OnCue plans 17th CNG fuel station
STILLWATER — OnCue Express is building its first compressed natural gas fueling station for heavy-duty trucks. The new station in Hennessey will be the first such station in Oklahoma that is not on an interstate highway. It also will serve pickups and sedans that run on CNG. “OnCue is excited to work with both heavy-duty and light-duty fleets throughout Oklahoma,” CEO Jim Griffith said. “Every gallon of CNG we sell is one less gallon we purchase from overseas.” . The new station on the south side of Hennessey will be OnCue’s 17th location with CNG. OnCue plans to open as many as 10 CNG stations this year.
Clean Line Energy to host talks
Clean Line Energy Partners will have office hours next week at Indian Capital Technology Center in Sallisaw to discuss its planned electric transmission line across Oklahoma. The company will have project representatives and land agents on hand from 9 a.m. to 4 p.m. Tuesday to discuss the Plains and Eastern Clean Line, a $2 billion transmission line meant to carry wind power across Oklahoma and Arkansas to markets in the southeast.
NEW CEO takes reins at WPX
TULSA — Rick Muncrief started his new job Thursday as chief executive officer of WPX Energy. “I believe in the future of WPX and want to lead a transformation of this company that we and our shareholders are proud of. That’s why I’m here,” Muncrief wrote in a letter to WPX employees. The former Continental Resources Inc. executive will join WPX’s board after the company’s annual meeting next week. Muncrief intends to visit each of WPX’s operating areas during his first three weeks on the job. WPX, which has about 1,200 employees, has 16 drilling rigs active in the Piceance, Williston and San Juan basins.
Matrix adds board member
TULSA — Matrix Service Co. is expanding its board to seven members, adding James H. Miller to fill the new position, according to a regulatory filing Thursday. The move was recommended by the board’s nominating and corporate governance committee. Miller is executive vice president of the Americas for Kvaerner ASA, which last year sold its North American business to Matrix in a $88.1 million deal. Miller’s term, which began May 9, expires at Matrix’s annual shareholders meeting.
Panhandle Oil & Gas pays dividend
Panhandle Oil and Gas Inc. will pay a regular quarterly dividend of 8 cents a share, the company reported Thursday. The dividend will be paid on June 10.
New Gulf secures $500M loan
TULSA — New Gulf Resources LLC has secured $500 million in financing to help with its acquisition of a key East Texas asset, the company announced this week. New Gulf issued senior and subordinated debt and granted warrants to purchase equity in the company. It also closed on the $450 million acquisition of 83,000 net acres in five Texas counties from subsidiaries of Houston-based Halcon Resources. The deal includes production of 3,600 barrels of oil equivalent a day, a natural gas gathering and processing system that spans three counties and rights to 330 square miles of new 3D seismic data. “We have married a first class hydrocarbon rich asset with a team that has successfully exploited and developed two prior projects in the basin,” CEO Ralph Hill said. “We expect to increase production substantially as we deploy a multiple rig program in these proven areas.”
Frontier announces pipeline
TULSA — Frontier Midstream Solutions LLC is planning to develop a new crude oil transportation system in west Texas and southeastern New Mexico, the company announced this week. The system, which will be owned by Alpha Crude Connector LLC, will consist of more than 400 miles of crude oil transportation pipeline, multiple truck racks and more than 300,000 barrels of storage capacity. The pipeline will have the capacity to deliver more than 100,000 barrels of oil a day to multiple delivery points for local refineries, rail outlets and major downstream pipelines. “We are excited to be back in the Permian Basin and look forward to serving the producing community in the northern Delaware Basin,” Frontier President Dave Presley said. “ACC will support growing midstream demand from increased drilling activity in the northern Delaware Basin and is designed to help producers reduce their logistics costs while maintaining the optionality to reach multiple markets.” Alpha Crude is a joint venture between Frontier and Concho Resources Inc.
Oil prices take hit from data
The price of oil fell below $102 a barrel Thursday as weak economic data in the U.S. suggested demand could fall. Benchmark U.S. crude for June delivery fell 87 cents to close at $101.50 a barrel in New York. Brent crude, a benchmark for international oil used by many U.S. refineries, rose 25 cents to close at $110.44 a barrel in London. Oil slipped after the Federal Reserve said Thursday that U.S. industrial production dropped in April. The decline in activity, along with weak retail sales data released earlier in the week, suggested demand for U.S. crude may not be as strong as expected. Also, stockpiles of oil rose by 900,000 barrels last week. A stronger dollar made crude priced in dollars more expensive. Brent crude was lifted by the continued absence of Libyan crude and a forecast for higher global demand by the International Energy Agency. The Paris-based IEA raised its forecast to 92.8 million barrels a day, 65,000 barrels a day more than its forecast a month ago. The average retail price of gasoline rose less than a penny to $3.64 per gallon.
From Staff and Wire Reports