Business News
Pioneer Natural Resources Denies Report of Acquisition of Range Resources
Oil and gas explorer Pioneer Natural Resources Co. said on Friday that it was not pursuing any business combinations, after Bloomberg News reported that the oil and gas explorer was considering an acquisition of smaller U.S. rival Range Resources Corp.
Abu Dhabi's ADNOC Looks to Raise Up to $2 Billion from IPO of Gas Unit
State oil giant Abu Dhabi National Oil Co. (ADNOC) said on Thursday it has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give ADNOC Gas an equity valuation of $47 billion to $50.8 billion.
Wintershall Dea Looks Ahead After Closing Door on Russia
Oil and gas producer Wintershall Dea, fresh from pulling out of its long-term partnership with Russia, will focus on growing its production elsewhere and building up carbon management for the long-term future, it said on Thursday.
Diamondback Energy Targets At Least $1 Billion in Non-Core Asset Sale; Beats Profit Estimates
U.S. oil and gas producer Diamondback Energy Inc said on Wednesday it was increasing its non-core asset sale target to at least $1 billion by the end of this year from $500 million. Additionally, the shale producer announced it beat Wall Street expectations for fourth-quarter profit, as tighter energy supplies following Russia's invasion of Ukraine boosted crude prices.
Tokyo Gas Cuts Shareholder Returns to Invest in Decarbonization
Japan's Tokyo Gas will cut shareholder returns from the next financial year and use freed up funds to invest in technology to slash its carbon emissions, the company said on Wednesday. The company will pay out 40% of profits from the current 50% from the next financial year, it said.
CenterPoint Energy Misses Quarterly Profit Estimates on Higher Costs
CenterPoint Energy Inc. narrowly missed the fourth-quarter profit estimates on Friday, as higher costs hit the U.S. electric and gas utility firm.
Canada's Cenovus Names Jon Mckenzie as New CEO, Posts Quarterly Profit
Cenovus Energy named COO Jon McKenzie as its next president and chief executive on Thursday, as Canada's second-largest oil and gas producer swung to a fourth-quarter net profit from a loss last year.
Sources: Abu Dhabi's ADNOC to Float 4% of Gas Business
Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations.
Pipeline Operator TC Energy Beats Profit Estimates as Demand Boost Offsets Oil Spill Costs
TC Energy Corp. beat market estimates for fourth-quarter profit on Tuesday as sustained demand for energy helped the North American pipeline operator soften a $488 million cost hit from an oil spill at its Keystone pipeline in Kansas.
KÖBERL Group Expands into Pipeline Cleaning Sector with Recent Acquisitions
(P&GJ) — Gimv’s portfolio company KÖBERL Group has strengthened its main location in Munich in the field of pipeline cleaning and wastewater technology by acquiring established specialists Rohrreinigungs-Service RRS GmbH and THG Abwassertechnik GmbH, the company announced on Feb. 9.
AMPP Appoints Dr. Amir Eliezer as New Board Chairman
(P&GJ) — The Association for Materials Protection and Performance (AMPP), a global nonprofit representing corrosion and coatings professionals and industries in 130 countries, has named Professor Amir Eliezer, Ph.D., as chair of the board of directors. His term began on January 1, 2023.
Contracts in the News February 2023
Contracts in the News February 2023
Exxon Posts $56 Billion Profit for 2022, Setting Historic High for Western Oil Majors
Exxon Mobil Corp. posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.
Shell CEO's First Changes Combine Upstream and LNG Operations
Shell will combine its oil and gas production and LNG divisions as part of broader changes under new CEO Wael Sawan, which the company said could result in some job cuts.
18th Pipeline Technology Conference Promotes the Development of Young Talent in the Pipeline Industry
(P&GJ) — The 18th Pipeline Technology Conference (ptc) is set to take place in Berlin from May 8-11, 2023. Europe's premier address for pipeline industry professionals will offer a look into the pipeline future, with a broad range of 1-day seminars, panel discussions, technical sessions, operator round-tables, award ceremonies and social events.
