NATIONAL — The United States Energy Information Administration (EIA) released a report forecasting crude oil prices to be higher than $100 per barrel over the coming months. The energy industry saw a sharp increase in Brent and West Texas Intermediate (WTI) crude oil prices after the invasion of Russian forces into Ukraine.
WHIPPANY, N.J., (March 10, 2022) — Suburban Propane Partners L.P. announced it purchased a 25% equity stake in Independence Hydrogen Inc. a veteran-owned and -operated supplier of gaseous hydrogen solutions, for $30 million. The partnership also announced the creation of a new subsidiary, Suburban Renewable Energy LLC, as part of its long-term strategic goal of building out a renewable energy platform.
NATIONAL — Sonariot, provider of Mopeka Products Sonar Tank Monitoring Solutions, and Rutherford Equipment have announced the signing of their partnership.
This partnership will extend Rutherford Equipment’s product offerings to their extensive customer network across the Southeastern United States, including Florida, Georgia, North Carolina, South Carolina, Virginia, Tennessee, Alabama, and Mississippi.
KENT, Conn. (March 10, 2022) – Cetane Associates LLC is pleased to announce that Lakes Gas Co., a Minnesota corporation headquartered in Wyoming, Minnesota has acquired the propane and refined fuels delivery business of Foss-Johnson Oil LLC based in Walcott, N.D. The transaction closed on March 1, 2022.
West Palm Beach, Fla. (March 1, 2022) — Blue Peak Resources announced the sale of Economy Energy LLC of Peekskill, New York, to Durkin Propane of Brewster, New York, owned by Ray and Andy Durkin.
Founded in 2010 by Henry Seger and Patty McGrath, Economy Energy is a family-owned propane company that services Westchester and Putnam counties and the surrounding areas of New York. Both Henry and Patty have been entrenched in the propane industry for more than 50 years.
Washington (March 3, 2022) — Medium-duty fleet owners looking to invest in an alternative energy source that provides clean, affordable and reliable benefits have new technology to turn to with the Cummins B6.7 Propane. The 6.7-liter displacement engine will be built on Cummins' recently announced fuel-agnostic B-series platform and powered with propane autogas. Backed by data and support from the Propane Education & Research Council (PERC), the new engine offers fleets a path to decarbonization without compromising on performance or range.
Houston (Feb. 1, 2022) — Crestwood Equity Partners LP and Oasis Midstream Partners LP announced today that the companies have successfully closed the transactions contemplated by the previously announced merger agreement. As a result of the combination, Crestwood has significantly enhanced its scale and competitive position in the Williston and Delaware Basins, enabling the company to capture expected operational and commercial synergies of approximately $45 million and driving enhanced financial strength and flexibility.
The COVID-19 pandemic triggered a shift to remote working, which has boosted the adoption of virtual reality (VR) by oil and gas companies for training, collaboration and data visualization, says GlobalData. The data and analytics company notes that this shift will persist even though most employees have now returned to offices.
Canton, Mass. — Hank S. Wolfson has been elected a partner at Gray, Gray & Gray, LLP, a consulting, business advisory and accounting firm based in Canton, Massachusetts. Wolfson has served as the firm’s chief operating officer since 2015 and will continue in that role.
Rutherford Equipment Inc. has announced the hiring of Brian Atwood as sales and marketing manager for the company. Atwood will manage overall sales efforts and work with the sales team to grow relationships with current customers and prospects.
Lisle, lll. (Feb. 10, 2022) – Propane retailer DCC Propane LLC finalized its second deal of a Colorado-based company in as many months with the acquisition of JC Propane. The deal for the Delta, Colorado-based company was completed on Dec. 20, and comes just seven weeks after DCC acquired Affordable Propane, which is located approximately 350 miles east in Fort Morgan.
DOVER, Del. (Feb. 24, 2022) — Chesapeake Utilities Corporation announced the publication of its inaugural Sustainability Report, which affirms the company's environmental, social and governance (ESG) commitments. The company also announced two new organizational changes to advance its ESG strategy and environmental sustainability initiatives.
SANTA MONICA, Calif. (Feb. 24, 2022) — Organizers of the Advanced Clean Transportation Expo (ACT) Expo announced Tom Linebarger, chairman and CEO of Cummins Inc., as a keynote speaker for the annual show, taking place at the Long Beach Convention Center in Southern California from May 9-12, 2022. Linebarger’s keynote will take place on the ACT Expo main stage on Wednesday, May 11.
UNCASVILLE, Conn. (Feb. 18, 2022) — Eastern Energy Expo announced that Clean Fuels Alliance America (CFAA) has signed on as a business partner with the brand, Bioheat fuel, to this year’s event being held May 22-25 at Mohegan Sun, Uncasville, Connecticut.
Winston-Salem, N.C. (Feb. 18, 2022) — Tank exchange brand Blue Rhino and the International Rhino Foundation (IRF), a global wildlife conservation organization, announced a partnership to raise awareness of rhino conservation efforts around the world.
Fort Wayne, Ind. (Feb. 21, 2022) — iRely LLC announces Palmdale Oil Company has selected iRely as its partner of choice for its comprehensive back-office solution.
During the latest mid-month period, prices at Mont Belvieu continued to increase as we get further from winter. The posted prices increased 9.083 cents/gal, from January mid-month to February mid-month while the spot prices increased 10.125 cents. Conway, Kan., postings ended with a 6.65-cent increase and spots increased 8 cents over the month.
KENT, Conn. (Feb. 17, 2022) – Cetane Associates LLC is pleased to announce that F. F. Hitchcock Oil Co., LLC of Cheshire, Conn. has acquired Roberts Energy, LLC’s residential heating oil delivery business, marketed under the trade name Superior Fuel (along with its companion brand Amodeo Fuel) based in Waterbury, Conn. The transaction closed on Jan. 10, 2022.
Canada's primary underground propane inventories decreased by 30.76% in February, Canada Energy Regulator (CER). The total represented a month-to-month decrease of 470 Mcm. Compared to a year earlier, stocks were lower, with 613.6 Mcm, or 36.71%, less product on hand.
NATIONAL — The United States Energy Information Administration (EIA) forecasts that the Brent crude oil price will average $90 per barrel in February and nearly $88 per barrel for the first half of this year. In its February Short-Term Energy Outlook (STEO), EIA estimates that commercial oil inventories in the OECD fell to their lowest levels since mid-2014, which has contributed to current high prices.
EIA increased its Brent crude oil price forecast for 2022 by nearly 11% in its February STEO update.
Valley Forge, Pennsylvania (Feb. 15, 2022) — UGI Corporation announced that its subsidiary, AmeriGas Propane, the nation’s largest retail propane marketer, has entered into an agreement with Global Clean Energy Holdings Inc. to purchase and distribute renewable LPG. AmeriGas will leverage its supply and logistics infrastructure and sales and marketing teams to market and distribute renewable LPG to new and existing customers primarily in the state of California.
A total of 74 billion-dollar deals were undertaken in the oil and gas industry last year, compared to only 40 in 2020, says GlobalData. The data and analytics company notes that oil price recovery encouraged companies to undertake more high-value deals to push forward their growth plans. The largest deal in terms of value for 2021 was announced toward the end of the year, when prices were at multi-year highs. It involved the proposed $13.9 billion acquisition of North Sea operator Lundin Energy by Aker BP.
