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☆ US Senator Schumer urges FTC to probe Exxon, Chevron mega-deals
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

Earlier this month, Exxon proposed to buy Pioneer Natural Resources (PXD.N) for $60 billion and Chevron agreed to acquire Hess (HES.N) for $53 billion. The Democratic Senate leader said in a letter that the two of the largest oil and gas deals of this century are "likely to harm competition." Chevron and Exxon have accumulated huge profits from strong energy prices and demand since Russia's invasion of Ukraine. The oil industry last went through an era of major consolidation in the late 1990s when Exxon, Shell (SHEL.L), BP (BP.L) and France's TotalEnergies (TTEF.PA) merged with rivals to create huge integrated companies. The acquisitions followed a collapse in oil prices that weakened many companies.

Persons: Dado Ruvic, Charles Schumer, Hess, Schumer, France's, Tanay Dhumal, Arunima Kumar Organizations: ExxonMobil, Pioneer, REUTERS, U.S, Wednesday, U.S . Federal Trade Commission, Exxon Mobil, Chevron Corp, Exxon, Natural Resources, Chevron, Democratic, Shell, BP, FTC, Big, Thomson Locations: Ukraine, United States, Bengaluru

☆ Lower prices, oversupply to weigh on lithium miners
▼ + stars: | 2023-10-30 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

Lithium miners have had a tough year as weak electric vehicle (EV) sales growth led to high stockpiles and sent prices of the metal tumbling down. The Chinese spot battery grade lithium carbonate prices, fell around 45% to 165,000 Chinese Yuan ($22,561.63) per tonne during the July-September quarter. Reuters GraphicsAnalysts also flagged additional supplies from new projects coming online to further weigh on lithium prices. Albemarle is expected to report quarterly results on Wednesday, while smaller rival Livent is scheduled for Tuesday. ($1 = 7.3133 Chinese yuan renminbi)Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Ivan Alvarado, Raymond James, Pavel Molchanov, Overcapacity, Jefferies, Laurence Alexander, Piper Sandler, Charles Neivert, Kyle Winborne, Arunima Kumar, Krishna Chandra Organizations: REUTERS, Albemarle Corp, EV, Reuters, Reuters Graphics, Thomson Locations: Albemarle, Antofagasta region, Chile, oversupplied, China, Livent, Bengaluru

☆ Duke Energy to build end-to-end green hydrogen system in Florida
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

The company logo and ticker for Duke Energy Corp. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 4, 2019. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 27 (Reuters) - Electric utility Duke Energy (DUK.N) said on Friday it would build a project to create clean energy using an end-to-end system to produce, store and combust 100% green hydrogen, in Florida. Green hydrogen, produced by splitting water through electrolysis using renewable energy, is expected to play a key role in decarbonizing various industries, including transport. Construction of the demonstration project in DeBary would begin later this year and could take about one year to complete, Duke said. The new system would begin with the existing 74.5-megawatt (MW) DeBary solar plant providing clean energy for two 1-MW electrolyzer units.

Persons: Brendan McDermid, Sargent, Lundy, Electric's, Duke, Arunima Kumar, Shilpi Majumdar Organizations: Duke Energy Corp, New York Stock Exchange, REUTERS, Electric, Duke Energy, Duke, GE, Thomson Locations: New York, U.S, Florida, DeBary, Bengaluru

☆ Valero tops profit estimates in strong start to U.S. refiner earnings
▼ + stars: | 2023-10-26 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

The logo for Valero Energy Corporation is shown at a Valero gas station in Encinitas, California, U.S., May 2, 2016. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Valero Energy Corp FollowOct 26 (Reuters) - Refiner Valero Energy (VLO.N) beat analysts' estimates for third-quarter profit on Thursday, powered by sustained fuel and refined products demand against the backdrop of tight supplies. For the current quarter, Valero expects refining throughput between 2.93 million and 3.04 million bpd. The Diamond Green Diesel Port Arthur plant, which started up in the fourth quarter of 2022, boosted the sales volumes, Valero said. The 3-2-1 crack spread, a proxy for refining margins, fell around 35% during the July-September quarter.

