Companies
Saudi Aramco to Acquire Stake in EIG's MidOcean Energy for LNG Expansion
Saudi Arabia's oil group Aramco said on Thursday it had agreed to acquire a strategic minority stake in LNG company MidOcean Energy for $500 million, with an option to increase the size of the shareholding.
NextEra Energy to Sell Florida City Gas to Chesapeake Utilities for $923 Million
NextEra Energy said on Tuesday it plans to sell Florida City Gas (FCG) to Chesapeake Utilities for $923 million in cash. FCG’s natural gas infrastructure encompasses approximately 3,800 miles of distribution mains and 80 miles of transmission pipelines.
Repsol Challenges Venture Global LNG Over Failure to Supply Gas
Spain's Repsol SA has asked an international tribunal to require U.S. gas exporter Venture Global LNG to fulfill its contract for LNG or compensate it, Reuters reported. It is the fourth European customer to pursue an arbitration case against the U.S. developer.
Former CFO of Russian Natural Gas Firm Novatek Sentenced to 7 Years in US Prison
A former deputy chief of Russian natural gas producer Novatek was sentenced on Thursday to seven years and two months in a U.S. prison for a scheme to hide millions of dollars of income in undisclosed Swiss bank accounts and submitting a false filing.
Magellan Midstream Approves $18.8 Billion Sale to ONEOK, Creating Major U.S. Pipeline Player
Magellan Midstream Partners' unitholders on Thursday voted in favor of its sale to larger rival ONEOK Inc. for $18.8 billion, creating one of the largest U.S. energy pipeline companies.
Venture Global CEO Says Court Battles Are Not Slowing the Company's LNG Projects
Venture Global LNG's chief executive insisted recently that the company's development of U.S. LNG plants has not been slowed by international court battles over its failure to deliver cargoes to contract holders, including BP and Shell.
Sempra Completes Port Arthur LNG Phase 1 Interest Sale to KKR
(P&GJ) — Sempra Infrastructure announced that it has completed the sale of a 42% indirect, non-controlling interest in its Port Arthur LNG Phase 1 project to KKR.
Diamondback Energy, Five Point Form Water-Focused JV Deep Blue in Midland Basin
(P&GJ) — Diamondback Energy Inc. and Five Point Energy LLC have partnered to form a new joint venture entity, Deep Blue Midland Basin LLC. The joint venture’s water infrastructure network comprises over 800 miles of pipelines for gathering, transport, disposal and reuse.
Chevron Gambles on Untested Laws to Halt Australia LNG Strike Action
Chevron Australia no longer expects to reach a deal with unions and will instead pursue an untested legal strategy to stop industrial action at its Gorgon and Wheatstone LNG facilities as unions prepare for full-scale strikes.
Williams CEO Not Interested in Acquisition of Utility Companies
U.S. energy firm Williams Companies is not interested in three utilities recently bought by Canada's pipeline operator Enbridge as the return rate would be too low, CEO Alan Armstrong said on Wednesday.
US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.
FTC Approves EQT's Deal to Buy THQ Appalachia
EQT Corp., the biggest U.S. natural gas producer, has received the U.S. Federal Trade Commission's approval to buy THQ Appalachia and associated infrastructure. The proposed deal is valued at $5.2 billion.
Energy Transfer Reports Lower Q2 Earnings, Weighed by Natural Gas Prices
Last week, U.S. midstream company Energy Transfer reported lower earnings for the second quarter despite higher transport volumes in most energy product segments versus a year ago.
Sempra Exceeds Profit Expectations as LNG Expansion Propels Growth
Sempra has strategically positioned LNG as a burgeoning sector within its portfolio and is making noteworthy strides in expanding its LNG infrastructure, with key projects in the pipeline. Among these ventures is the Costa Azul LNG export plant in Mexico, which is on track to contribute to Sempra's LNG growth strategy.
Canada Pipeline Operator Enbridge's Quarterly Profit Rises on Strong Volumes
Canadian pipeline operator Enbridge Inc. reported a rise in second-quarter profit on Friday as delivery volumes were lifted by oil and gas companies boosting production to take advantage of steady commodity prices.
Pipeline Operator Williams Companies Beats Q2 Profit Estimates on Higher Natural Gas Volumes
Williams Companies, a pipeline operator, exceeded second-quarter profit estimates driven by increased natural gas transportation volumes and benefits from certain acquisitions.
