North America

FOCUS: Tumbling U.S. Natural Gas Prices Prove Unstoppable, Hurting Producers

For nearly a year, U.S. natural gas producers have slammed the brakes on production as prices fall. But relentless output gains including from oil companies that pump gas as an oil byproduct have unleashed record supplies.

Chesapeake Energy Beats Q4 Profit Estimates Amid Lower Expenses, Production Decline

Chesapeake Energy beat Wall Street estimates for fourth-quarter profit on Tuesday as the natural gas producer saw a steep decline in its operating expenses.

Kyushu Electric to Await U.S. LNG Policy Clarity Before Lake Charles Decision

Japan's Kyushu Electric Power will wait until after the United States resumes issuing export licenses for new LNG projects before deciding on whether to invest in the Lake Charles project, an executive said.

CenterPoint Energy to Sell 12,000-Mile Pipeline Network in Louisiana, Mississippi for $1.2 Billion

CenterPoint Energy said on Tuesday it would sell its natural gas assets in Louisiana and Mississippi for $1.2 billion to Bernhard Capital Partners, as the electric and gas utility plans to focus on its regulated business.

Occidental Considers $18 Billion Sale of Western Midstream, Sources Say

Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of more than $18 billion, including debt, according to people familiar with the matter.

Equitrans Delays Mountain Valley Natural Gas Pipeline Again, Increases Projected Cost

U.S. energy firm Equitrans Midstream has delayed the estimated completion of its Mountain Valley natural gas pipeline from West Virginia to Virginia to the second quarter from the first quarter due in part to adverse weather in January.

EQT Misses Quarterly Profit Estimates on Lower Prices, Plans Moderate Drilling Expansion

EQT Corp., the largest U.S. natural gas producer, missed fourth-quarter profit estimates on Tuesday, as higher sales volumes were offset by lower gas prices.

Cenovus Energy Boosts Production Despite Refinery Challenges, Shares Rise 7%

Cenovus Energy narrowly missed analysts' estimates for quarterly profit, but higher production and refinery throughput volumes pushed shares in the Canadian oil and gas producer as much as 7% higher on Thursday.

U.S. Awards SPR Contracts Worth $229.5 Million to ExxonMobil, BP, Others

The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 2.95 million barrels of oil worth about $229.5 million to four companies, the U.S. Energy Department said on Thursday.

El Niño Drives Real U.S. Gas Prices to Multi-Decade Low

Inflation-adjusted U.S. gas prices have fallen to the lowest level for over 30 years as a mild winter and continued production growth leave the market carrying a growing surplus of inventories.

Strike Looms: Marathon Petroleum Workers in Detroit Vote to Authorize Walkout, Union Reports

Workers represented by Teamsters union at Marathon Petroleum's Detroit refinery have voted to authorize a strike, the union said on Thursday.

North Dakota Natural Gas Output Reaches Record High in December, Flaring Eases

Natural gas production in North Dakota in December rose to a record 3.525 billion cubic feet per day (Bcf/d) from the prior all-time high of 3.469 Bcf/d in November, while gas flaring eased.

Occidental Says Crownrock Deal Delayed by FTC Requests of 'Everything'

Occidental Petroleum on Thursday said a U.S. regulator's second request for information on the acquisition of shale producer CrownRock has pushed back the deal's closing date to second half this year.

Pipeline Operator TC Energy Beats Profit Estimates on High Gas Demand

North American pipeline operator TC Energy beat fourth-quarter profit estimates on Friday, boosted by high demand for transporting natural gas.

Venture Global Seeks One-Year Permit Extension for Calcasieu Pass LNG Completion

Venture Global LNG sought a one-year permit extension to complete construction of its Calcasieu Pass gas-export plant in Louisiana, in a filing Thursday with the U.S. Federal Energy Regulatory Commission (FERC).

