North America
Global News November 2024
Stay informed with the latest industry news and developments in the midstream sector. From pipeline projects to regulatory updates and company announcements, P&GJ's Global News column brings you the most important insights from around the world.
Enbridge Q3 Profit Surges on U.S. Gas Acquisitions, Raises Growth Forecast
New investments included the $1.1 billion Sequoia Solar project in Texas and the $700 million offshore Canyon System Pipelines project on the U.S. Gulf Coast.
Tokyo Gas in Talks to Acquire Stake in Woodside’s Louisiana LNG Project
Tokyo Gas is in talks with Woodside Energy to acquire a stake in the Louisiana LNG project, an ambitious U.S. Gulf Coast facility poised to convert U.S. shale gas into LNG for export. This potential investment aligns with Tokyo Gas’ strategy to secure long-term U.S. gas supplies.
Cheniere Boosts Annual Forecast as Corpus Christi LNG Project Nears Start
Cheniere Energy raised its annual profit forecast, citing strong demand for LNG and progress on its Corpus Christi expansion, expected to boost output by year-end. The top U.S. LNG exporter also reported increased third-quarter exports and higher spot prices in Asia, fueling its outlook for continued growth in global LNG markets.
ONEOK Completes $2.6 Billion Medallion Acquisition, Largest Private Crude System in Permian
ONEOK, Inc. announced the completion of its $2.6 billion acquisition of Medallion Midstream, the largest privately held crude oil gathering and transportation system in the Permian Basin's Midland region, from Global Infrastructure Partners.
Trump Victory Could Accelerate End of U.S. LNG Export Moratorium, Says Technip Energies
Technip Energies' CEO Arnaud Pieton suggested that a potential victory for Donald Trump in the upcoming presidential election could expedite the lifting of the U.S. moratorium on liquefied natural gas (LNG) exports.
Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Valero Energy Corp. is evaluating various options for its two California refineries, including potential sales, in response to increasing regulatory pressures in the state. CEO Lane Riggs indicated that "all options are on the table," highlighting the challenges faced by refiners in California.
Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
Marathon Oil plans to lay off over 500 workers in Texas as it prepares for its acquisition by ConocoPhillips. The merger, valued at $22.5 billion, is awaiting regulatory approval and is expected to close in late 2024.
OPAL Fuels Launches RNG Operations at Florida Landfill
This marks the company's eleventh operational RNG project and its second facility in the state. The landfill, owned and operated by Polk County’s municipal government, now supplies biogas for OPAL’s project, which produces and injects pipeline-quality RNG.
Cheniere Sets Methane Emissions Target for LNG Facilities
Cheniere Energy Inc. has established a voluntary, measurement-informed Scope 1 annual methane intensity target for its liquefaction facilities. This target is part of the company's climate strategy and draws on data from its multi-scale emissions measurement and mitigation programs.
ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
ConocoPhillips is exploring the sale of over $1 billion in Permian shale assets, part of its strategy to streamline operations ahead of its Marathon Oil acquisition. The Houston-based oil and gas producer aims to raise $2 billion through asset sales.
ONEOK’s Q3 Profit Surges 53% on Rocky Mountain NGL Demand; Annual Forecast Narrowed
ONEOK’s third-quarter profit rose 53%, driven by strong natural gas and NGL demand in the Rocky Mountain region. The pipeline operator narrowed its annual forecast, reflecting growth in its NGL and refined products segments and continued asset expansion.
U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
U.S. liquefied natural gas (LNG) exports could face setbacks if Donald Trump wins the election and imposes a proposed 60% tariff on Chinese imports, analysts say. The move may lead to trade tensions and reduce demand for U.S. LNG from China, affecting export growth.
Crude Oil Imports from Canada Reach Record High After Pipeline Expansion
U.S. imports of Canadian crude hit a record 4.3 million barrels per day in July 2024, spurred by the Trans Mountain pipeline expansion, according to the U.S. Energy Information Administration. The new capacity boosts exports from Alberta to the U.S. West Coast and Pacific markets, impacting Western Canadian Select prices amid evolving refinery demand.
EQT Sells Remaining Pennsylvania Natural Gas Assets to Equinor for $1.25 Billion
EQT Corp. has agreed to sell its remaining Pennsylvania natural gas assets to Equinor for $1.25 billion, with proceeds aimed at reducing debt following its recent pipeline acquisition. The transaction also expands Equinor’s U.S. production footprint in the Marcellus shale.
