North America

Global News February 2024

Latest industry developments from around the world!

Methane Standards Hit Pipelines More Gently Than Proposed

The Environmental Protection Agency (EPA) issued final methane performance standards for natural gas controllers and compressors, which will require midstream and interstate pipelines to take a new look at their emission controls.

U.S. House to Vote on Reversing Biden's LNG Exports Pause

The U.S. House of Representatives will vote next month on a measure to overturn the Biden administration's moratorium on approvals of new liquefied natural gas exports, Bloomberg reported, citing a Republican lawmaker.

Marathon Petroleum Beats Profit Estimates, Plans Maintenance Slowdown in Q1 2024

Marathon Petroleum beat quarterly profit estimates on Tuesday, supported by strong refined product margins and high refinery utilization rates, but expects to cut back plant activity sharply at the start of this year for maintenance.

Permian Resources Continues Expansion in New Mexico with $175 Million Deals

The company has acquired about 11,500 net leasehold acres and 4,000 net royalty acres located in Eddy County from undisclosed third-parties.

Former Sempra Energy Chief Behind Efforts to Salvage Driftwood LNG Project

U.S. LNG developer Tellurian chose a Lazard Inc. investment banker to right its struggling Driftwood LNG export project, the company's chairman told investors this week.

Phillips 66 Shuts Section of Oklahoma Panhandle Pipeline After Fire

Phillips 66 said it has shut a section of a natural gas pipeline it operates in the Oklahoma Panhandle after fire and rupture that occurred on Tuesday morning.

Oil Producer Hess Tops Profit Estimates on Higher Bakken, Guyana Output

U.S. oil and gas firm Hess beat Wall Street estimates for fourth-quarter profit on Wednesday, helped by higher production in its Bakken shale and Guyana operations.

Environmental Group Unlikely to Challenge Venture Global’s CP2 Construction Permit Approval

Environmentalists are unlikely to challenge in court regulators' expected approval of Venture Global LNG's CP2 export terminal, activist Bill McKibben told Reuters on Tuesday.

Pipeline Operator Enbridge to Cut 650 Jobs Amid Cost Reduction Efforts

North American energy pipeline operator Enbridge said on Tuesday it will cut its workforce by 650 jobs in a bid to cut costs.

U.S. Awards $242 Million in SPR Contracts to Exxon, Macquarie, Phillips 66, Sunoco

The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 3.1 million barrels of oil worth more than $242 million to Exxon, Macquarie, Phillips 66 and Sunoco, the U.S. Energy Department said in a statement on Monday.

MPLX Exceeds Q4 2023 Expectations with Surge in Pipeline Volumes

Midstream energy company MPLX on Tuesday reported higher fourth-quarter earnings, beating expectations, as its pipelines transported an increased volume of energy products.

Trans Mountain Oil Pipeline Faces New Delay Due to Technical Issues

Canada's Trans Mountain said on Monday that it had run into technical issues and faces new delays as it tries to complete the final part of expanding its oil export pipeline.

Tallgrass Energy, Bridger Commence Open Season for 830-Mile Pony Express Pipeline Expansion

The open season covers the Northwest portion of the Pony Express line, connecting Bridger Pipeline's Guernsey Hub in southeast Wyoming to Pony Express' Guernsey and Sterling origin terminals in Northeast Colorado.

POET's U.S. Midwest Ethanol Plants to Join Summit Carbon Pipeline Project

POET LLC said on Monday the world's largest ethanol producer will partner with Summit Carbon Solutions to capture carbon dioxide emissions at 17 of its U.S. Midwest ethanol plants as part of Summit's multi-state pipeline project.

Trans Mountain Pipeline Expansion Set to Begin in April, Increasing Crude Flow

Canada's Trans Mountain Corp. will begin adding crude oil to its long-delayed pipeline expansion in February and expects it to start operating in early April and will ramp up to full capacity by the end of the year, an executive said on Wednesday.

