Four Tulsa Metro Firms Approved for Quality Jobs Incentive
The four latest Quality Jobs Program enrollees are all Tulsa-area companies and all associated with energy production or infrastructure industries. The expanding companies include Steeltek Inc, 77 new hires; Bluestone Natural Resources, 31 new hires; LEF Inc., 88 new hires and AXH Air-Coolers of Claremore, 245 new hires. The companies can receive up to a combined $8 million in incentive payments over 10 years if they meet their announced new job numbers.
Capital One Auto Finance Announces Tulsa Expansion
Capital One Auto Finance plans to expand its Tulsa operation and create more than 100 customer service jobs as well as eight management positions. Capital One anticipates having the positions filled within three to six months. Capital One currently employs 350 people at its north Tulsa facility in the Cherokee Business Park. The economic impact of the 100 jobs in Tulsa is $9 million and is expected to create an additional 55 indirect jobs.
ONEOK Plans New Pipeline
ONEOK Partners LP will invest up to $1.2 billion on a new 570-mile natural gas liquids pipeline, new fractionator and other NCL projects. The investments push ONEOK’s overall commitment in new projects to as much as $3.3 billion over the next three years. Natural gas liquid components include propane and ethane, the latter being used as a petrochemical feedstock.
Oklahoma Jumps to No. 11 in Best States for Business Rankings
Oklahoma jumped in a national ranking of the “Best and Worst States for Business.” The seventh annual ranking by Chief Executive magazine ranked Oklahoma at number 11, up from 19 in 2010. More than 500 CEOs from across the country evaluated the states on a broad range of issues, including tax policies, regulation, workforce quality and living environment.
Arts & Humanities Council Breaks Ground for New Center
The newest addition to the Brady Arts District will be the Arts & Humanities of Tulsa Hardesty Arts Center. The $18.3 million center will house the council’s office and the majority of its programs. The four-story building will offer administrative space, the Arts & Humanities Council offices, large open spaces for exhibitions, a research library, and classroom areas for painting and other creative classes.
Unit Corp. Reports $41 Million Profit
Significant increases in contract drilling rig rates and revenues pushed Unit Corp. to $41 million in first-quarter profits. Revenues for the Tulsa-based company hit $247 million, with 44 percent of that coming from the oil and natural gas segment and 40 percent from contract drilling. Unit ended the first quarter with $12.7 million in working capital and $185 million in long-term debt.
Hotel Development Site Moves Forward
Nearly three years after the old Celebration Station was demolished, work on a new hotel and retail cluster is moving forward. Construction on a 107-room Hilton Garden Inn is under way and two more hotels are planned for the area within the next few years. The 17-acre site south of Interstate 44 and west of Yale Avenue includes numerous outparcel lots being offered to retail and restaurant developments.
Rib Crib to Open Downtown Restaurant
Tulsa-based Rib Crib has signed a lease for space in the Blue Dome District on First Street and Detroit Avenue. It’s the first downtown location for the 19-year-old barbecue restaurant chain that currently has 45 locations in eight states. Rib Crib will be moving into the former 3,300-square-foot Metropolitan Environmental Trust building after an extensive remodel and hopes to have the restaurant open at the first of next year. Rib Crib has not built a new restaurant in Tulsa for nearly 15 years.
Magellan’s First Quarter Profit Hits $90.1 Million
Increasing revenues for petroleum pipeline, storage and blending increased earnings for Tulsa-based Magellan Midstream Partners LP to $90.1 million in the first quarter. Magellan plans $225 million in capital expenditures for new projects this year. Magellan owns and operates crude oil storage at the Cushing hub, refined product terminals in west Tulsa and Glenpool, 9,500 miles of petroleum pipelines and a 1,100-mile ammonia pipeline system.
Pop Culture Museum Proposed Downtown
The Oklahoma Historical Society unveiled plans for a $40 million music and popular culture museum and parking garage in the downtown Brady Arts District. The exhibits are expected to draw approximately 100,000 paying visitors a year, making the museum self-supporting after the bond issue was paid off. The state’s $40 million would be complimented by $8 million in private donations. The bond money would be used to build the facility, parking garage and exhibition infrastructure with the private monies being used to build the collections.
Oklahoma General Fund Revenues Continue to Climb
State general fund revenues continued steady growth in April, boosted by increased sales and income tax collections and higher oil prices. The Office of State Finance reported general fund revenues of $576.8 million for the month, up 13 percent from the same month a year ago. For the fiscal year ending June 30, general fund revenues are up $373.1 million, or 10 percent from the same period last year.
Hard Rock Hotel and Casino to Build New Tower
The Cherokee Nation announced a new hotel tower that will be built where a section of the casino roof collapsed last winter during a blizzard. The $52 million, 10-story tower will add 100 rooms to the current 356, making it one of the largest hotels in the Tulsa area. The lower area of the new tower will also add 55,000 square feet of dining, entertainment and gaming space.