Business News

Natural Gas Firm Peyto to Buy Repsol's Canada Unit for $468 Million

Canadian natural gas firm Peyto Exploration & Development has agreed to buy Spanish energy company Repsol's assets in Canada for $468 million, the two companies said in separate statements.

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.

Berkshire Hathaway Successfully Acquires Dominion Energy’s 50% Stake in Cove Point LNG

(P&GJ) — Berkshire Hathaway Energy has completed the purchase of Dominion Energy’s 50% limited partnership stake in the Cove Point LNG, LP business, resulting in a total ownership interest of 75%.

Finalists Unveiled for Midstream Categories in Gulf Energy Information Excellence Awards

(P&GJ) — Pipeline & Gas Journal is thrilled to announce the distinguished finalists for the midstream categories in the inaugural Gulf Energy Information Excellence Awards.

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.

Former Trump Energy Secretary Dan Brouillette Named New President of Utility Lobby Group

Edison Electric Institute has named Dan Brouillette as president starting on Jan. 1, 2024. Brouillette, who currently serves as president of Sempra Infrastructure, said he looks forward to leading the lobby group at a "pivotal point" for the industry.

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.

Suncor Energy's Quarterly Profit Halves on Lower Oil and Gas Prices

Canada's Suncor Energy has joined its global peers in reporting a sharp drop in quarterly profit, as oil and gas prices retreated from last year's peak. Suncor also took a $204 million restructuring charge during the second quarter related to its plans to cut 1,500 jobs this year to reduce costs.

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.

Plains All American Tops Estimates, Sees 2023 Earnings Near High End of Guidance

Plains All American on Friday posted earnings above estimates and said it expects full-year profit at the top end of the pipeline operator's previous guidance, citing higher crude oil volumes.

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.

Strathcona to Acquire Rival Pipestone Energy, Forming Canada's 5th-Biggest Oil Company

Canadian oil producer Strathcona Resources on Tuesday said it will go public by acquiring smaller rival Pipestone Energy Corp. in an all-stock deal to create a combined business with a market capitalization of $6.49 billion.

Venezuela Appoints New Gas Vice President at State Company PDVSA

Venezuela has appointed a new vice president at PDVSA who will lead the state company's gas operations, a key move as the South American country negotiates licenses with foreign companies to develop its mostly untapped natural gas reserves.

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.

Edison's Profit Drops 7% to $207 Million Due to Venture Global's LNG Cargo Delays

Edison said its first-half net profit fell 7% year-on-year to $207 million, dented by a delay in LNG deliveries from the United States. Likewise, Shell and BP have separately filed for arbitration against Venture Global LNG for failing to supply contracted cargoes.

Voyager Midstream Secures Equity Commitment from Pearl Energy Investments

(P&GJ) — Texas-based Voyager Midstream Holdings has secured an initial capital commitment from Pearl Energy Investments to pursue the acquisition and development of crude oil, natural gas, and produced water infrastructure across key North American supply basins.

Associations in the News July 2023

Associations in the News July 2023

Companies in the News July 2023

Companies in the News July 2023

People in the News July 2023

People in the News July 2023

NextDecade Shares Fall 23% as LNG Project Funding Disappoints Investors

NextDecade Corp. shares fell 23% on Thursday on investor worries over the terms of $18.4 billion financing the U.S. LNG developer obtained to go ahead with the long-delayed Phase 1 of Rio Grande LNG export facility.

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.

Energy Income Partners to Vote Against $18.8 Billion ONEOK-Magellan Deal

Asset manager Energy Income Partners LLC, one of the top shareholders in Magellan Midstream Partners, said on Thursday that it intends to vote against pipeline operator ONEOK Inc.'s deal to buy Magellan.

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.

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.