Business News

NextEra Energy Posts Loss on $1.2 billion Mountain Valley Pipeline Charge

Mountain Valley pipeline, which stretches from West Virginia to Virginia, is one of the several oil and gas pipelines delayed in recent years by regulatory and legal fights.

INGAA Board Elects DTE Midstream Exec Chairman

The board of directors of the Interstate Natural Gas Association of America (INGAA) elected David Slater to serve as chairman of the organization for a one-year term.

DTE Midstream Aims for Net Zero Carbon Emissions by 2050

DTE Midstream announced its goal to achieve net zero greenhouse gas emissions by 2050 with 30% of this carbon emissions reduction in the next decade.

Solar Plant to Directly Power Major Pipeline Compression Station

Sustainable infrastructure company Merit SI has completed development and construction of the first solar power plant in the U.S. designed to directly help power an interstate natural gas pipeline compressor station.

Bankruptcies, Restructurings, Mergers Likely to Continue in 2021

The confluence of 2020's events led to a series of bankruptcies and restructurings under the weight of heavy debt loads while operating in one of the worst industry downturns in history.

Continued Midstream Infrastructure Development Expected After Market Rebound

The INGAA Foundation released its report North American Midstream Infrastructure – A Near Term Update Through 2025, which shows the oil and gas markets should rebound and lead to further midstream infrastructure development.

Quest Integrated, Quanta Inline Merge to Form Inspection, Integrity Management Company

The combined company will operate under the brand "Qi2 Elements" and forms the foundation for developing a new technology-driven industry leader in providing storage tank and pipeline inspection and integrity management services.

Chesapeake Energy Emerging from Bankruptcy Worth $5.13 Billion

Chesapeake will emerge from bankruptcy with about $3 billion in new financing, a $7 billion reduction in debt, and $1.7 billion cut from gas processing and pipeline costs.

PE launches Transition Economist and Hydrogen Economist services

The PE Media Network, publisher of Petroleum Economist, the leading global information service for the full hydrocarbon value chain, is bringing the same analytical depth and rigorous editorial standards to two rapidly-evolving sectors, the energy transition and the emerging hydrogen economy.

Apache Corp Creating New Holding Company

Apache Corp plans to create a holding company structure, which typically allows a firm to lower its tax bill, protect patents and diversify its unit's businesses efficiently.

Phillips 66 Budget Down 43% From 2020’s Forecast

Phillips 66 said its 2021 budget includes capital expenditures of $776 million on the refining segment and $610 million on midstream as the energy industry struggles to recover from the blow of the COVID-19 pandemic.

Total Suspends Gas Project Amid Jihadist Violence

After the Mozambique's jihadist rebels' Jan. 1 attack on Quitunda village, just outside the fence of the gas project, Total removed most of its workforce, estimated at 3,000, from the Afungi peninsula.

Despite a Late Surge, Oil Ends 2020 Down 20%

Brent and U.S. crude benchmarks have more than doubled from April's nadir as producers cut output to match weaker demand. News of coronavirus vaccine distributions also bolstered prices in the fourth quarter, helping futures recover to the highest in about 10 months.

Oil Settles Up, Marking 7th Straight Weekly Gain

Oil settled up at a nine-month high on Friday, rounding out seven straight weeks of gains as investors focused on vaccine rollouts and a decline in the U.S. dollar.

Hilcorp Unit Completes BP Alaska Acquisition

Privately held Hilcorp Energy's unit completed a $5.6 billion acquisition of BP's business in Alaska, taking over the region the British oil major had operated in for 60 years.

Court Approves Williams' Deal with Bankrupt Chesapeake

A bankruptcy court has approved Williams' agreement to take ownership of some Chesapeake Energy assets in exchange for accepting lower gas gathering fees.

Oil Prices Hit 9-Month High after Inventory Draw

il climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices.

Lloyd's Steps Back from Oil Sands, Coal in First Climate Change Policy

Lloyd's of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report, in a reversal of its traditional hands-off approach to climate change strategy.

Abu Dhabi Pipeline Sale May Signal Gulf States Trend

Bankers expect oil-rich Gulf states to accelerate privatizations like Abu Dhabi's pipeline deal, with Saudi Arabia and possibly Oman as likely candidates for asset sales next year.

Phillips 66 Lowers 2021 Spending Budget

U.S. oil refiner Phillips 66 on Monday set its 2021 capital budget at $1.7 billion, around 43% lower than forecast for the previous year, as the energy industry struggles to recover from the blow of the COVID-19 pandemic.

Pinnacle Midstream II Plans Gathering, Compression System in Midland Basin

Pinnacle Midstream II on Tuesday said it has signed a 15-year gas gathering, processing and purchase agreement with DoublePoint Energy that anchors Pinnacle’s greenfield build of a new natural gas gathering and compression system in the Midland Basin.

Husky Energy Shareholders Approve Sale to Cenovus

Husky Energy Inc said on Tuesday its shareholders approved the company's merger with rival Cenovus Energy Inc to create Canada's No. 3 oil and gas producer,

TC Energy to Acquire TC PipeLines in $1.68B Deal

TC Energy Corp said on Tuesday it would acquire all outstanding shares of TC PipeLines LP in a deal that values the natural gas pipelines operator at about $1.68 billion.

Britain to End State Support for Fossil Fuel Sector Exports

Britain said it is ending state support for fossil fuel industry exports, and shifting government assistance to low-carbon and renewable energy projects abroad.

EU Leaders Clinch Deal on Tougher 2030 Climate Goal

European Union countries agreed to a new climate change target for the bloc on Friday after haggling through the night in Brussels, pulling the political trigger on a policy revamp to make every sector greener.

Brent Rises Above $50 for First Time Since March

Oil prices climbed more than 4% on Thursday, with Brent surging above $50 a barrel for the first time since early March, fueled by hopes of a faster demand recovery as countries start to roll out COVID-19 vaccines.

Kinder Morgan Sees Higher Income in 2021, Raises Dividend

Kinder Morgan Inc said on Tuesday it expects to generate higher income in 2021 and raised its annual dividend, as the pipeline operator cost cuts this year in the face of oil demand destruction.

Enbridge Expects Higher Pipeline Volumes, Rates in 2021

Canadian pipeline operator Enbridge Inc on Tuesday forecast higher core earnings in 2021 and raised its annual dividend, saying it expects to see volume on its Liquids Mainline System improve next year.

U.S. Gas Prices Stumble on Mild Start to Winter

U.S. natural gas prices have tumbled since the start of November as persistent mild weather has caused inventories to remain high rather than drawing down in line with seasonal trends.

Brent Rises to Highest Since March after OPEC+ Output Cut Deal

Global benchmark Brent crude prices rose 1% to their highest since early March on Thursday on renewed hopes for a U.S. stimulus deal and after major oil producers agreed to increase output modestly from January.