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In May 2023, Cushing was selected as the site for a $5.56 billion crude oil refinery for processing 250,000 barrels per day of light and sweet crudes into low-carbon transportation fuels. [31] The next-generation refinery, built with a goal of zero-carbon footprint operation, should be operational in 2027. [31]
A 1912 oil boom led to the city's development as a refining center, [7] with over 50 refineries operating in Cushing over its history. [8] Today, Cushing is a major trading hub for crude oil and a price settlement point for West Texas Intermediate on the New York Mercantile Exchange [9] and is known as the "Pipeline Crossroads of the World."
American petroleum refining largely grew out of oil shale refining. When the Drake Well started producing in 1859, the oil shale industry was growing rapidly, and establishing refineries near cannel coal deposits along the Ohio River Valley. As oil production increased, the oil shale refiners discovered that their refining process worked just ...
Oklahoma City-based oil and gas companies started 2023 with billions of dollars in profits, with plans to return much of that value to shareholders. ... Continental reported acquiring $681 million ...
The Oil & Gas Journal publishes a worldwide list of refineries annually in a country-by-country tabulation that includes for each refinery: location, crude oil daily processing capacity, and the size of each process unit in the refinery. For some countries, the refinery list is further categorized state-by-state.
It could be Christmas in July for the Oklahoma oil and gas industry.
From 1907 to 1930, Oklahoma and California traded the title of number one US oil producer back and forth. [1] Oklahoma oil production peaked in 1927, at 762,000 barrels/day, and by 2005 had declined to 168,000 barrels/day, but then started rising, and by 2014 had more than doubled to 350,000 barrels per day, the fifth highest state in the U.S. [2]
Midstates Petroleum to Acquire Oil-Weighted Properties in the Western Anadarko Basin in Oklahoma and Texas Transaction Significantly Increases Scope, Scale and Upside Potential HOUSTON--(BUSINESS ...