generating system. Click here for The Oklahoman
Williams shows progress toward 2030 climate commitment
Williams announced the release of its 2021 Sustainability Report, showing specific steps the company has taken toward meeting its 2030 climate commitment. In addition to providing a comprehensive review of environmental performance metrics, the latest sustainability report details the company’s focus on social and governance issues as it serves growing demand for clean, affordable …
