From PR News Wire Magellan Midstream Partners, L.P. (NYSE: MMP) announced today a new open season to solicit additional commitments from shippers to potentially further expand the western leg of its refined petroleum products pipeline system in Texas. Binding commitments are due from interested customers by 5:00 p.m. Central Time on July 11, 2018. Magellan previously announced it is expanding
Magellan Midstream Partners, L.P. (ticker: MMP) announced this week that it will build a 60-mile, 24-inch pipeline that connects Wink and Crane, TX. The pipeline’s price tag will be approximately $150,000,000. The pipeline should be operational midway through 2019, the company said in a press release. The new pipeline will serve direct service from the Delaware basin to the Crane
Tellurian+Magellan merger is expected to close Q4 On October 11, Magellan Petroleum (ticker: MPET) filed an S-3 Registration Statement with the SEC paving the way to sell up to $500 million in common stock, warrants and units, the proceeds to be used for general corporate purposes for the company which is moving toward LNG development. Magellan’s previously announced reverse merger
Meg Gentle will Drive Tellurian’s Driftwood Gulf Coast LNG Project Development Former Cheniere exec Meg Gentle will lead Tellurian Investments as the company’s president, CEO and a member of the board. Gentle has also made a $10 million private investment in Tellurian. At Cheniere, Gentle served as EVP of marketing, based in London, England. “Meg is an exceptionally talented executive,”
Merger with Magellan Delivers Capital Market Access to Tellurian’s Gulf Coast LNG Project Denver’s Magellan Petroleum Corporation (ticker: MPET) has entered into a definitive merger agreement with Tellurian Investments Inc., the recently formed private company founded by ex-Cheniere CEO Charif Souki and ex-BG COO Martin Houston. Tellurian is focused on the development of a mid-scale liquefied natural gas (LNG) facility on
Magellan Announces Preliminary Results of Horse Hill Flow Test DENVER, CO–(Marketwired – February 23, 2016) – Magellan Petroleum Corporation (NASDAQ: MPET) (“Magellan” or the “Company”) today announced preliminary results of a flow test of the Horse Hill-1 well located in the Weald Basin, onshore UK, which is operated by Horse Hill Development Limited (“HHDL”) and in which Magellan has a
Back in November 2014, Oil & Gas 360® asked an analysts who follows the MLP space closely if MLPs were a fad. He responded, “This is like asking me if Western Civilization is a fad.” That exchange occurred on Nov. 18, 2014, nine days prior to last Thanksgiving Day’s OPEC announcement. The very one that sent the price of crude oil—along with
Magellan Midstream reports second quarter results Oklahoma-based Magellan Midstream (ticker: MMP) reported its second quarter financial results, showing 21% in year-over-year income growth. In Q2, MMP reported $177.4 million in net income, an increase of $31.1 million from $146.3 million in the same period last year. Distributable cash flow (DCF) for the company also increased by 14% to $222.8 million
Magellan Midstream and LBC Tank Terminals Form 50/50 Joint Venture to Build Terminal and Pipeline Infrastructure on the Houston Gulf Coast Magellan Midstream Partners, L.P. (MMP) (“Magellan”) and LBC Tank Terminals, LLC (“LBC”) announced today that they have formed a 50/50 limited liability company Seabrook Logistics, LLC (“JV”), to own and operate crude oil storage and pipeline infrastructure in the
CO2-EOR a technical success in the Charles formation Magellan Petroleum (ticker: MPET) announced last week that the company’s CO2 enhanced oil recovery (CO2-EOR) pilot project is a “technical success,” according to MPET President and CEO J. Thomas Wilson. The pilot was concluded and proves that it is a technically viable tertiary recovery method in the Charles formation at Poplar Dome,
A wholly-owned subsidiary of Anadarko purchased a 20% equity interest in the Saddlehorn Pipeline Project Magellan Midstream Partners (ticker: MMP) and Plains All American Pipeline (ticker: PAA) announced today that a wholly owned subsidiary of Anadarko Petroleum (ticker: APC) exercised its option to purchase a 20% equity interest in Saddlehorn Pipeline Company. MMP and PAA will each have 40%equity ownership
Oil, Gas Prices Aside, the U.S. Economy, DJIA and Drillers Move Ahead Oil prices inched lower this morning, with West Texas Intermediate (WTI) and Brent below $54 and $58, respectively. Crude oil inventories increased by 7.3 million barrels, according to the Energy Information Administration’s (EIA) Weekly Petroleum Status Report, released on December 24. “[The] inventories are well above the upper
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