Persons: Mike Blake, Lane Riggs, Valero, refiners, TD Cowen, Jason Gabelman, Arunima Kumar, Sriraj Organizations: Valero Energy Corporation, REUTERS, Companies Valero Energy Corp, Refiner Valero Energy, Valero, Green Diesel, U.S ., Thomson Locations: Valero, Encinitas , California, U.S, Saudi Arabia, Russia, Green Diesel Port Arthur, U.S . East Coast, San Antonio , Texas, Bengaluru

☆ Halliburton profit beats as higher global drilling offsets weak N.America
▼ + stars: | 2023-10-24 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

[1/2] The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File Photo Acquire Licensing RightsOct 24 (Reuters) - Halliburton's (HAL.N) third-quarter profit beat market expectations on Tuesday as higher international drilling and equipment demand helped overcome weakness in North America. Against this backdrop, we expect continued demand growth for oilfield services in 2024 and beyond," CEO Jeff Miller said. The company and its rival Baker Hughes (BKR.O) had in July warned of weakening North America oilfield activity. Larger rival SLB (SLB.N) on Friday beat third-quarter estimates on strong global oil drilling activity, but was hurt by North American weakness.

Persons: Richard Carson, Jeff Miller, Halliburton, Baker Hughes, Keith Mackey, Arunima Kumar, Arun Koyyur Organizations: Halliburton, REUTERS, Gulf of Mexico . Energy, HAL, RBC Capital, Thomson Locations: Houston , Texas, North America, Ukraine, Gulf of Mexico, America, Houston, Bengaluru

☆ SLB profit beats on strength in global drilling activity
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Courtesy of SLB/Handout via REUTERS/File photo Acquire Licensing RightsCompanies Schlumberger NV FollowOct 20 (Reuters) - SLB (SLB.N) edged past estimates for quarterly profit on Friday as strength in the overseas drilling market to meet the insatiable global appetite for oil drove demand for its oilfield equipment, offsetting weakness in North America. Oilfield services firms have been kept busy as oil and gas companies reinvest their windfall profit, reaped when Russia invaded Ukraine, to secure more offshore and international sources. International revenue rose 12% to $6.6 billion in the third quarter, compared with a year earlier. North America revenue climbed 6%, but declined sequentially due to reduced drilling activity in the onshore U.S. and the Gulf of Mexico. Reporting by Arunima Kumar in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Olivier Le Peuch, Arunima Kumar, Anil D'Silva Organizations: REUTERS, Schlumberger, Thomson Locations: Houston , Texas, Handout, North America, Russia, Ukraine, America, Gulf of Mexico, MidEast, Asia, Bengaluru

1 Permian shale producer Pioneer Natural Resources (PXD.N) could further restrain output growth in the largest U.S. oilfield, squeezing pipeline companies and suppliers, executives and energy advisors said. Consolidation, steep cost inflation and investor demands for returns have shrunk production growth this year in the Permian shale formation in West Texas and eastern New Mexico. U.S. oil producers are pumping more oil, but the pace of growth has slowed due to lower drilling activity. Overall, oil companies have cut 36 active drilling rigs in the Permian in the last year, a 10% drop. Recent shale consolidation, including Civitas Resources (CIVI.N) and Callon Petroleum-Percussion (CPE.N), also led to reductions in the combined companies' active drilling rigs.

