OERB announces new member
Former state Rep. Danny Morgan has been appointed to the Oklahoma Energy Resources Board. Morgan, a former Prague mayor who spent 10 years in the Oklahoma House of Representatives, is president of Morgan Well Service Inc. and Digger Oil and Gas Co. He joins 20 other members of OERB's board. “Mr. Morgan has already dedicated so much of his time to helping share the industry's message,” OERB Executive Director Mindy Stitt said. “His strong background in the industry and time in public office makes him a good fit for our forward-thinking board of directors. I look forward to having his input.” Morgan is a former board member of the Oklahoma Independent Petroleum Association, former chairman of the Marginal Well Commission Advisory Committee and past state president of the Association of Energy Service Companies.
Blueknight seeks crude shippers
Blueknight Energy Partners LP will launch an open season next week to solicit shipper commitments to transport crude oil from southern New Mexico to Crane, Texas. Blueknight is proposing a 95-mile extension to its previously announced Pecos River Pipeline, which is expected to begin operating in the second quarter. “The Pecos River Pipeline extension establishes a critical link to the attractive Gulf Coast market hubs for producers and shippers actively drilling in the area,” CEO Mark Hurley said. “The proposed 95-mile extension will afford shippers and producers in the rapidly developing production area of New Mexico and around Pecos, Texas, a similar opportunity to efficiently and affordably move their crude to markets where they can optimize the price.” The extension's transportation capacity could reach up to 100,000 barrels of oil a day, depending on the response from producers and shippers. It could be in service by the first quarter of 2015.
Gas processors add 2 directors
TULSA — The Gas Processors Association has added two new directors, the nonprofit trade group announced this week. The association named Debbie Beaver as director of technical services and Crystal Myers to the newly created position of director of communications. Beaver spent 25 years with The Williams Cos. Inc. “Debbie has brought with her a wealth of industry knowledge to GPA, along with invaluable organizational, analytical and research skills. We are pleased that she'll be leading these important efforts,” Executive Director Mark Sutton said. Myers joined the association after six years as a contract associate with Dollahon Public Relations. “Our increased advocacy efforts have continuously heightened GPA's visibility, especially during the last five years,” Sutton said. “Crystal's communications expertise and her knowledge of our association and industry will further strengthen GPA's identity with our stakeholders.”
TULSA — Earnings rose in the fourth quarter at SemGroup Corp. on some higher pipeline volumes, the company said Thursday. SemGroup had net income of $21.1 million, or 50 cents per diluted share, compared to net income of $305,000, or one cent per diluted share, in the fourth quarter of 2011. Revenues fell to $316 million in the fourth quarter, down from $330 million in the year-earlier quarter. “SemGroup delivered exceptional performance during 2012, wrapping up a multi-quarter trend with continued strong results in the fourth quarter,” said Norm Szydlowski, president and CEO of SemGroup. “We continue to invest significantly in organic growth projects, which are all currently on schedule and on budget.”
ROSE ROCK MIDSTREAM LP
TULSA — Profits fell in the fourth quarter of 2012 at Rose Rock Midstream LP to $4.6 million, down from $6.8 million in the fourth quarter of 2011, the partnership said Thursday. It increased the partnership's quarterly cash distribution to 40.25 cents per unit, up from 39.25 cents per unit in the third quarter of 2012. “We continue our focus on organic growth driven by opportunities like the White Cliffs Pipeline, a tremendous asset with substantial volume growth and expansion work already in progress,” said Norm Szydlowski, chief executive officer of Rose Rock Midstream's general partner. Rose Rock is a crude oil pipeline and storage partnership that is majority owned by SemGroup Corp.
From staff reports