U.S. Regulators Approve Mexico Pacific LNG's Saguaro Connector Pipeline

U.S. energy regulators on Thursday approved a cross-border pipeline that would export about 2.8 billion cubic feet per day of natural gas from Texas to Mexico Pacific's Saguaro LNG export plant on Mexico's west coast.

U.S. House Passes Bill to Reverse Biden's LNG Pause

A bill to strip the power of President Joe Biden's administration to freeze approvals of liquefied natural gas exports passed in the Republican-controlled U.S. House of Representatives on Thursday but faces an uphill battle in the Senate.

Tellurian Secures Three-Year Permit Extension for Driftwood LNG Plant Construction

Cash-strapped Tellurian Inc. on Thursday won a three-year permit extension to complete construction of its Driftwood LNG export plant, a boost for the long-delayed liquefied natural gas project.

Spotlight on Mexico: Sierra Madre Pipeline Signals Nation’s Future

Mexico’s state of Chihuahua and the U.S. company Mexico Pacific have signed an agreement to construct the Sierra Madre Gas Pipeline (STGN). The pipeline will extend 155 miles (250 km) from the Waha Basin in Texas to the border at Chihuahua, then 497 miles (800 km) to Puerto Libertad in Sonora.

Venture Global LNG Presses Regulators to Approve CP2 LNG Project

U.S. liquefied natural gas (LNG) developer Venture Global LNG on Thursday asked federal regulators to approve construction of its controversial Calcasieu Pass 2 export plant at their meeting next month.

U.S. House Set to Vote on Bill Reversing Biden's LNG Export Pause

The U.S. House was expected to vote on Thursday on a bill that attempts to strip the power of President Joe Biden's administration to freeze approvals of liquefied natural gas exports.

Spotlight on Bakken: Gas Expansions Offer Alternative to Permian Constraints

Fueled primarily by U.S. production growth concentrated around the oil-generating geology of North Dakota, the Williston Basin’s midstream footprint has expanded according to the region’s evolving needs.

Hydrogen-Blend Pipelines: Fast-Tracking Innovations Leading Fossil Fuel Resurgence

The year 2023 was a time of extremely conflicting messages for the future of fossil fuels and the sundry clean fuel alternatives to meet distance carbon-free climate change goals.

Energy Transfer Reports Higher Q4 Earnings, Expects Growth in 2024 on NGL Demand

Energy Transfer reported on Wednesday higher adjusted earnings for the fourth quarter of 2023 on the back of increased demand for natural gas liquids (NGL) and forecast earnings would grow in 2024.

Tokyo Gas Expects Half of Overseas Profit to Come from U.S. Gas by 2030

Japan's biggest city gas supplier Tokyo Gas Co. Ltd. expects that by 2030 its U.S. shale gas and related businesses, including trading and marketing, will contribute around 50% to its targeted overseas profit, its president said.

ProFrac Holding's Subsidiary Alpine Silica Files Confidentially for U.S. IPO

Alpine Silica Holding has confidentially filed to go public in the United States, parent company ProFrac Holding Corp. said on Thursday.

New York Pension Fund Tightens Restrictions on Exxon, Other Oil Companies

The New York State Common Retirement Fund would restrict its investments in eight integrated oil and gas companies including Exxon Mobil, after a review of the companies' readiness to transition to a low-carbon economy.

Pipeline Operator Targa Resources Expects Profit Growth in 2024 on Strong NGL Transport, Processing

Pipeline operator Targa Resources said on Thursday it expects higher core profit for full-year 2024, helped by its natural gas processing facilities in the Permian, LPG exports and high transport volumes of natural gas liquids (NGL).

Shell Forecasts 50% Surge in Global LNG Demand by 2040

Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as China and countries in South and Southeast Asia use LNG to support their economic growth, Shell said on Wednesday.

Global Oil Stock Refill Led by China and U.S. Expected to Drive Demand

A push to replenish depleted oil stocks notably in China, the United States and Europe could buoy demand and prices in coming months, analysts and traders said, as tensions in the Middle East threaten key shipping lanes.