Business & Markets
Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Valero Energy Corp. is evaluating various options for its two California refineries, including potential sales, in response to increasing regulatory pressures in the state. CEO Lane Riggs indicated that "all options are on the table," highlighting the challenges faced by refiners in California.
Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
Marathon Oil plans to lay off over 500 workers in Texas as it prepares for its acquisition by ConocoPhillips. The merger, valued at $22.5 billion, is awaiting regulatory approval and is expected to close in late 2024.
OPAL Fuels Launches RNG Operations at Florida Landfill
This marks the company's eleventh operational RNG project and its second facility in the state. The landfill, owned and operated by Polk County’s municipal government, now supplies biogas for OPAL’s project, which produces and injects pipeline-quality RNG.
Cheniere Sets Methane Emissions Target for LNG Facilities
Cheniere Energy Inc. has established a voluntary, measurement-informed Scope 1 annual methane intensity target for its liquefaction facilities. This target is part of the company's climate strategy and draws on data from its multi-scale emissions measurement and mitigation programs.
ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
ConocoPhillips is exploring the sale of over $1 billion in Permian shale assets, part of its strategy to streamline operations ahead of its Marathon Oil acquisition. The Houston-based oil and gas producer aims to raise $2 billion through asset sales.
ONEOK’s Q3 Profit Surges 53% on Rocky Mountain NGL Demand; Annual Forecast Narrowed
ONEOK’s third-quarter profit rose 53%, driven by strong natural gas and NGL demand in the Rocky Mountain region. The pipeline operator narrowed its annual forecast, reflecting growth in its NGL and refined products segments and continued asset expansion.
U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
U.S. liquefied natural gas (LNG) exports could face setbacks if Donald Trump wins the election and imposes a proposed 60% tariff on Chinese imports, analysts say. The move may lead to trade tensions and reduce demand for U.S. LNG from China, affecting export growth.
Crude Oil Imports from Canada Reach Record High After Pipeline Expansion
U.S. imports of Canadian crude hit a record 4.3 million barrels per day in July 2024, spurred by the Trans Mountain pipeline expansion, according to the U.S. Energy Information Administration. The new capacity boosts exports from Alberta to the U.S. West Coast and Pacific markets, impacting Western Canadian Select prices amid evolving refinery demand.
EQT Sells Remaining Pennsylvania Natural Gas Assets to Equinor for $1.25 Billion
EQT Corp. has agreed to sell its remaining Pennsylvania natural gas assets to Equinor for $1.25 billion, with proceeds aimed at reducing debt following its recent pipeline acquisition. The transaction also expands Equinor’s U.S. production footprint in the Marcellus shale.
Phillips 66 Q3 Profit Surges on Midstream and Chemicals Growth
Phillips 66 reported a third-quarter profit surge, driven by strong performance in its midstream and chemicals segments, which helped offset lower refining margins amid softer fuel demand.
New Oil Pipelines from Permian Unlikely as Top Operators Prioritize Expansions
Top executives of two U.S. energy pipeline operators on Thursday ruled out building new crude oil lines to move volumes out of the Permian shale field in West Texas because of tepid volume growth and difficulties constructing new lines.
Egypt and Eni Seek Moves to Support Gas Production
Egypt's president met with Eni CEO to discuss moves aimed at supporting gas production, after the African country was forced to turn to the liquefied natural gas (LNG) market to cover domestic demand.
Panama Canal Looking to Increase LNG Vessel Traffic After 65% Decline
The Panama Canal aims to regain vessel traffic carrying U.S. liquefied natural gas to Asia, as demand in that market rises.
Tanker at Venture Global LNG’s Plaquemines Plant Suggests First LNG Soon
Energy analysts have said they were waiting for a vessel to go to Venture Global's Plaquemines plant as a sign that the facility was moving closer to producing first LNG.
Enterprise Products Acquires Piñon Midstream
Enterprise Products’s previously announced $950 million cash acquisition of Piñon Midstream, LLC has concluded.
U.S. Plans to Refill Strategic Reserve While Oil Prices Rise
Oil prices edged up on the 29th, after a sharp plunge in the previous session, as a U.S. plan to purchase oil for the Strategic Petroleum Reserve provided support.