Persons: Exxon Mobil's, they've, Ajay Bakshani, Darren Woods, Ben Crook, East Daley's Bakshani, Webster, Robert Webster, Arathy Somasekhar, Arunima Kumar, Marguerita Choy Organizations: U.S, Exxon, Natural Resources, Reuters, Daley Analytics, Civitas Resources, Callon Petroleum, roughnecks, Hennessy Energy, Fund, Targa Resources, Energy, East, Plains, Oil, Thomson Locations: West Texas, New Mexico, Houston, Bengaluru

☆ What Wall St, policymakers have to say on potential Exxon-Pioneer deal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +3 min

The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. A deal would be Exxon's biggest acquisition since its $81 billion deal for Mobil in 1998 and could deepen the oil major's position in the country's most lucrative oil patch. Following are the comments on the likely deal. BILL SMEAD, CHIEF INVESTMENT OFFICER OF SMEAD CAPITAL MANAGEMENT"I can't imagine any deal is going to go for less than $65 billion, considering Pioneer is currently trading around $50 billion . I mean there's no question the position of that magnitude or size would give them considerable leverage in negotiating or contracts with the service providers."

Persons: Lucas Jackson, BILL SMEAD, PETER MCNALLY, Scott Sheffield, SHELDON WHITEHOUSE, BEN COOK, HENNESSY, NEAL DINGMANN, Arunima Kumar, Sourasis Bose, Sabrina Valle, Raphael Satter, Arun Koyyur Organizations: Exxon Mobil Corporation, New York Stock Exchange, REUTERS, Exxon Mobil, Natural Resources, Mobil, RBC, RHODE, Exxon, Thomson Locations: New York, United States, Bengaluru, Houston

Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Exxon shares were down 1.6%Friday's gains leave the stock short of the offer, as it is possible that the two companies will not reach an agreement. If the negotiations conclude successfully, an agreement between Exxon and Pioneer could be reached in the coming days, Reuters reported on Thursday, citing three sources. "Pioneer is the Permian's largest operator at 9% of gross production while Exxon is No. Combined amounts to 15% of operated Permian production, but only 6% of total US production.

Persons: Dado Ruvic, Andrew Dittmar, Enverus, Scott Hanold, Bill Smead, Mrinalika Roy, Sourasis Bose, Arunima Kumar, Sabrina Valle, Sriraj Organizations: Exxon Mobil, REUTERS, Natural Resources, Mobil, Reuters Graphics, Exxon, Pioneer, Reuters, RBC Capital, Smead Capital Management, Thomson, & $ Locations: Bengaluru, Houston

☆ Exxon-Pioneer deal talks: What Wall St, policymakers have to say
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +4 min

The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. It would be Exxon's biggest acquisition since its $81 billion deal for Mobil in 1998 and could deepen the oil major's position in the country's most lucrative oil patch. MATTHEW BERNSTEIN, SENIOR SHALE ANALYST, RYSTAD ENERGY"If Exxon Mobil is crowned the undisputed king of the Permian in the coming days, the shale sector will fundamentally become a more mature consolidated business." "A deal the size of Exxon Mobil's potential acquisition of Pioneer, however, could usher in a new 'Shale 4.0' era ... BILL SMEAD, CHIEF INVESTMENT OFFICER OF SMEAD CAPITAL MANAGEMENT"I can't imagine any deal is going to go for less than $65 billion, considering Pioneer is currently trading around $50 billion .

Persons: Lucas Jackson, MATTHEW BERNSTEIN, MARK VIVIANO, Scott Sheffield, BILL SMEAD, PETER MCNALLY, SHELDON WHITEHOUSE, BEN COOK, HENNESSY, NEAL DINGMANN, Arunima Kumar, Sourasis Bose, Sabrina Valle, Raphael Satter, David French, Sriraj Kalluvila, Arun Koyyur Organizations: Exxon Mobil Corporation, New York Stock Exchange, REUTERS, Exxon Mobil, Natural Resources, Mobil, Exxon, RBC, RHODE, Thomson Locations: New York, United States, Bengaluru, Houston

REUTERS/Erica Dischino/ File Photo Acquire Licensing RightsSept 27 (Reuters) - A U.S. Senate committee on Wednesday voted to advance a marijuana banking bill, raising hopes for the cash-dependent cannabis sector to get access to regular banking services. The Secure and Fair Enforcement Regulation Banking Act (SAFER) bill, introduced by a bipartisan group of senators last week, will now move to the Senate floor. Shares of SNDL (SNDL.O), Trulieve Cannabis (TRUL.CD), Cronos Group (CRON.TO), rose between 1% and 3% following the vote. An earlier version of the bill, the SAFE Banking Act, had failed to secure a Senate vote despite the House of Representatives passing it seven times. "Realizing this first vote out of the Senate signals strong bipartisan support from both chambers of Congress," said Trulieve CEO Kim Rivers.

