Oklahoma’s Blueknight Rakes in $162 Million for Crude Oil Midstream Assets
In a move that transitions Blueknight Energy Partners LP into a pure-play, downstream terminalling business, the Tulsa, OK-based company via three separate transactions has agreed to sell its crude oil terminalling, pipeline and trucking business segments for about $162 million in cash, including estimated crude oil linefill and inventory.
“This announcement represents a significant milestone as we transition Blueknight away from traditional oil and gas operations into a pure-play, downstream terminalling business focused on infrastructure and transportation end markets,” said CEO Andrew Woodward.
Under the largest deal, Blueknight would sell its crude oil terminalling segment to Enbridge Inc. for $132 million. The transaction, expected to close in February, is subject to customary adjustments and excludes crude oil linefill and inventory. It includes around 6.6 million bbl of crude oil storage in Cus
By Reuters Staff
2 Min Read
(Reuters) -U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading above $45 a barrel since late November.
FILE PHOTO: Drilling rigs operate at sunset in Midland, Texas, U.S., February 13, 2019. Picture taken February 13, 2019. REUTERS/Nick Oxford
The oil and gas rig count, an early indicator of future output, rose by eight to 346 in the week to Dec. 18, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.
Scott DiSavino, Reuters Your browser does not support the audio element.
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading over $45/bbl since late November.
The oil and gas rig count, an early indicator of future output, rose 8 to 346 in the week to Dec. 18, the highest since May, energy services firm Baker Hughes Co. said in its closely followed report.
That was still 467 rigs, or 57%, below this time last year.
The number of operating rigs has surged since August, when it hit a record low of 244, according to Baker Hughes data going back to 1940.
That was still 467 rigs, or 57%, below this time last year.
The number of operating rigs has surged since August, when it hit a record low of 244, according to Baker Hughes data going back to 1940.
U.S. oil rigs rose 5 to 263 this week, their highest since May, while gas rigs rose 2 to 81, their highest since May, according to Baker Hughes data.
U.S. crude traded around $49 a barrel this week, their highest since February.
Even though the oil contract was down about 20% since the start of the year, it was still up about 160% over the past eight months on hopes global economies and energy demand will return as more governments relax coronavirus lockdowns.
By Reuters Staff
(Repeats original story)
Dec 18 (Reuters) - U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading over $45 a barrel since late November.
The oil and gas rig count, an early indicator of future output, rose 8 to 346 in the week to Dec. 18, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. RIG-USA-BHIRIG-OL-USA-BHIRIG-GS-USA-BHI
That was still 467 rigs, or 57%, below this time last year.
The number of operating rigs has surged since August, when it hit a record low of 244, according to Baker Hughes data going back to 1940.