Business News
Companies in the News
Companies The ROSEN Group announced that it has joined the European Clean Hydrogen Alliance, which was launched by the European Commission last July as part of the EU strategies for energy system integration and hydrogen. In a statement, ROSEN said, “As a company committed to helping operators o..
People in the News
People Poirier François Poirier was named president and CEO of TC Energy Corporation, succeeding Russ Girling, who retired. Poirier joined the company in 2014 as president, Energy East Pipeline, and most recently served as chief operating officer and presi..
Chevron Offers to Buy Out Noble Midstream
Now Noble Midstream's largest customer, Chevron said taking full ownership of the assets will help it streamline their governance and is in line with the producer's long-term interests.
CONSOLIDATION: Mergers and Acquisitions Embrace Oil Patch
Uncertainty begets caution, which can lead to indecision. In the oil patch this eventually can lead to mergers and acquisitions (M&A) or Chapter 11 bankruptcy filings.
Enterprise Products Misses Profit Estimates as Costs Surge
The COVID-19 pandemic has crushed global fuel demand and ended a boom in U.S. shale production, forcing pipeline companies that run oil from fields to refineries and export terminals to slash fees to ensure customers keep using their networks.
Germany’s Siemens Gutting Natural Gas Jobs Through 2025
Siemens Energy is cutting about 7,800 natural gas jobs until 2025, the company announced as part of its cost-saving initiatives.
Canada’s Pipetel Merges with Intero Integrity Services
Intero Integrity Services, backed by First Reserve, announced announce the completion of a merger with Pipetel Technologies, an innovative service provider to the gas utility industry specializing in robotic inline inspection of challenging pipelines.
EQT and Project Canary Launch Responsibly Sourced Natural Gas Pilot Project
EQT Corporation announced its commitment to a pilot project to demonstrate the production of responsibly sourced natural gas (RSG) for use in domestic and international energy markets.
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.
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.
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Kinder Morgan Declares Force Majeure on West Texas Gas Pipeline After Fire
- Williams Delays Louisiana Pipeline Project Amid Dispute with Competitor Energy Transfer
- Pipeline Hydro Test Pressure Determination
- Venezuela Proposes Alternative Payment Plan as Weak Bids Surface in Citgo Auction
- Baker Hughes Wins Contract for Huge Aramco Gas Expansion Project
- Japan Looks at Developing Domestic Pipelines Sector
- Enbridge Picks Contractors for Great Lakes Tunnel Project, Securing Line 5 Pipeline Route