Persons: Erica Dischino, Kim Rivers, Arunima Kumar, Sourasis Bose, Sriraj Organizations: Red, REUTERS, U.S, Cronos, Cannabis ETF, Holdings, SAFE, U.S . Department of Health, Human Services, Drug Enforcement Agency, Thomson Locations: Red Lake, Red Lake , Minnesota, U.S, Bengaluru

☆ Instacart planning to sell shares in IPO for $30 or more - Bloomberg News
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

Sept 18 (Reuters) - Grocery delivery app Instacart is planning to sell shares in its initial public offering (IPO) for $30 apiece and perhaps more, Bloomberg Newsreported on Monday, citing people familiar with the matter. The company is heading to the bourse almost three years after it kicked off preparations for going public. Instacart on Friday raised its proposed price range for its IPO, offering to sell 22 million shares now at $28 to $30 each compared to its previous price range of $26 to $28 each. San Francisco-based Instacart is in talks to price the shares at the top of that range or potentially higher at $31, according to Bloomberg. Instacart, which filed for the IPO as "Maplebear," declined to comment.

Persons: Bloomberg Newsreported, Instacart, Arunima Kumar, Shweta Agarwal Organizations: Bloomberg, bourse, Arm Holdings, Instacart, Thomson Locations: San Francisco, Bengaluru

☆ VIEW BP boss Looney resigns over personal relationships with colleagues
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowSept 12 (Reuters) - British oil major BP's (BP.L) CEO Bernard Looney has stepped down after less than four years in office for failing to fully disclose details of past personal relationships with colleagues. STORY: read moreLINK: https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-ceo-resigns.htmlCOMMENTSEDWARD MOYA, SENIOR MARKET ANALYST AT OANDA"This was unexpected and could raise doubts to BP's transition towards renewable energy. BP share prices might not get rocked that hard as CFO Auchincloss appears poised to take over. So, depending on the new CEO, BP could theoretically roll back its transition plans further. Reporting by Arunima Kumar and Ashitha Shivaprasad in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernard Looney, EDWARD MOYA, Auchincloss, ALLEN, Shell, Arunima Kumar, Ashitha, Devika Organizations: Bp, MORNINGSTAR, BP, Thomson Locations: Bengaluru

The logo of Calgary-based Enbridge, one of North America's largest energy infrastructure companies, is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren Acquire Licensing RightsSept 5 (Reuters) - Enbridge (ENB.TO) will buy three utilities from Dominion Energy (D.N) for $14 billion including debt, the Canadian pipeline operator said on Tuesday, creating North America's largest natural gas provider and doubling its gas distribution business. The deals for East Ohio Gas, Questar Gas, and Public Service Co of North Carolina will consist of $9.4 billion in cash and $4.6 billion of assumed debt. U.S.-listed shares of Enbridge fell 6.5% to $33.01 in extended trading after the company also announced a C$4 billion ($2.9 billion) bought-share sale to fund a portion of the deal. The modest improvement in Enbridge's business risk profile is not enough to "offset ongoing pressure on the company's financial profile," said Gavin MacFarlane, vice president and senior credit officer at Moody's, in a statement.

