Business & Markets
Valero Energy's Quarterly Profit Slips on Weak Fuel Prices
Valero Energy reported a fall in quarterly profit on Thursday, kicking off earnings for U.S. refiners on a feeble note, as a slowdown in fuel demand hurt margins.
White House Pauses Decision on Louisiana LNG Export Terminal
The Biden administration is delaying a decision on a Louisiana LNG export project that would be the United States' largest, but which has raised the ire of environmentalists, the New York Times reported on Wednesday.
EnCap Eyes $5 Billion Sale of Bakken Shale Producer Grayson Mill
Private equity firm EnCap Investments is exploring a sale of Grayson Mill Energy that could value the Bakken shale-focused oil and gas producer at around $5 billion, inclusive of debt, people familiar with the matter said on Thursday.
Germany's SEFE Eyes Global LNG Expansion After Securing $55 Billion Gas Deal in Norway
Fresh from clinching a $55 billion pipeline gas deal in Norway last month, Germany's SEFE is looking for more suppliers to offer liquefied natural gas (LNG) for its customers, its CEO told Reuters on Thursday.
NextEra Energy Posts Fourth-Quarter Profit, Helped by Lower Gas Prices
The power company, which makes most of its electricity from natural gas, benefited from lower natural-gas prices, which fell about 14% in the quarter from the third quarter, on ample storage and a milder-than-expected winter.
Kinder Morgan Remains Bullish on Natural Gas Demand Growth
Kinder Morgan said on Wednesday it continues to have a bullish outlook for natural gas demand banking on higher demand from LNG export facilities and increased exports to Mexico.
India Approves $1.02 Billion in Incentives for Coal Gasification
India's cabinet on Wednesday approved plans to provide incentives worth $1.02 billion for projects to convert coal into gas, the coal and mines minister said, as it seeks to reduce its reliance on imported fuel.
EIA: U.S. Crude Stockpiles Slump, Gasoline Builds Amid Winter Storms
U.S. crude oil stockpiles slumped while gasoline inventories jumped last week after winter weather hit crude production and imports, refining, and demand for fuel, the Energy Information Administration said on Wednesday.
U.S. Oil Refiners Ask EPA to Limit Participation in Renewable Fuel Credit Market
U.S. oil refiners have asked President Joe Biden's administration to reform the renewable fuel credit program by restricting who can participate, claiming the current trading environment allows market manipulation and raises fuel costs.
Chevron's Duvernay Shale Sale Expected to Attract Mid-sized Canadian Shale Operators
As Chevron Corp. markets its Duvernay shale assets, the U.S. oil major is most likely to find a buyer among a handful of mid-sized Canadian firms that are boosting investment in a region that has yet to fulfil its potential, analysts said.
Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
The London-listed oil and gas explorer said the start-up of Jubilee Southeast offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations.
Oilfield Firm Baker Hughes Beats Profit Estimates on International Demand, LNG Bets
U.S. oilfield technology firm Baker Hughes beat Wall Street estimates for fourth-quarter profit on Tuesday, powered by strong demand for its services and equipment from LNG producers, as well as offshore and international markets.
Japan's 2023 Preliminary LNG Imports Down 8% to Lowest in 14 Years
Japan's LNG imports fell by 8% to 66.2 million metric tons last year to the lowest since 2009, preliminary data from the Ministry of Finance showed, following nuclear power restarts and increased use of renewable energy.
Canada Regulators Face Activist Ire for Trans Mountain Variance Approval
Environmental activists say the CER's conditions around the materials Trans Mountain can use to build the smaller section of pipe are too lenient. However, there is little they can do at this stage to block the approval.
BP Sees Trinidad Deepwater Gas Project Getting Greenlight by 2025
BP expects the Calypso deepwater natural gas field off Trinidad and Tobago, which it shares with Woodside Energy, to get the greenlight when a final investment decision (FID) is made as early as the end of next year, a company executive said.
