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OG&E ranks high on utilities list
Oklahoma Gas & Electric Co. has been named a Utility Customer Champion in a study conducted by Market Strategies International/Cogent Reports.
OG&E received a score of 745 on the ECR index, ranking the company No. 9 of 62 electric utilities nationwide. The scores are based on interviews with nearly 60,000 residential customers of electric, natural gas and combination utilities.
“OG&E has made deliberate efforts over the last several years to increase customer engagement and product experiences,” said Ken Grant, OG&E’s vice president of sales and marketing. “We’ve committed to improving our website to enhance the services customers receive; we’ve grown our presence on social media to meet customers where they are; and we have a strong commitment to our value of public service, which helps grow and strengthen our communities. All of these activities increase our interactions and improve our relationships with our customers.”
Jericho plans production boost
Jericho Oil Corp. plans to rework three to five existing horizontal wells in Oklahoma in the first quarter as part of its plan to boost production from its existing wells, the company said Monday.
Jericho in December began cleaning, reworking and restimulating two wells in Oklahoma. Those wells together are producing an additional 65 barrels of oil equivalent per day, the company said.
“Minimal capital investments which provide strong, risk-adjusted returns on capital are Jericho’s main priority to increase production across its entire asset base,” the company said in a statement Thursday.
Williams ramps up pipeline expansion
Williams Partners L.P. has placed into service its Gulf Trace project, a 1.2 million dekathermper-day expansion of its Transco pipeline system. The expansion is designed to serve the Cheniere Energy Partners LP Sabine Pass Liquefaction export terminal in Cameron Parish, Louisiana.
The Sabine Pass liquefaction terminal is the first large-scale liquefied natural gas export facility in operation in the United States. Gulf Trace is part of $1.6 billion in transmission growth projects Williams Partners plans to bring into service on its Transco pipeline system in 2017. Together, the projects are expected to boost the pipeline’s capacity by about 3 million dekatherms per day.
“Projects like Gulf Trace, which leverage existing gas pipeline infrastructure, make it possible to connect abundant domestic supply with emerging international markets,” said Rory Miller, senior vice president of Williams Partners’ Atlantic-Gulf operating area. “Williams is well-positioned to take advantage of the projected surge in LNG demand growth, with our Transco pipeline passing through every U.S. state with an LNG export facility currently under construction.”
Magellan announces quarterly profit
Magellan Midstream Partners LP on Thursday reported a fourth-quarter profit of $213 million, or 93 cents per unit, up from $207 million, or 91 cents per unit, in the year-ago quarter.
Revenues improved to $615 million, up from $573 million in the fourth quarter of 2015. Distributable cash flow was a record $277 million, up from $257 million in the year-ago quarter.
For the full year, Magellan generated a profit of nearly $803 million, or $3.52 a share, down from $819 million, or $3.59 a share in 2015. Revenues increased to almost $2.21 billion, up from $2.19 billion one year ago.
“Magellan finished 2016 on a strong note, generating record quarterly and annual distributable cash flow, increasing annual cash distributions to our investors by 10 percent and maintaining our solid, investment-grade balance sheet,” CEO Michael Mears said. “We expect the favorable momentum of 2016 to continue with another record year projected for 2017 as we benefit from recent expansion projects and continued strong demand within all of our business segments.”