Engie and Morocco’s OCP Deal for Green Hydrogen, Renewables Worth $18 Billion in Investments
Morocco's OCP and French energy firm Engie signed a preliminary agreement on Monday for Moroccan projects worth up to $18 billion in possible desalination, renewable energy and green hydrogen investments.
Ecuador Government to Take Over Crude Pipeline from OCP Ecuador Until New Tender Launched
Ecuador's government will take over operations on a heavy crude oil pipeline from OCP Ecuador until a fresh tender is launched, the nation's energy and mines energy said.
EQT in Talks to Sell $3.5 Billion in Pipeline Stakes to Blackstone
Private equity firm Blackstone is in advanced talks to acquire minority stakes in the interstate natural gas pipelines owned by EQT Corp for about $3.5 billion
EIG’s MidOcean Energy Acquires Additional 15% Interest in Peru LNG From Hunt Oil
MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by EIG announced that it acquired an additional 15% interest in Peru LNG from Hunt Oil Company.
Exxon Mobil, Qatar Receive 3-Year Extension for Golden Pass LNG Plant in Texas
Federal regulators on Thursday gave an Exxon Mobil and Qatar Energy LNG joint venture a 3-year extension to finish building their Golden Pass LNG plant, a regulatory document showed.
U.S. Natural Gas Prices Climb 3% On Cooler Weather, Despite Larger-Than-Expected Storage Build
U.S. natural gas futures climbed about 3% on forecasts for cooler weather and more heating demand, despite a bigger-than-expected weekly storage build.
Martin Midstream Backs Buyout in Face of Hedge Funds Opposition
Martin Midstream Partners said it stood behind its planned takeover by its largest shareholder, after two hedge funds which made a competing bid said they planned to try and rally shareholders to vote against the deal.
AG&P LNG to Acquire Australia's Venice Energy, Develop South Australian Import Terminal
Singapore-based Atlantic, Gulf and Pacific (AG&P) LNG has agreed to fully acquire Australian energy infrastructure developer Venice Energy and develop its Outer Harbor import terminal in South Australia.
Vanguard Renewables Partners with TotalEnergies to Build Virginia RNG Facility
Vanguard Renewables, a leading builder of organics-to-renewable natural gas (RNG) facilities in the U.S., is expanding its footprint with new projects, including a major facility at Oakmulgee Dairy Farm in Virginia.
JPMorgan in Talks to Resume Physical LNG Trading After Decade-Long Hiatus: Report
JPMorgan Chase is in talks to resume trading physical liquefied natural gas (LNG) after more than a decade, Bloomberg News reported on Wednesday, citing people familiar with the matter.
LNG Buyers Push for Flexible Supply Contracts to Adapt to Fluctuating Power Demand
Japan and other top liquefied natural gas (LNG) buyers are calling for more supply flexibility in order to adapt to variable power demand, industry executives said on Tuesday.
SEFE Secures Long-Term Gas Supply Deal with ConocoPhillips for Up to 9 Bcm
German nationalized energy firm SEFE on Wednesday said it signed a long-term agreement with ConocoPhillips to purchase up to 9 billion cubic meters (Bcm) of natural gas over the next decade.
India's GAIL Seeks Long-Term LNG Deals to Boost Capacity to 21 Million Tons by 2030
GAIL (India) is seeking long-term import deals for LNG amounting to 5.5 million tons per year, raising its capacity to 21 million tons per year by 2030, finance chief Rakesh Kumar Jain said on Wednesday.
Singapore LNG Inks Deal with Japan's Mitsui OSK for Second LNG Terminal, Set for 2027
Singapore LNG Corp. has agreed to charter from a unit of Japan's Mitsui O.S.K. Lines (MOL) a newly built floating storage and regasification unit (FSRU) as the island nation's second import terminal for LNG.
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- Enbridge Sees High Demand to Expand 593-Mile Canada-to-U.S. Gulf Oil Pipeline
- Energy Transfer to Build $5.3 Billion Permian Gas Pipeline to Supply Southwest
- Strike Pioneers First-of-Its-Kind Pipe-in-Pipe Installation on Gulf Coast with Enbridge
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- Enbridge Sees High Demand to Expand 593-Mile Canada-to-U.S. Gulf Oil Pipeline
- Strike Pioneers First-of-Its-Kind Pipe-in-Pipe Installation on Gulf Coast with Enbridge