Persons: Chris Helgren, Berkshire Hathaway, Greg Ebel, Enbridge, Patrick Murray, Moody's, Gavin MacFarlane, Morgan Stanley, Sullivan, Cromwell, McCarthy Tétrault, Arunima Kumar, David French, Denny Thomas, Shailesh Kuber, Sriraj Kalluvila, Richard Chang Organizations: REUTERS, Dominion Energy, East Ohio Gas, Public Service Co, Dominion, Federal Trade Commission, Foreign Investment, Co LLC, RBC Capital Markets, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, Canadian, North Carolina, Enbridge, Point, United States, Ohio , North Carolina , Utah , Idaho, Wyoming, North America, Bengaluru, New York

☆ Pot firms surge as US move to ease curbs sparks hopes of legalization
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Shares of cannabis firms Cronos Group (CRON.TO), OrganiGram Holdings (OGI.TO), Aurora Cannabis (ACB.TO), Canopy Growth (WEED.TO) jumped between 6% and 25%. Verano Holdings (VRNO.CD), Green Thumb Industries (GTII.CD), Cresco Labs (CL.CD) and Curaleaf Holdings (CURA.CD) and Goodness Growth (GDNS.CD) rose between 15% and 37%. "Certainly moving cannabis off of Schedule 1 is the right decision and long overdue. The firm held investments in cannabis retailer and producer Green Thumb, and cannabis data platform Flowhub, according to its website. Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: cagey, Ty Collin, Patrick Rea, Green, Arunima Kumar, Sriraj Organizations: Cronos Group, OrganiGram Holdings, Verano Holdings, Green Thumb Industries, Cresco Labs, Curaleaf Holdings, Cannabis ETF, U.S . Department of Health, Human Services, Drug Enforcement Agency, Banking, Poseidon Garden Ventures, Thomson Locations: U.S, Aurora, Bengaluru

☆ Factbox: What are global companies saying about China's economy?
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

People cross a street near office towers in the Lujiazui financial district in Shanghai, China, February 28, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 29 (Reuters) - United States Commerce Secretary Gina Raimondo has said U.S. companies have raised concerns that China has become "uninvestible", pointing to fines, raids and other actions that have made it too risky to do business in the world's second-largest economy. Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery of the country's economy from a pandemic slowdown. Following are comments from some of the top firms on their China business during the latest reporting season:Compiled by Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni and Bhanvi Satija; Edited by Shinjini Ganguli and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Gina Raimondo, Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni, Bhanvi, Shinjini Ganguli, Shounak Organizations: REUTERS, United States, Thomson Locations: Shanghai, China, U.S

[1/2] A view of burned debris after wildfires devastated the historic town of Lahaina, Maui, Hawaii, U.S., August 10, 2023. Maui County sued Hawaiian Electric last week, accusing the utility of negligently failing to shut off power and causing the devastating fires that destroyed the coastal town of Lahaina and killed more than 114 people. "We were surprised and disappointed that the County of Maui rushed to court even before completing its own investigation," CEO Shelee Kimura said in a statement. Even with Monday's rally, shares are still down more than 60% since the wildfires started on Aug. 8. "To the extent HECO (Hawaiian Electric Co) has information of a second ignition source, HECO should offer that evidence now.

Persons: Shelee Kimura, HECO, John Fiske, Raymond James, Pavel Molchanov, Arunima Kumar, Mrinalika Roy, Louise Heavens, Mark Potter, Maju Samuel, Shounak Organizations: Hawai'i Department of Land, Natural Resources, REUTERS, Hawaiian Electric Industries, Hawaiian Electric, Electric, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Maui County, West Maui, Bengaluru

☆ Hawaiian Electric shares sink on wildfire lawsuit, dividend pause, ratings cut
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Aug 25 (Reuters) - Hawaiian Electric shares (HE.N) on Friday plunged to their lowest level since 1984 as a lawsuit alleging negligence leading to Maui wildfires raised investor worries over the financial health of the utility that has paused dividend payout. "We are very disappointed that Maui County chose this litigious path while the investigation is still unfolding," the company told Reuters. S&P Global Ratings, meanwhile, initiated its second rating cut on the company and its units this month, to 'B-' from 'BB-'. Moody's and Fitch have also lowered Hawaiian Electric to junk status. Its shares have lost more than half of its market value since the Aug. 8 wildfire.