U.S. Oil Futures Face Squeeze as Cushing Inventories Dwindle

U.S. crude oil inventories have begun to deplete, especially around the NYMEX futures delivery point at Cushing in Oklahoma and across the Midwest, creating conditions for a squeeze on nearby futures prices.

Alberta Pension Fund AIMCo Flags Interest in Buying Trans Mountain Stake

Alberta Investment Management Corporation (AIMCo), a major pension fund in Canada's main oil and gas-producing province, would be interested in buying a stake in Canada's Trans Mountain pipeline if it became available, a spokesperson said on Thursday.

Concerns Mount Among Activist Investors as Exxon Mobil's Lawsuit Sidesteps U.S. Regulator in Shareholder Dispute

Investors that use shareholder resolutions to pressure companies on environmental and social issues said they are worried that an Exxon Mobil lawsuit bypassing the U.S. securities regulator could undermine their influence.

INGAA Warns of 'Devastating Ripple Effects' Amid Biden’s Halting of LNG Export Terminal Approvals

In response to the decision, Amy Andryszak, president and CEO of INGAA, emphasized the potential consequences, stating, “The administration needs to appreciate that even a ‘pause’ on approvals can potentially cause devastating ripple effects on national security, energy investments, the supply chain, and American workers and consumers."

Biden Halts LNG Export Approvals Amid Climate Pressure, Imperils Projects

President Joe Biden has paused approvals for pending and future applications to export LNG from new projects on Friday, a move cheered by climate activists that could delay decisions on new plants until after the Nov. 5 election.

Freeport LNG Faces Month-Long Unit Outage Due to Winter Storm

Freeport LNG expects one of the three gas liquefaction units at its Texas plant to be out of service for a month after it faced a technical issue during Winter Storm Heather, the company said on Friday.

Sources: Biden to Announce Delay on New LNG Export Terminal Approvals

The Biden administration is expected to announce on Friday that it will begin considering climate impacts in its approvals of new LNG exports, a process that will likely delay decisions on new terminals until after the Nov. 5 presidential election, two sources familiar with the matter said.

Seaside LNG Achieves First In-Port Ship-to-Ship LNG Bunkering Delivery in Galveston

This operation marked the first in port ship-to-ship LNG bunkering delivery not only in Galveston but also along the entire U.S. Gulf Coast.

Texas LNG Receives Regulatory Approval for Final Investment Decision

Texas LNG, a subsidiary of Glenfarne Energy, obtains permits for its 4 MMtpa LNG export terminal in the Port of Brownsville, Texas, marking a crucial step towards a final investment decision.

Valero Energy's Quarterly Profit Slips on Weak Fuel Prices

Valero Energy reported a fall in quarterly profit on Thursday, kicking off earnings for U.S. refiners on a feeble note, as a slowdown in fuel demand hurt margins.

White House Pauses Decision on Louisiana LNG Export Terminal

The Biden administration is delaying a decision on a Louisiana LNG export project that would be the United States' largest, but which has raised the ire of environmentalists, the New York Times reported on Wednesday.

EnCap Eyes $5 Billion Sale of Bakken Shale Producer Grayson Mill

Private equity firm EnCap Investments is exploring a sale of Grayson Mill Energy that could value the Bakken shale-focused oil and gas producer at around $5 billion, inclusive of debt, people familiar with the matter said on Thursday.

NextEra Energy Posts Fourth-Quarter Profit, Helped by Lower Gas Prices

The power company, which makes most of its electricity from natural gas, benefited from lower natural-gas prices, which fell about 14% in the quarter from the third quarter, on ample storage and a milder-than-expected winter.

Kinder Morgan Remains Bullish on Natural Gas Demand Growth

Kinder Morgan said on Wednesday it continues to have a bullish outlook for natural gas demand banking on higher demand from LNG export facilities and increased exports to Mexico.