CRC Evans Launches Welding and Coating Services Business Following Quadruple Merger
(P&GJ) — The merger sees Pipeline Technique, CRC-Evans Pipeline International, Pipeline Induction Heat and Global Project Services unite under the CRC Evans banner, accelerating the company’s ambition to be the world’s leading provider of welding and coating services for the energy and wider infrastructure sectors, including emerging energies, as the global transition gathers pace.
Companies in the News January 2023
Companies in the News January 2023
Corrosion Resistant Alloys Successfully Acquires PipeSearch
(P&GJ) — Corrosion Resistant Alloys LLC, a manufacturer of high-grade corrosion-resistant alloy tubulars, has fully acquired PipeSearch, a digital technology company powering global tubular solutions.
Calgary Prepares to Host the World Petroleum Congress to Discuss Global Energy Transition
The Canadian Organizing Committee for the 24th World Petroleum Congress (OCAN) announced numerous milestones ahead of hosting the Congress in Calgary, Canada, from Sept. 17 – 21, 2023.
Enbridge Sees Higher 2023 Profit, Joins Occidental on Carbon Capture Project
Canada's biggest pipeline operator Enbridge Inc. on Wednesday forecasted higher 2023 core earnings, banking on sustained high demand for oil and gas amid tight supplies.
NDT Global Appoints Paul Cooper as President
(P&GJ) — NDT Global announced the appointment of Paul Cooper to the role of president of NDT Global on Nov. 29.
Pipeline & Gas Journal Awards Winners Honored at In-Person Houston Gala
An elite group of midstream professionals gathered in Houston at the Westin Galleria Hotel on Thursday evening to attend the second Pipeline & Gas Journal Awards gala, which honored the midstream industry’s leading innovations and outstanding personal contributions.
Petroleum Economist Hosting Annual LNG to Power Forum in Houston
Petroleum Economist will host its 4th annual LNG to Power Forum Americas in Houston, highlighting the evolving role of LNG in global markets as well as the shift away from oil-fired generation. New for 2022, the forum will now take a deep dive into Central and South America.
Oil Refiner Citgo Petroleum Reports $477 Million Third Quarter Profit
Oil refiner Citgo Petroleum on Thursday reported third quarter earnings of $477 million on strong margins and higher throughput at its three U.S. oil processing plants.
Pipeline Operator TC Energy Posts Higher Profits, Looks to Sell Assets
North American oil and gas pipeline company TC Energy Corp. said on Wednesday it was looking to sell $3.7 billion worth of assets to repay debt and fund new projects and reported an 8% rise in quarterly profit.
Pipeline Operator Plains All American Raises 2022 Profit Forecast
Oil and gas pipeline operator Plains All American on Wednesday raised its profit forecast for the third time this year, helped by higher volumes on its Permian basin pipelines and increased commodity prices.
Analysis-Pipeline Blasts Leave Nord Stream in Insurance Limbo
With the mystery of the blasts that destroyed undersea gas pipelines between Russia and Germany unsolved, Nord Stream 1's insurers and reinsurers are grappling with how to respond to hundreds of millions of dollars in potential claims.
Exxon Selling Yellowstone Pipeline Rights, Silvertip Crude Oil Pipeline for $310 Million
Exxon Mobil Corp. on Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc. for $310 million. The assets being sold off include the Silvertip Pipeline, Exxon's interest in the Yellowstone Pipeline as well as Yellowstone Energy LP and its interests in product terminals in Montana and Washington.
Martin Midstream Sells California Sulfur Terminal to Gulf Terminals
(P&GJ) — Martin Midstream Partners LP has announced the sale of its Stockton Sulfur Terminal to Gulf Terminals LLC. The net proceeds of approximately $5.25 million will be used to reduce outstanding borrowings under the partnership’s revolving credit facility.
Infineum to Acquire Entegris’ Pipeline and Industrial Materials Business
(P&GJ) — Infineum and Entegris Inc. have entered into a definitive agreement for Infineum to acquire Entegris’ Pipeline and Industrial Materials business. The transaction is expected to close in the fourth quarter of 2022, subject to receipt of required regulatory approvals and other customary closing conditions.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Polish Pipeline Operator Offers Firm Capacity to Transport Gas to Ukraine in 2025
