Eagle & Beagle
Midstream is a bit of energy industry jargon that appears frequently in this section of the newspaper. Midstream, in this context, refers to a petroleum product — or the stuff used to store or move that product — between where it was produced and where it will be consumed.
Our eagle this week is a midstream company. Units of Blueknight Energy Partners jumped 13.6 percent last week, nearly setting a new 52-week high before settling Friday at $8.75.
Among Blueknight's midstream assets are nearly 7.8 million barrels of crude oil storage, including about 6.6 million barrels in Cushing. The company also owns more than 1,000 miles of pipeline in this region.
With earnings coming Wednesday, some traders signaled that their optimism about this Oklahoma City-based energy company once known as SemGroup Energy Partners LP.
It was a celebratory week on Wall Street as the benchmark Dow Industrials set a new all-time high, erasing a five-year-old mark set before the Great Recession.
Fortunately, there were few Oklahoma firms that experienced a down week during the festivities. Shares of Tulsa's Apco Oil & Gas International sustained the biggest loss among our state-based publicly traded corporations, slipping a modest 5.4 percent to close Friday at $12.90.
Much of the week's loss came before the company announced Thursday that it had boosted its profits to $39.1 million in 2012 from $31.7 million in 2011. Apco produced more oil and gas and received better prices last year than it did the year before.
APAGF shares remain down about 80 percent from their year-ago price, mainly due to political issues in Argentina, where it operates.
CEO Ralph Hill said those political concerns didn't affect the company's bottom line, and expressed hope “that the business and political climate will improve to provide the conditions necessary to encourage further growth in Argentina.”
Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.