Pickens backs energy alliance
T. Boone Pickens said Thursday on CNBC the answer for the country's debt problem is to produce our domestic energy and to stop shipping American dollars to energy producers in the Middle East and other parts of the world. “If you look at countries around the world that are on their own resources, they're doing very well,” he said. Pickens called for the U.S. to create an energy alliance with Canada and Mexico “and get off the OPEC oil.” Pickens said he expects a moderate increase in energy prices over the next six months with year-end prices of West Texas Intermediate crude about $100 a barrel, Brent International crude at $115 to $20 and natural gas at $4 per thousand cubic feet.
Ronan takes Atlantic Power post
Former SemGroup Corp. CEO Terry Ronan has been appointed executive vice president and chief financial officer at Atlantic Power Corp., a Boston-based power generation and infrastructure company. Ronan will assume his new job effective Aug. 20. Ronan guided SemGroup through 16 months of bankruptcy proceedings after co-founder Tom Kivisto was ousted amid allegations of misleading investors about the company's liquidity. He stepped aside in December 2009 to make way for current SemGroup CEO Norm Szydlowski.
Commission gets $140K from EPA
The Oklahoma Corporation Commission has been awarded nearly $140,000 by the U.S. Environmental Protection Agency to continue its efforts to protect groundwater. The commission has the authority to enforce EPA's underwater injection control program in Oklahoma. The money will be used to issue permits for injection wells that meet program requirements and for shutting down wells when pollution has occurred.
Unit Corp. offer goes to $400M
TULSA — Unit Corp. announced Thursday it intends to offer $400 million in senior subordinated notes in a private offering to eligible buyers. Proceeds will be used to help finance the company's $617 million acquisition of acreage in western Oklahoma and the Texas Panhandle from Noble Energy Inc. Unit originally sought $350 million in the offering, but increased the amount Thursday afternoon.
Customers sought for pipeline
TULSA — Magellan Midstream Partners LP and Occidental Petroleum Corp. have announced a one-week extension of their binding open season to solicit capacity commitments from shippers interested in transporting crude oil from Colorado City, Texas, to the Houston area on the proposed BridgeTex Pipeline. Binding commitments are now due by July 18. Magellan and Occidental are assessing customer interest in transporting up to 278,000 barrels of oil a day using about 400 miles of newly constructed pipeline and an expansion of Magellan's distribution system. The proposed pipeline is expected to be in service by mid-2014, subject to sufficient commitments and regulatory approvals.
From staff reports