Petronas Seeks Fiscal Incentives to Develop Suriname Gas Project
Suriname should boost incentives for energy companies looking to develop oil and gas discoveries, said Zamri Baseri, head of Malaysia's Petronas in the South American country.
Ust-Luga Port in Russia Continues Crude, Fuel Exports Despite Novatek Terminal Closure
The Baltic Sea port of Ust-Luga was exporting crude oil and fuel on Tuesday apart from at Novatek's terminal which remained closed after being damaged by fire, according to data from LSEG and industry sources.
Energy Transfer Does Not Expect Shutdown of Dakota Access Oil Pipeline
Energy Transfer does not expect the U.S. Army Corps of Engineers to shut down the Dakota Access oil pipeline (DAPL) after a long-pending environmental review of a section that runs under a lake and is opposed by nearby Native American tribes.
Trinidad in Talks with Europe to Supply Venezuelan LNG
Trinidad and Tobago has begun talks with some European countries on the supply of LNG produced from Venezuelan gas, Prime Minister Keith Rowley said on Monday.
Saudi's SABIC Gives Go-Ahead for $6.4 Billion Petrochemical Plant in China
Saudi Basic Industries Corp. (SABIC) will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.
Gasunie Initiates 746-Mile Hydrogen Network Construction in the Netherlands
Gasunie has initiated the construction of a national hydrogen network in the Netherlands. This $1.6 billion project, commissioned by the Dutch government, aims to establish a comprehensive hydrogen infrastructure covering 1,200 kilometers (746 miles).
Enterprise Products Partners to Receive Sea Port Oil Terminal License in Q1 2024
Enterprise Products Partners expects to receive an export license for its Sea Port Oil Terminal (SPOT) in the first quarter of 2024 versus by the end of 2023, as previously expected, a company executive said on Monday.
Sunoco to Acquire NuStar Energy in $7.3 Billion Deal for Midstream Expansion
The deal, which has been approved by both the boards, will give Sunoco access to NuStar's transportation and storage facilities, including a portfolio of about 9,500 miles of pipeline and 63 terminals.
Global Pipeline Construction Outlook 2024: New LNG Terminals Sound Beckon Call for More Pipelines
(P&GJ) — It comes as little surprise to those in midstream that during the past year we have continued to see LNG initiatives garner more attention than pipeline projects. However, terminal construction drives new pipeline construction.
ABB, Imperial College Extend Carbon Capture Agreement
A dedicated carbon capture pilot plant will continue to train the net-zero workforce — as well as engineers and scientists of the future — following ABB and Imperial College London signing a 10-year partnership. Globally, the plant is the only one of its kind within an academic institution.
CorEnergy Completes $175 Million Sale of MoGas, Omega Pipeline Systems to Spire
CorEnergy Infrastructure Trust Inc. has successfully closed the sale of its MoGas and Omega pipeline systems to Spire Midstream for $175 million.
U.S. Buys 3.2 Million Barrels of Oil for Strategic Petroleum Reserve
The United States bought 3.2 million barrels of oil for the Strategic Petroleum Reserve, as it continues to slowly replenish the stash after selling a record amount following Russia's invasion of Ukraine in 2022, a Department of Energy document showed on Friday.
U.S. Regulator Seeks More Data on Occidental-CrownRock Deal
The U.S. Federal Trade Commission (FTC) has asked for more information on Occidental Petroleum's $12 billion deal for Permian-based producer CrownRock, the firms said on Monday, making it the latest big oil merger to face increased scrutiny.
UAE's ADNOC Boosts Lower-Carbon Budget to $23 Billion
The state-owned Abu Dhabi National Oil Company said on Monday it would allocate $23 billion for decarbonization and lower-carbon projects, up from a previous $15 billion target.
TotalEnergies Says Danish Tyra Gas Field Ready to Start in March
TotalEnergies will restart production at Denmark's Tyra natural gas field in March this year, the company said in a statement on Monday.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
