American Midstream (Alabama Intrastate) LLC (Magnolia Intrastate), a wholly owned subsidiary of American Midstream Partners LP, has begun a nonbinding open season for a proposed 45-mile extension of the Magnolia Intrastate pipeline (Magnolia Extension) to transport as much as 500,000 MMcfd of natural gas beginning in 2019. Source: News

Light, sweet crude oil prices for April delivery fell $1.52 Feb. 23 to close at $31.87/bbl on the New York market and Brent crude oil prices fell $1.42 on the London market to close at $33.27/bbl after Saudi Arabian Oil Minister Ali al-Naimi said no production cuts are likely. Source: News

SP Olefins (Taixing) Co. Ltd., a subsidiary of SP Chemicals Pte. Ltd., Singapore, has let a contract to Technip SA, Paris, to provide technology licensing and process design for the company’s proposed grassroots ethylene plant to be built in Taixing in China’s Jiangsu Province. Source: News

Lucid Energy Group II LLC has secured an initial equity commitment of $350 million from EnCap Flatrock Midstream and Lucid II managers to invest in midstream projects and acquisitions. Source: News

Stone Energy Corp., Lafayette, La., has set an initial 2016 capital expenditure budget of $200 million, compared with capex of $464.5 million in 2015 and $884 million in 2014. Source: News