Business News

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.

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.

Energy Sector Could Get Reprieve from ‘Golden Cross’ Chart Signal

Energy could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday. The bullish development in S&P 500 energy sector is called a “golden cross,” which is conventionally defined by technical analysts as the 50-day moving price average rising above the 200-day moving average.

Enterprise, Navigator Begin Service on Ship Channel Ethylene Tank

Enterprise Products Partners and Navigator Holdings began service has begun on a 30,000-ton refrigerated ethylene storage tank at the ethylene export terminal, which is owned 50/50 by affiliates of the two companies.

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.

Mexico Shuts Off Natural Gas Supply to Brazil's Braskem

Mexico has cut off natural gas supply to Braskem's Mexican operations, the company and government said, intensifying a dispute between President Andres Manuel Lopez Obrador and the Brazilian petrochemical company.

Enbridge Starts Construction on Line 3 Pipeline in Minnesota

Enbridge began construction on its Line 3 crude oil pipeline replacement in Minnesota on Tuesday, a day after state regulators approved the final permit for the $2.6 billion project amid legal challenges from lactivist and Indigenous groups.

Tellurian Withdraws Application for Permian Global Access Pipeline

LNG developer Tellurian Inc told federal energy regulators it wants to withdraw its application to build the Permian Global Access natural gas pipeline in Texas and Louisiana.

ExxonMobil to Cut up to 300 Jobs in Canada

ExxonMobil said Wednesday that it plans to eliminate up to 300 jobs in Canada by the end of 2021 as part of its ongoing efforts to lower costs. It said the global pandemic has increased the urgency of its cutbacks.

OPEC+ Still Leans Toward Extension Despite Rally

OPEC and allies including Russia are leaning towards delaying next year's planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, sources said.

EU Denies Gas Plants a Green Finance Tag

The European Commission on Friday proposed that power plants fueled by natural gas would not be not classed as a sustainable investment in Europe, although plants could possibly gain a green label by burning some hydrogen.

Energy Leaders Leave Door Open to More Cuts as Virus Spikes

Saudi Arabia's energy minister said Monday that global energy producers have the ability to tweak an agreement on production cuts that could be extended through the end of 2022, signaling the anticipation of continued weakened demand for oil as the coronavirus pandemic peaks again in Europe and the United States