Business News

BP to Buy Out US Pipeline Partnership in $723 Million Deal

BP will acquire the remaining stake in its U.S. pipelines partnership BP Midstream Partners LP that it doesn't already own in a more than $700 million deal.

Japan's Osaka Gas Plans to Enter India's City Market

Japan's Osaka Gas Co. said it plans to enter India's city gas market as a part of efforts to expand its overseas businesses to drive profit growth.

Investor Group Faults New Exxon Board Members on Climate Transition Plan

A coalition of Exxon Mobil Corp. investors wants the oil company to replace its chief executive officer and move more aggressively to slash greenhouse gas emissions.

Pipeline Technology Specialist STATS UK Acquired by SRJ Technologies for £73 Million

The acquisition combines STATS with SRJ’s portfolio of technologies that are positioned to capitalize on global energy market growth and the transition to green energy.

Nigeria's State Oil Firm Posts $346 Million Trading Surplus in June

NNPC's report said in June 47 pipeline points were vandalized compared to 64 in May, with the Port Harcourt area and Mosimi accounting for 94% of the vandalism.

ConocoPhillips Offloads Indonesia Assets in Asia-Pacific Revamp

ConocoPhillips will quit Indonesia, selling its assets there for $1.355 billion to domestic energy company Medco Energi Internasional, and beef up in Australia as it continues to reshape.

Companies in the News December 2021

Texas Pipeline Operator Altus to Combine with BCP Raptor   Altus Midstream will merge with BCP Raptor, a holding company for  pipeline  assets in the Permian Basin, with the combined entity to be valued at $9 billion inclusive of debt.   The transaction allows BCP to go public and gives control of..

People in the News December 2021

Noack Plains All American appointed Dan Noack to the recently created role of vice president, Emerging Energy and Process Optimization and the formation of a cross-functional Emerging Energy team. Noack has more than 25 years of energy industry experience a..

Med-Red Begins Shipments Through EAPC Pipeline Network

Med-Red Land Bridge Company signed its first contract for a vessel to use the recently recommissioned 150-mile (242-km) pipeline owned by Europe Asia Pipeline Company.

Magellan Exploring Options for its Permian Longhorn Crude Pipe

Magellan Midstream Partners LP is evaluating alternative uses for its Longhorn crude pipeline from Texas's Permian Basin, including converting it to carry other commodities like natural gas or refined products.

Carbon+Intel: Enterprise Products Could Repurpose Pipelines for Carbon Projects

Pipeline operator Enterprise Products Partners could repurpose some of its vast U.S. network of energy pipelines for carbon capture and sequestration projects, co-Chief Executive Jim Teague said.

Chesapeake Energy Launches $1 Billion Stock Buyback

Chesapeake Energy Corp. said it would buy back up to $1 billion of stocks, becoming the latest shale producer to focus on shareholder returns, as energy prices recover from pandemic lows.

Enbridge Raises Dividend, Plans Share Buybacks as Profit Set to Rise

Enbridge Inc. on Tuesday raised its dividend and announced plans to buy back shares, as the Canadian pipeline operator forecast higher core earnings in 2022 on rising demand for oil and gas.

BlackRock, Saudi Asset Manager Hassana Sign Deal for Aramco's Gas Pipelines

Saudi Aramco said it has signed a $15.5 billion lease-and-leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and state-backed Hassana Investment Co.

Energy Transfer Completes Acquisition of Enable Midstream

Energy Transfer now owns and operates more than 114,000 miles of pipelines and related assets in all of the major U.S. producing regions and markets across 41 states.

MVP Expands Pipeline Holdings into Midland Basin

MVP Holdings acquired Echo Canyon Pipeline Holdings and its subsidiaries to substantially expand its crude business in the highly active southern Midland basin of West Texas.

Palantir and Kinder Morgan Sign Agreement to Strengthen Pipeline Operations

Kinder Morgan will use Foundry to analyze millions of data points from sensors across its entire pipeline network, contracts and storage assets, electricity consumption and weather data, grid data and commodities data.

Enbridge May Face Tougher Fight for Oil Barrels, Lower Rates, After Pipeline Ruling

A Canadian regulator's rejection last week of Enbridge's plan to sell space long-term on the country's biggest oil pipeline dealt the company a double whammy that analysts say could hit its bottom line.

Navigator and OCI Agree on CO2 Transportation, Storage Services Through Heartland Greenway

Navigator CO2 Ventures announced it has entered into an agreement with Iowa Fertilizer Company facility to provide CO2 transportation and storage services on its CCS system, the Heartland Greenway.

Gazprom Reports Record Quarter Profits on Surging Gas Prices

Russia's Gazprom reported a record quarterly net profit of 581.8 billion roubles ($7.8 billion) for the third quarter reflecting high natural gas prices and said it expected even higher earnings in the last three months of the year.

Carbon+Intel: Capital Power and Enbridge Collaborate to Reduce CO₂ Emissions in Alberta

Capital Power Corporation and Enbridge Inc. announced a memorandum of understanding to collaborate on carbon capture and storage solutions in the Wabamun area west of Edmonton, Alberta.

Oil Settles Down $10/bbl in Largest Daily Drop Since April 2020

Oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could swell in the first quarter.

Inaugural Pipeline & Gas Journal Awards Winners Honored at In-Person Houston Gala

An elite group of midstream professionals gathered in Houston on Thursday evening to attend the inaugural Pipeline & Gas Journal Awards gala, which honored the midstream industry’s leading innovations and outstanding personal contributions.

Oman's OQ Says it May List Some Energy Assets on Local Market

Hilal al-Kharusi, OQ's acting chief executive commercial, said OQ could consider different options for its gas network, which could include stake sales, local listings or leasing of pipeline assets.

Judge Rules Enbridge Line 5 Oil Pipeline Case with Michigan be Heard in Federal Court

A legal battle between Canadian company Enbridge Inc. and Michigan over Enbridge's Line 5 oil pipeline will be heard in federal court, a judge ruled on Tuesday, dismissing Michigan's motion to have the case sent back to state court.

Ironwood Midstream Expanding Footprint in Eagle Ford Region of South Texas

The Ironwood II leadership team assumed management of Nuevo Midstream assets, including about 100 miles of crude oil gathering pipeline in Lavaca, Gonzalez, and Fayette counties.

People in the News November 2021

Garcia Rosa García was appointed as new chairwoman of Madrid-based liquids distribution and storage logistics provider Exolum, succeeding José Luis López de Silanes, who served as chairman for 16 years and will now become honorary chairman. She brings three..

Naturgy Trims Earnings Growth Forecast as Power Prices Squeeze Margins

An expansion of the Medgaz pipeline that brings gas from Algeria to Spain will be completed by the end of the year, Naturgy said.

Annual 500 Report Offers Few Surprises in Rankings

The list of companies leading the way in Pipeline & Gas Journal’s 41st annual 500 report will certainly be familiar to long-time midstream observers, with little shake-up in rankings occurring between the 2020 and 2021 editions of the publication.

23rd World Petroleum Congress Unveils United States Program

With the World Petroleum Congress back in the U.S. for the first time in decades, attendees will have a unique opportunity to hear in-depth discussions around specific areas where the U.S. is at the forefront.