Phillips 66 Q3 Profit Surges on Midstream and Chemicals Growth
Phillips 66 reported a third-quarter profit surge, driven by strong performance in its midstream and chemicals segments, which helped offset lower refining margins amid softer fuel demand.
New Oil Pipelines from Permian Unlikely as Top Operators Prioritize Expansions
Top executives of two U.S. energy pipeline operators on Thursday ruled out building new crude oil lines to move volumes out of the Permian shale field in West Texas because of tepid volume growth and difficulties constructing new lines.
U.S. Plans to Refill Strategic Reserve While Oil Prices Rise
Oil prices edged up on the 29th, after a sharp plunge in the previous session, as a U.S. plan to purchase oil for the Strategic Petroleum Reserve provided support.
Enterprise to Expand Strategic Fuel Storage With New Facility in Utah
Pipeline operator Enterprise Products Partners said on Tuesday the second phase of its Texas Western Products System was now complete with truck loading operations beginning at company's fuel terminal located in Utah.
Enterprise Products to Develop CO2 Pipeline Network for Occidental 1PointFive
Enterprise Products Partners agreed to develop a CO2 transportation network to support carbon capture firm 1PointFive's hub in southeast Texas.
Enterprise Products Not Considering New Permian Oil Pipeline, Says Co-CEO
U.S. energy pipeline operator Enterprise Products is not considering adding a new crude oil line out of the Permian shale field in West Texas, co-CEO Jim Teague said on Thursday.
Vanguard Renewables Partners with TotalEnergies to Build Virginia RNG Facility
Vanguard Renewables, a leading builder of organics-to-renewable natural gas (RNG) facilities in the U.S., is expanding its footprint with new projects, including a major facility at Oakmulgee Dairy Farm in Virginia.
JPMorgan in Talks to Resume Physical LNG Trading After Decade-Long Hiatus: Report
JPMorgan Chase is in talks to resume trading physical liquefied natural gas (LNG) after more than a decade, Bloomberg News reported on Wednesday, citing people familiar with the matter.
LNG Buyers Push for Flexible Supply Contracts to Adapt to Fluctuating Power Demand
Japan and other top liquefied natural gas (LNG) buyers are calling for more supply flexibility in order to adapt to variable power demand, industry executives said on Tuesday.
U.S. Allocates $196 Million for Natural Gas Pipeline Modernization
The funding, part of President Biden's Bipartisan Infrastructure Law, will support 60 projects aimed at enhancing safety, reducing environmental harm, and lowering energy costs by replacing leak-prone pipelines.
Lighter U.S. Permian Crude Risks Losing Favor with Refiners Due to Processing Challenges
As Permian Basin crude becomes lighter, refiners face challenges in processing super-light oil, potentially leading to lower demand for WTI Midland and affecting Brent prices. Refiners may need to blend with heavier crude, raising concerns about future refinery configurations.
Canadian Natural Boosts Trans Mountain Pipeline Capacity After PetroChina Exit: Report
Canadian Natural Resources is taking over more space on the expanded Trans Mountain pipeline from a unit of PetroChina, boosting its ability to ship crude to markets after buying assets from Chevron.
Evergy to Build Two Natural Gas Power Plants in Kansas Amid Rising Demand
Evergy plans to build two 705 MW natural gas power plants in Kansas, investing over $1 billion each, to meet rising electricity demand. The plants, expected to be operational by 2029 and 2030, will serve over 1.1 million customers.
Woodside Open to Supplying Japan with U.S. LNG
Australia's top energy firm Woodside Energy sees an opportunity to beef up LNG sales to Japan, including supply from the United States, where the company just bought Tellurian and its LNG export project, CEO Meg O'Neill said on Monday.
Four Petroleum Liquids Pipelines Completed in U.S. Since 2023
Four new petroleum liquids pipelines, including three crude oil projects and one hydrocarbon gas liquids (HGL) pipeline, have been completed in the U.S. since 2023, according to data from the U.S. Energy Information Administration’s (EIA) updated Liquids Pipeline Projects Database.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- 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
- 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
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- Caspian Pipeline Consortium Lowers 2024 Oil Export Forecast Again