Persons: Wells, Jonathan Reeder, Moody's, Fitch, Reeder, Medha Singh, Arunima Kumar, Arun Koyyur Organizations: Electric, Maui, Reuters, Hawaiian Electric Industries, Thomson Locations: Maui, Honolulu, Lahaina, Bengaluru

☆ Hawaiian Electric engages with Guggenheim after Maui wildfire scrutiny
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

Aug 22 (Reuters) - Hawaiian Electric Industries (HE.N) said on Tuesday it was seeking advice from boutique advisory firm Guggenheim Securities, after questions were raised over the utility's role in the Maui wildfires. "We are seeking advice from various experts as we position HEI and Hawaiian Electric to be the strong, financially healthy local utility that the people of Maui and Hawai‘i need over the long term," the company said. Shares of Hawaiian Electric, which were down 2.4% at the open, reversed course, and were up 1.3% at $13.21 in afternoon trading. Fitch on Monday downgraded Hawaiian Electric's credit rating to junk status, becoming the third ratings agency to flag risks associated with the utility's potential exposure to liabilities related to the wildfire. Fitch said potential liabilities could be above $3.8 billion, which represents an "existential threat" to the company.

Persons: HEI, Fitch, Arunima Kumar, Arshreet Singh, Krishna Chandra Organizations: Hawaiian Electric Industries, Guggenheim Securities, Electric, Thomson Locations: Maui, Hawaii's, Honolulu, Lahaina . Fitch, Bengaluru

☆ Permian Resources to buy Earthstone in $4.5 billion deal
▼ + stars: | 2023-08-21 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

Delaware Basin, a part of the wider Permian Basin, is a prime target for producers looking to increase their inventory. Earlier this month, it also closed a $1.5 billion deal to buy Novo Oil & Gas Holdings. With Monday's deal, Permian Resources would have pro forma production of about 300,000 barrels of oil equivalent per day (boepd). Shares of Earthstone jumped 8.6% to $17.63 in premarket trading, while Permian Resources declined more than 3% to $12.45. After the deal closes, existing Permian Resources and Earthstone shareholders would own about 73% and 27% of the combined company, respectively.

Persons: Earthstone, Leo Mariani, Roth, Mariani, Arunima Kumar, Anil D'Silva, Shilpi Majumdar Organizations: Earthstone Energy, Oil & Gas Holdings, Resources, Thomson Locations: Delaware, . Delaware, Texas, New Mexico, Midland , Texas, Bengaluru

☆ Hawaiian Electric takes expert help but says goal not to restructure
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

Homes damaged by fire are seen in Lahaina on the island of Maui in Hawaii, U.S., August 14, 2023. REUTERS/Jorge Garcia Acquire Licensing RightsAug 18 (Reuters) - Hawaiian Electric Industries (HE.N) is seeking expert advice amid growing scrutiny over its role in the Maui wildfires, but the largest power supplier in the US island state said on Friday that the goal was not to restructure the company. The company did not clearly outline the purpose for which it was seeking expert advice. "Like any company in this situation would do, and as we do in the normal course of business, we are seeking advice from various experts," it said in a filing. It did not include around 2,600 homes and businesses that were destroyed, which represent less than 1% of its customers.

Persons: Jorge Garcia, Arshreet Singh, Arunima Kumar, Arun Koyyur Organizations: REUTERS, Hawaiian Electric Industries, Moody's Investors Service, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Honolulu, California, West Maui, Bengaluru

Homes damaged by fire are seen in Lahaina on the island of Maui in Hawaii, U.S., August 14, 2023. The company said in its filing that shutting off power was not part of its high-wind management protocol. Analysts have said Hawaiian's situation is reminiscent of that of PG&E Corp (PCG.N) and wildfires in California. PG&E filed for bankruptcy protection in 2019, and subsequently restructured, citing potential liabilities exceeding $30 billion stemming from California wildfires that were blamed on its equipment. As of Thursday, about 1,900 customers in West Maui remained without electricity, Hawaiian said.