LNG Terminal Developer Crown to Go Public via $685 Million SPAC Deal
Crown LNG Holdings, which develops LNG terminals to operate in harsh weather conditions, has agreed to go public in New York by merging with a blank check firm in a deal that values the combined company at $685 million.
United Energy, Bridge Energy Partner to Expand LNG Processing Capabilities
(P&GJ) — The strategic partnership aims to leverage the expertise and resources of both companies to expand UNRG’s processing capabilities of LNG and unlock its immense potential as a clean and versatile energy source.
TC Energy to Spin Off Oil Pipeline Business, Focus on Natural Gas
North American pipeline company TC Energy, which has been seeking to sell assets and cut debt, said on Thursday it would spin off its oil pipeline business and focus on transporting natural gas, saying the businesses would be more valuable apart.
Sinopec Natural Gas Output Rises in First-Half 2023
Chinese state-owned energy giant Sinopec's natural gas production in the first half of 2023 rose 7.6% from a year before to 666.1 Bcf, according to a filing with the Shanghai Stock Exchange released on Thursday.
Kinder Morgan Misses Revenue Estimates as Gasoline, Diesel Volumes Drop
While Kinder Morgan's volumes for gasoline and diesel fell in the reported quarter compared to the previous year, its total delivery volumes rose on higher natural gas volumes.
Berkshire Hathaway to Acquire Dominion Energy’s 50% Stake in Cove Point LNG
(P&GJ) — A unit of Warren Buffett's Berkshire Hathaway announced that it has executed an agreement to purchase Dominion Energy’s 50% limited partnership stake in the Cove Point LNG facility in Maryland's Chesapeake Bay for $3.3 billion in cash.
Reminder: Deadline to Nominate for Midstream Honors Is July 15
(P&GJ) — Pipeline and Gas Journal would like to remind those in midstream that midnight, July 15, is the absolute final deadline to submit nominees for the Gulf Energy Information Excellence Awards.
NET Power, Rice Acquisition Merge to Accelerate Clean Natural Gas Power Generation
(P&GJ) — Occidental's president and CEO, Vicki Hollub, expressed confidence in NET Power's transformative technology, stating that it aligns with Occidental's net-zero ambitions by delivering nearly emissions-free power to their Permian Basin operations and upcoming direct air capture sites.
Knight Energy Services Acquires Platinum Pipe Rentals
(P&GJ) — The combined business will have 18 locations across the country, with a fleet of more than 200,000 pieces of rental tools and equipment, including more than 7 million feet of drill pipe and tubing.
Canadian Pipeline Operator TC Energy Announces Staff Layoffs
Canada's TC Energy is cutting some jobs to "optimize value" a company spokesperson said on Tuesday, without giving details of how many positions have been impacted.
Equitrans Midstream Shares Make Record Gains on US Debt Ceiling Deal
Shares of Equitrans Midstream Corp. jumped on Tuesday after the U.S. debt ceiling deal contained specific proposals that would allow the U.S. energy company to obtain permits for the Mountain Valley Pipeline.
Gulf Energy Information Names Andy McDowell as New President
(P&GJ) — Gulf Energy Information (Gulf), a century-old provider of information to the global oil and gas and energy industries, has announced changes to its leadership structure, effective August 1, 2023.
Companies in the News May 2023
Companies in the News May 2023
Shale Producer Pioneer's CEO Scott Sheffield to Retire
Sheffield, an energy veteran, served as Pioneer’s founding CEO from 1997 to 2016 and chairman since 1999. He stepped down from the CEO role in 2016 before returning to the helm three years later.
- Poland Detects Leak in Russia's Druzhba Oil Pipeline
- Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
- Magellan Midstream Approves $18.8 Billion Sale to ONEOK, Creating Major U.S. Pipeline Player
- DT Midstream Successfully Completes Phase 1 LEAP Expansion Ahead of Schedule
- Equitrans to Begin Construction on Ohio Valley Connector Expansion Project
- Canada Looking to Sell Trans Mountain Pipeline Stake to Indigenous Groups
- Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
- Criteria to Consider in Selecting Water Transfer Flow Meters
- US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
- DT Midstream Successfully Completes Phase 1 LEAP Expansion Ahead of Schedule
