Company News

Tokyo Gas Cuts Shareholder Returns to Invest in Decarbonization

Japan's Tokyo Gas will cut shareholder returns from the next financial year and use freed up funds to invest in technology to slash its carbon emissions, the company said on Wednesday. The company will pay out 40% of profits from the current 50% from the next financial year, it said.

CenterPoint Energy Misses Quarterly Profit Estimates on Higher Costs

CenterPoint Energy Inc. narrowly missed the fourth-quarter profit estimates on Friday, as higher costs hit the U.S. electric and gas utility firm.

Canada's Cenovus Names Jon Mckenzie as New CEO, Posts Quarterly Profit

Cenovus Energy named COO Jon McKenzie as its next president and chief executive on Thursday, as Canada's second-largest oil and gas producer swung to a fourth-quarter net profit from a loss last year.

Sources: Abu Dhabi's ADNOC to Float 4% of Gas Business

Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations.

Pipeline Operator TC Energy Beats Profit Estimates as Demand Boost Offsets Oil Spill Costs

TC Energy Corp. beat market estimates for fourth-quarter profit on Tuesday as sustained demand for energy helped the North American pipeline operator soften a $488 million cost hit from an oil spill at its Keystone pipeline in Kansas.

Pipeline Operator Enbridge Swings to Loss on $1.86 Billion Charge

North American pipeline operator Enbridge Inc. on Friday posted a quarterly loss from a year-ago profit as it took a non-cash $1.86 billion hit from the higher cost of capital related to its natural gas transmission business.

KÖBERL Group Expands into Pipeline Cleaning Sector with Recent Acquisitions

(P&GJ) — Gimv’s portfolio company KÖBERL Group has strengthened its main location in Munich in the field of pipeline cleaning and wastewater technology by acquiring established specialists Rohrreinigungs-Service RRS GmbH and THG Abwassertechnik GmbH, the company announced on Feb. 9.

Equinor Shares Spike as Gas Bonanza Lands Record Profit

Equinor posted a record $74.9 billion adjusted operating profit on Wednesday, more than doubling its previous high and sending the Norwegian oil and gas producer's shares up more than 7%.

Companies in the News February 2023

Companies in the News February 2023

Exxon Posts $56 Billion Profit for 2022, Setting Historic High for Western Oil Majors

Exxon Mobil Corp. posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.

Shell CEO's First Changes Combine Upstream and LNG Operations

Shell will combine its oil and gas production and LNG divisions as part of broader changes under new CEO Wael Sawan, which the company said could result in some job cuts.

18th Pipeline Technology Conference Promotes the Development of Young Talent in the Pipeline Industry

(P&GJ) — The 18th Pipeline Technology Conference (ptc) is set to take place in Berlin from May 8-11, 2023. Europe's premier address for pipeline industry professionals will offer a look into the pipeline future, with a broad range of 1-day seminars, panel discussions, technical sessions, operator round-tables, award ceremonies and social events.

CRC Evans Launches Welding and Coating Services Business Following Quadruple Merger

(P&GJ) — The merger sees Pipeline Technique, CRC-Evans Pipeline International, Pipeline Induction Heat and Global Project Services unite under the CRC Evans banner, accelerating the company’s ambition to be the world’s leading provider of welding and coating services for the energy and wider infrastructure sectors, including emerging energies, as the global transition gathers pace.

Companies in the News January 2023

Companies in the News January 2023

Chesapeake Selling Eagle Ford Assets for $1.4 Billion; Focusing on Gas-rich Marcellus, Haynesville

U.S. oil and gas exploration and production company Chesapeake Energy Corp. said on Wednesday it had agreed to sell part of its operations in south Texas to private equity-owned WildFire Energy for $1.43 billion in cash.

Gas Starts Flowing to Freeport LNG Export Plant in Texas

Freeport LNG's long-shut LNG export plant on the Texas Gulf Coast started receiving pipeline natural gas over the long U.S. Martin Luther King Jr holiday weekend, according to Refinitiv data.

Wintershall Dea to Leave Russia, Causing $8 Billion Loss at Parent BASF

Chemicals giant BASF on Tuesday unveiled a $7.9 billion non-cash impairment on Wintershall Dea, after the oil and gas exploration joint venture decided to exit Russia following its invasion of Ukraine.

Corrosion Resistant Alloys Successfully Acquires PipeSearch

(P&GJ) — Corrosion Resistant Alloys LLC, a manufacturer of high-grade corrosion-resistant alloy tubulars, has fully acquired PipeSearch, a digital technology company powering global tubular solutions.

Companies in the News December 2022

Companies in the News December 2022

Pipeline & Gas Journal Awards Winners Honored at In-Person Houston Gala

An elite group of midstream professionals gathered in Houston at the Westin Galleria Hotel on Thursday evening to attend the second Pipeline & Gas Journal Awards gala, which honored the midstream industry’s leading innovations and outstanding personal contributions.

Oil Refiner Citgo Petroleum Reports $477 Million Third Quarter Profit

Oil refiner Citgo Petroleum on Thursday reported third quarter earnings of $477 million on strong margins and higher throughput at its three U.S. oil processing plants.

Argentina’s YPF Nearly Triples Q3 Profit on Upped Production, Prices

Argentina's national oil company YPF reported on Wednesday it nearly tripled its third-quarter net profit compared to the same period last year as production and prices rose.

Pipeline Operator TC Energy Posts Higher Profits, Looks to Sell Assets

North American oil and gas pipeline company TC Energy Corp. said on Wednesday it was looking to sell $3.7 billion worth of assets to repay debt and fund new projects and reported an 8% rise in quarterly profit.

Pipeline Operator Plains All American Raises 2022 Profit Forecast

Oil and gas pipeline operator Plains All American on Wednesday raised its profit forecast for the third time this year, helped by higher volumes on its Permian basin pipelines and increased commodity prices.

Martin Midstream Sells California Sulfur Terminal to Gulf Terminals

(P&GJ) — Martin Midstream Partners LP has announced the sale of its Stockton Sulfur Terminal to Gulf Terminals LLC. The net proceeds of approximately $5.25 million will be used to reduce outstanding borrowings under the partnership’s revolving credit facility.

Companies in the News September 2022

Companies in the News September 2022

Pipeline Technique Successfully Acquires Stanley’s Oil and Gas Division

Pipeline Technique, a market leader in the onshore and offshore infrastructure welding, coating, and technological engineering sector, has completed its transformational acquisition of a trio of industry-leading energy infrastructure businesses from Stanley Black & Decker.

Companies in the News August 2022

Companies in the News August 2022

Tellurian Completes $126 Million Acquisition of Haynesville Natural Gas Assets

Tellurian Inc. subsidiary Tellurian Production LLC said on Thursday it has closed the previously announced acquisition of certain assets in the Haynesville Basin from privately held EnSight IV Energy Partners, LLC and EnSight Haynesville Partners LLC.

Pipeline Operator DCP Midstream Receives Acquisition Proposal from Phillips 66

U.S. refiner Phillips 66 on Wednesday offered to acquire the public units of DCP Midstream in a deal that would value the pipeline operator at $7.2 billion and bulk up Phillips' natural gas liquids business.