Persons: Jorge Garcia, Wells, Jonathan Reeder, Arshreet Singh, Arunima Kumar, Shreyashi Sanyal, Caroline Valetkevitch, Arun Koyyur, Josie Kao Organizations: REUTERS, Hawaiian Electric Industries, Electric, Moody's, E Corp, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Honolulu, American, California, West Maui, Bengaluru, New York

☆ Chesapeake to complete Eagle Ford basin exit with SilverBow deal
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoAug 14 (Reuters) - U.S. natural gas producer Chesapeake Energy (CHK.O) said on Monday it would sell its remaining Eagle Ford assets to SilverBow Resources (SBOW.N) for $700 million, completing its exit from the south Texas basin. Chesapeake said last year it viewed the Eagle Ford acreage as no longer core to its strategy and would focus on the gas-rich Marcellus and Haynesville shale formations. The Oklahoma City-based energy producer also faced pressure from activist investment firm Kimmeridge Energy Management, which has urged a shift toward solely natural gas production. SilverBow said the deal, expected to close by the end of this year, would make it the largest public pure-play Eagle Ford operator and would immediately add to key financial and operating metrics. The deal consists of a $650 million upfront cash payment due at closing and an additional $50 million deferred cash payment 12 months after close.

Persons: Dado Ruvic, Chesapeake, Marcellus, boe, SilverBow, Arunima Kumar, Sriraj Organizations: Chesapeake Energy, REUTERS, Eagle Ford, SilverBow Resources, Energy, Oklahoma, Kimmeridge Energy Management, Chesapeake, Eagle, Thomson Locations: Texas, Eagle Ford, Dimmit, Webb, Chesapeake, Bengaluru

☆ Phillips 66 joins rival refiners with sharp profit drop on lower margins
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden, New Jersey, U.S., March 30, 2020. Phillips said realized margins fell to $15.32 per barrel in the second quarter, from $28.62 a year earlier. Despite the fall in margins, fuel demand remains resilient. Phillips 66's crude utilization rate was 93% in the second quarter, higher than 90% a year earlier, while total processed input was unchanged year-over-year at 1.9 million barrels per day (bpd). Phillips 66's second-quarter net income fell to $1.7 billion, or $3.72 per share, from $3.2 billion, or $6.53 per share, in the year-ago quarter.

Persons: Mike Segar, Phillips, Arunima Kumar, Sriraj Organizations: Bayway, REUTERS, Rivals Valero Energy Corp, Marathon Petroleum, Thomson Locations: Phillips, Linden , New Jersey, U.S, Ukraine, Houston, Bengaluru

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoAug 1 (Reuters) - Shale producers Pioneer Natural Resources Co (PXD.N) and Devon Energy Corp (DVN.N) on Tuesday tightened budgets and warned of lower drilling and completions activity in coming months after a drop in oil and gas prices slashed their second-quarter profits. U.S. shale producers have been forced to reduce the number of rigs in operation and delay well completions as profits have fallen from bumper 2022 levels after crude prices eased from multi-year highs. Pioneer, a top producer in the Permian shale basin, cut its 2023 budget, including for drilling and completions, by $125 million to a range of $4.375 billion to $4.575 billion. Devon, which operates in Permian's Delaware basin, forecast capital spending of about $900 million in the third quarter, less than in the second quarter, after one temporary fracking crew was dropped from the basin.

Persons: Angus Mordant, Devon, Pioneer's, Arunima Kumar, Maju Samuel, Richard Chang Organizations: REUTERS, Natural Resources, Devon Energy Corp, Thomson Locations: Loving County , Texas, U.S, Permian's Midland, Devon, Permian's Delaware, Bengaluru, Arathy, Houston

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