** The climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer and Senator Joe Manchin could cost billions in new taxes. The legislation, which may get a Senate vote as soon as this week, would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per barrel, …
More heat records to challenge Texas power grid
The soaring temperatures in Texas are likely to result in more power-use records according to ERCOT, the state’s power grid operator. The Electric Reliability Council of Texas (ERCOT), which operates the grid for more than 26 million customers representing about 90% of the state’s power load, has said it has enough resources to meet …
Oklahoma Stock Closing Prices as of Friday, July 29, 2022
Alliance Resource Partners, L.P. 21.91 USD+0.02 (0.09%) Blueknight Energy Partners LP Common Stock 4.66 USD+0.0100 (+0.22%) Chesapeake Energy Ord Shs 94.17 USD+1.28 (+1.38%) Continental Resources, Inc. 68.89 USD+1.63 (2.42%) Coterra Energy Inc 30.59USD+0.77 (2.58%) Devon Energy Corp 62.85 USD+2.48 (4.11%) Empire Petroleum Corporation 11.00 USD+0.51 (4.86%) Gulfport Energy Corp 92.04 USD+0.49 (0.54%) Helmerich & Payne, Inc. 46.30 USD+1.97 (4.44%) LSB Industries, Inc. 13.81 USD+0.46 (3.45%) Laredo Petroleum Inc 88.67 USD+4.37 (5.18%) Magellan Midstream Partners, …
Chickasha Inventor Ordered to Return $270K to Investors
A Grady County inventor was recently ordered to repay $270,000 to nearly 30 investors stemming from a 2018 civil lawsuit filed in Oklahoma County District Court by the Oklahoma Department of Securities. On July 27, District Judge Richard Ogden ordered Stacy Wayne Travis of Chickasha to repay the investors for funds provided for Travis’ work on …
Mammoth Energy Announces Strong 2Q 2022 Financial Results
Oklahoma City-based Mammoth Energy Services, Inc. appears to be rebounding as it reported total revenue of approximately $89.7 million for the second quarter of 2022, nearly doubling its reported revenue from one year ago. Total revenue was $89.7 million for the second quarter of 2022, as compared to $47.4 million for the same quarter last …
US Energy Information Administration Provides Electricity Spreadsheet
The U.S. Energy Information Administration (EIA) recently released its data analysis and projections for the U.S. wholesale electricity and natural gas markets. The data is collected and updated biweekly by the Intercontinental Exchange (ICE). To review a spreadsheet containing daily electricity pricing, volumes and number of trades for 2022, click here.
OCC ALJ to Hear Summit Utilities Rate Application on Wednesday
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 …
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
