Business News

Results Show Billions in Profit from Texas Freeze for Gas and Power Sellers

Natural gas suppliers, pipeline companies and banks that trade commodities have emerged as the biggest market winners from February's U.S. winter blast that roiled gas and power markets, according to more than two dozen interviews and quarterly earnings reports.

Brazil's Petrobras Reopens Bidding for Golfinho Oilfields

Brazilian state-run oil company Petrobras has reopened bidding for its Golfinho offshore oilfield cluster following a rise in crude prices over the last several months.

Plains Raises Pipeline Transportation Earnings Forecast as Costs Decline

Plains All American Pipeline LP raised its forecast for 2021 transportation segment earnings, as lower operating costs helped offset a decline in volumes shipped on its pipelines.

Oil and Gas Investor EnCap Raises $1.2 Billion Energy Transition Fund

EnCap Investments said on Tuesday it has closed a $1.2 billion fund dedicated to investments in the burgeoning energy transition space, the first time the private-equity firm has raised money specifically for clean energy.

Enterprise Products Oil Pipeline Volumes Drop Amid Winter Storms

Enterprise Products Partners LP said volumes across its pipelines dropped by 13% in the first quarter as producers and refiners were hit by winter storms, causing damage to facilities and disrupting shipments.

Winter Storms Hit Phillips 66 Partners' Q1 Pipeline Volumes

The amount of oil and gas shipped on Phillips 66 Partners LP pipelines fell about 6% in the first quarter as winter storms disrupted service and the COVID-19 health crisis continued to hamper fuel demand.

Forties Oil Work to Drive Drop in June Brent Benchmark Supply

The North Sea Forties crude oil stream will load only two cargoes in June, a copy of the shipment schedule showed, reducing supply of the crude that underpins the global Brent benchmark.

Continental Resources Ramping Up Bakken Operations, Adds Rigs to Powder River Basin

Shale oil producer Continental Resources on Thursday said it will ramp up activity in North Dakota's Bakken shale field this year as it shifts more of its production operations to crude oil from natural gas.

CenterPoint to Sell Arkansas, Oklahoma Gas Utilities for $2.15 Billion

U.S. electricity provider CenterPoint Energy Inc said on Thursday it has agreed to sell its natural gas utility businesses in Arkansas and Oklahoma to privately-held Summit Utilities for $2.15 billion in cash.

Brazil's Petrobras Sells Stake in NTS Gas Pipeline Network

Brazil's state-owned oil company Petroleo Brasileiro SA has approved the sale of its remaining 10% stake in the NTS gas pipeline network for 1.8 billion reais ($337 million) to Brookfield and Itausa SA.

Brazil's Antitrust Body Postpones Deadline for Petrobras Asset Sales

Brazil's antitrust authority CADE postponed deadlines for divestitures by state-controlled oil company Petroleo Brasileiro SA, including its refineries, natural gas pipelines and its stakes in natural gas distribution companies.

Magellan Midstream Selling Partial Interest in Marine Joint Venture

Magellan Midstream Partners said it sold almost half of its interest in its Pasadena, Texas, marine terminal joint venture, MVP Terminalling, LLC, to an undisclosed buyer for $270 million.

Neptune Energy Producing Natural Gas from Merakes Project in Indonesia

Neptune Energy announced that the operator, Eni, said production has started from its Merakes development in the East Sepinggan block offshore Indonesia.

Saudi Aramco to Refinance $10 billion Revolving Loans

Saudi Aramco is expected to refinance a $10 billion debt facility raised in 2015, two sources said, in what would be the oil giant's third major foray into the loan market this year.

Chevron Lobbies U.S. Officials on Myanmar as Sanctions Pressure Rises

U.S. oil giant Chevron Corp lobbied lawmakers and government officials to protect its energy interests in Myanmar during the first quarter, as the administration of President Joe Biden comes under pressure to impose sanctions against the south Asian country’s military junta.

Kinder Morgan Raises Outlook as Profit Surges on Winter Storm Demand

Kinder Morgan posted a quarterly profit that breezed past estimates, helping the U.S. pipeline operator raise its annual earnings forecast, on a demand surge for natural gas and electricity during the February winter storm.

Fluxys Partners with Brazilian Gas Transmission System Operator TBG

Gas infrastructure company Fluxys and institutional investor EIG Global Energy Partners have completed the announced transfer of EIG’s minority stake in Brazilian gas transmission system operator TBG.

LOOP, Phillips 66 Win 2020 Distinguished Pipeline Safety Awards

The American Petroleum Institute announced LOOP LLC and Phillips 66 Pipeline LLC are the winners of the 2020 Distinguished Pipeline Safety Awards, which recognize operators who have distinguished themselves as champions of industry innovation and operational excellence.

PipeChina's Cost-Sharing Plan Reduces Importer Interest for LNG Terminal Slots

Most companies shortlisted for PipeChina's LNG import terminal slots are backing off from a deal as new terms proposed by the gas pipeline operator threaten to jack up costs, trade sources said.

Equitrans Midstream Supports Methane Reduction Efforts

Equitrans Midstream supports the U.S. oil and gas industry's ongoing efforts to reduce methane emissions and reaffirms its prior opposition to the U.S. Environmental Protection Agency's (EPA) rollback of methane regulations in 2020.

Pipeline Company Recognizes April as National Safe Digging Month

Georgia’s Colonial Pipeline is reminding homeowners and contractors that safe digging must remain a priority to protect people and prevent damage to critical utility services.

Aramco Pipeline Investors to Refinance Loan with Bonds Next Year

EIG will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco’s oil pipeline assets, two sources said.

Jacobs Awarded Owner's Engineer Role for LNG Terminal in Philippines

The project includes modifications to the jetty head, berthing and mooring facilities; a trestle bridge with high-pressure gas pipeline and utilities; and a jetty monitoring building and control room.

People in the News April 2021

People  Stempien AVANGRID announced the appointment of Catherine S. Stempien to the role of president & CEO of Avangrid Networks, its largest business unit, which serves 3.3 million customers with electric and gas service through eight companies in Maine,..

Phillips 66 Opts for Pipeline Control Center Operations Pilot

Phillips 66 selected Crux OCM, a system of robotic industrial process automation (RIPA), for an oil and gas operations pilot program. The program will incorporate the company’s pipeBOT, which requires fewer manual commands for control room operations.

Global News April 2021

A collection of brief articles provides a snapshot of global pipeline-related news from this month.

SSE Thermal and Equinor Planning UK Hydrogen and Carbon Capture Projects

The projects would utilize the parallel hydrogen and CO2 pipeline infrastructure being developed by the Zero Carbon Humber (ZCH) partnership – which includes Equinor and SSE Thermal – and offshore CO2 infrastructure.

LM Energy Launches Open Season to Extend Oil Gathering System in Northern Delaware Basin

The proposed extension of the system will gather crude oil from origination points in Eddy and Lea Counties, New Mexico and deliver to destination points also in Eddy and Lea Counties, New Mexico.

TC Energy Seeking Renewable Energy to Power Pipelines

TC Energy Corporation is seeking to identify potential contract and/or investment opportunities in wind energy projects that could generate up to 2,500,000 megawatt hours per year or 620 megawatts of zero-carbon energy to meet the electricity needs for a portion of its pipeline assets along its U.S. corridor.

Aramco Agrees to $12.4 billion Deal to Sell Stake in Pipelines

Saudi oil producer Aramco has agreed a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners.