Magellan grows, plans split
TULSA — Magellan Midstream Partners LP is moving ahead with a two-for-one split of its limited partner units, the partnership announced Thursday. CEO Michael Mears said Magellan's growth has made the split possible. The partnership has increased its quarterly cash distribution 41 times, or 259 percent, since its initial public offering in 2001, while its unit price has risen more than sevenfold. “This unit split, the second in Magellan's history, reflects our confidence in the future growth of Magellan and enhances our liquidity by making our equity more accessible and affordable to a larger group of new investors,” Mears said.
Osage well begins production
California-based Osage Exploration and Development Inc. has commenced production from its third well in Oklahoma's Mississippian oil play. The Davis Farms well currently is producing about 600 barrels of oil equivalent per day, with oil accounting for up to 90 percent of that total. Osage and its partners have amassed more than 30,000 acres in Logan County as part of their Nehama Ridge project. They plan to begin running two rigs simultaneously next month on that acreage. The partners also intend to drill their first well in western Oklahoma's Woodford Shale in the first half of 2013.
Crews assess Isaac's damage
TULSA — Crews are still inspecting Williams Partners LP's platforms and processing plants in the eastern Gulf of Mexico to assess potential damage from Hurricane Isaac, company officials reported Thursday. Williams had shut in its Devils Tower, Canyon Station and Blind Faith platforms, as well as the offshore Mountaineer and Canyon Chief gathering pipelines, Mobile Bay processing plant and Geismar olefins production facility. Personnel have returned or are returning to inspect those assets through Friday. So far, producers shut in approximately 500 million cubic feet in natural gas scheduled to flow on the Transco interstate pipeline. The Gulfstream pipeline also was affected by the storm. Offshore and onshore properties in the western Gulf of Mexico were not impacted by the hurricane and are operating normally, the company reported. Tulsa-based Williams Cos. Inc. owns controlling interest in Williams Partners.
BP to donate $1M for storm relief
NEW ORLEANS — Oil giant BP says it will donate $1 million to support relief efforts related to Isaac, which lashed Louisiana and Mississippi with flooding rains and wind. BP says the donation will be made to the American Red Cross and The Salvation Army and divided equally between the two hard-hit states. In addition to the donation, BP says it's also providing assistance to employees and their families in the region. Two years ago, an oil rig operated by BP in the Gulf of Mexico exploded, causing a massive oil spill. Millions of gallons of oil spilled into the Gulf over several weeks and slimed coastal areas until the blown out oil well was capped.