Bring CNG Fueling Station to Kingfisher, Oklahoma
OKLAHOMA CITY, FEB. 25, 2011—A partnership between two Oklahoma-based corporations, Love’s Travel Stops & Country Stores and Chesapeake Energy Corporation (NYSE:CHK), has resulted in the building of a new compressed natural gas (CNG) fueling station in Kingfisher, Okla. The new CNG fueling station is located at the company’s Travel Stop on Highway 3 in downtown Kingfisher. The two companies officially opened the CNG station on Friday, Feb. 25th at 11 a.m. The dedication ceremony featured Oklahoma’s Secretary of Energy, Mike Ming, and Secretary of Commerce, Dave Lopez.
Love’s owns and operates the CNG station. In addition to serving the public, the new CNG station will also serve Chesapeake Energy’s growing CNG truck fleet.
“This is an exciting partnership with Love’s,” said Taylor Shinn, Chesapeake Energy senior director of corporate development. “Oklahoma is setting a strong example for the rest of the nation on how to develop a CNG infrastructure network to serve the public and fleet operators. This is accomplished when the public and private sector work together and a respected retailer such as Love’s embraces the economic and environmental benefits of natural gas as a transportation fuel. As gasoline prices have continued to rise in recent weeks, the economic benefits of CNG have become more pronounced. Today, CNG is $1.39 per gas gallon equivalent, a price level we haven’t seen for gasoline in America for many years.”
"This is the first of what we hope will be more CNG fueling stations at Love’s locations across Oklahoma and the rest of the country as the market develops,” said Jenny Love Meyer, Love’s vice president of marketing. “As a company, we want to meet the needs of our customers. We see the new fueling station in Kingfisher as meeting the growing demand for compressed natural gas, especially from fleet operators in this area. Also, we are proud to team with Chesapeake Energy, a vibrant company contributing everyday to growing the Oklahoma economy.”
"We believe the future for natural gas is bright,” said James Roller, market development coordinator at Chesapeake. “Natural gas is affordable and it is plentiful in the United States. As a result, businesses, schools and cities who have already converted their fleets to CNG are enjoying considerable savings in fuel expenses while gasoline and diesel prices continue to rise. We are optimistic more companies will convert their fleets in the future and consumers will gravitate to CNG-powered cars as manufacturers produce more CNG models.”
Chesapeake has converted nearly all 700 of its fleet vehicles in Oklahoma to CNG and has plans to continue the entire fleet conversion nationwide. A number of other major corporations, including AT&T and UPS, have announced plans to use more CNG vehicles in their fleets.
“It is exciting news to have another natural gas fueling station open to the public in Oklahoma.” Secretary of Energy Mike Ming said. “With the recent incentives, it has become economically viable for Chesapeake Energy Corporation, Love’s and other fuel retailers to work together to expand infrastructure in Oklahoma. Our state is now uniquely positioned to set an example for Washington by implementing a practical and affordable energy policy that utilizes our own fuel and creates more jobs.”
“The recent progress in the fueling station infrastructure in Oklahoma shows that private industry is truly leveraging state legislative action,” said Sen. Cliff Branan. “The natural gas industry continues to be a vital component in job creation and tax revenue in our state.”
“It is great to see Chesapeake and Love’s working together to provide this fueling station in Kingfisher,” said Rep. Mike Sanders. “Increasing the use of Oklahoma natural gas as a transportation fuel is in the best interest of our citizens and our economy. I am also very proud to have one of the nation’s top original equipment manufacturers for these conversion systems, OEM Systems, located in this district in Okarche, Okla.”
“This is terrific news for Kingfisher and the surrounding area,” said Sen. Rob Johnson. “Natural gas exploration and production is such a vital component of Oklahoma’s economy, and for Chesapeake and Love’s to come together to provide a CNG fueling station in this area is a powerful statement to the future of American energy.”
About Love's Travel Stops & Country Stores
Founded in 1964 by Tom Love, Love’s Travel Stops & Country Stores is headquartered in Oklahoma City, Okla., and remains entirely family-owned and operated. With over 265 locations in 39 states, Love’s current growth rate is approximately 20 locations per year. Love’s is currently ranked No. 18 on Forbes’ Magazine’s annual list of America’s largest privately held companies. To learn more, go to www.loves.com, Facebook (www.facebook.com/lovestravelstops), or @LovesTravelStop on Twitter.
About Chesapeake Energy Corporation
Chesapeake Energy Corporation (NYSE:CHK) is the second-largest producer of natural gas and the most active driller of new wells in the U.S. Headquartered in Oklahoma City, the company's operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. Chesapeake owns leading positions in the Barnett, Fayetteville, Haynesville, Marcellus and Bossier natural gas shale plays and in the Eagle Ford, Granite Wash and various other unconventional oil plays. The company has also vertically integrated its operations and owns substantial midstream, compression, drilling and oilfield service assets. Further information is available at www.chk.com.