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So far, Woods' plans have turned investors demanding an energy transition strategy into believers - at least on climate. At the same time, the company plans to have a leading role in the vehicle electrification business. Reuters GraphicsMORE OIL VS GREEN AMBITIONExxon's ambitious agenda includes starting up the world's largest hydrogen power plant by 2027. RISKY BUSINESSThe $17 billion budget for low carbon technologies as the company's total revenue grows next year "will continue to rise", the CEO said. Spending in low carbon currently is constrained by scarcity of customers willing to sign up for contracts and insufficient regulations, Woods said.

Persons: Darren Woods, Carlos Barria, Woods, ”, Paul Sankey, Sankey, Chris James, Dan Ammann, Goldman Sachs, Neil Mehta, Ammann, Brian Weeks, Chris Bohn, Sabrina Valle, Richard Valdmanis, Gary McWilliams, Anna Driver Organizations: ExxonMobil, Economic Cooperation, REUTERS, Exxon Mobil, Natural Resources, Chevron, Reuters, Exxon, Sankey Research, Carbon Solutions, Thomson Locations: Asia, San Francisco , California, U.S, United States, Sankey, Americas, Brazil, Guyana, Texas, Gulf of Mexico, Houston, Dubai

☆ US refiner Phillips 66 retains big-name advisers for Elliott duel
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

U.S. oil company Phillips 66 headquarters in Houston, Texas, U.S., September 27, 2020. REUTERS/Gary McWilliams/File Photo Acquire Licensing RightsNov 30 (Reuters) - U.S. oil refiner Phillips 66 (PSX.N) has retained two top financial and legal advisers for its duel with activist investor Elliott Investment Management, according to a person familiar with the matter. Elliott wants two board seats to be filled by executives with refining experience and faster action on restructuring the fourth-largest U.S. oil refiner to improve its lagging financial performance, the New York activist said on Wednesday. Phillips 66 is relying on financial and legal advice from Goldman Sachs (GS.N) and Wachtell, Lipton, Rosen & Katz, the person familiar with the matter said. A Phillips 66 spokesman declined to comment on the advisers or whether it has new meetings scheduled with the activist.

Persons: Gary McWilliams, refiner Phillips, Elliott, Phillips, Goldman Sachs, Lipton, Katz, Tudor Pickering Holt, Matthew Blair, Blair, David French, Chizu Organizations: Phillips, REUTERS, Elliott Investment Management, New, Wachtell, Rosen, Tudor Pickering Holt & Co, Chevron, Thomson Locations: Houston , Texas, U.S, New York, Houston, CPChem

A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File Photo Acquire Licensing RightsNov 29 (Reuters) - Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. oil refiner and pipeline operator to revamp its board to boost lagging performance. Phillips 66 has lagged its U.S. refining rivals at a time when fuel demand and margins have soared for the industry. Phillips 66 Chief Executive Mark Lashier acknowledged discussions with Elliott but did not say whether the company was open to adding two Elliott-recommended directors to its board. Phillips 66 currently has 13 board members.

Persons: Bing Guan, Phillips, Mark Lashier, Elliott, Lashier, John Pike, Mike Tomkins, Garfield Miller, Miller, Svea Herbst, Bayliss, Laura Sanicola, Gary McWilliams, Anil D'Silva, Bernadette Baum, Mark Porter Organizations: Phillips, Los, Los Angeles Refinery, Elliott Investment Management, Marathon Petroleum, Energy, Exxon Mobil, Aegis Energy Advisors, Elliott, Svea, Thomson Locations: Los Angeles, Carson , California, U.S, Houston, Providence, New York, Bengaluru

☆ BP, Edison, Shell ask US, EU to intervene in Venture Global LNG dispute
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +3 min

Venture Global LNG has said the Louisiana plant is not fully operational due to faulty power equipment that is being repaired. Their appeals sought to get The Hague and Washington to pressure Venture Global LNG on the contracts. In its letter, Shell accused Venture Global LNG of diverting resources into building a second LNG export plant rather than completing repairs to its first plant. Officials from the EU and U.S. indicated they view the dispute as "a contractual matter between commercial parties," a Venture Global LNG spokesperson said on Saturday. Venture Global LNG is operating the Calcasieu Pass plant at capacity, it has told U.S. regulators.

Persons: Chris Helgren, Carol Howe, Michael Sabel, Robert Pender, Gary McWilliams, Diane Craft Organizations: BP, REUTERS, Rights, Edison, Shell, Venture Global LNG, U.S, EU, Force, Energy Security, Venture Global, Global, Reuters, Venture Global Co, Energy Regulatory, Thomson Locations: Vancouver , British Columbia, Canada, U.S, EU, Arlington , Virginia, Louisiana, Hague, Washington, Calcasieu, Europe

Washington in mid-October issued a general license lifting through April sanctions on the country's oil production and exports. POLICY SHIFTThe U.S. imposed sanctions on Venezuela's oil industry to try to oust President Nicolas Maduro, whose 2018 re-election it considers a sham. In the last three weeks, PDVSA has signed new term deals to sell products, including fuel oil and asphalt cement with little known firms. LINING UPShortly after sanctions were eased last month, Trafigura chartered a vessel to pick up a fuel oil cargo at a Venezuelan port. The firm that won the offer is Romania-registered Ke Lo Ke Mgmt, PDVSA documents seen by Reuters showed.

Persons: Marco Bello, Nicolas Maduro's, PDVSA, Nicolas Maduro, Joe Biden's, Trafigura, Lo, Ke Lo Ke, Gunvor, Marianna Parraga, Gary McWilliams, Barbara Lewis Organizations: REUTERS, Gunvor, Reuters, Bloomberg, Thomson Locations: Puerto Cabello, Carabobo, HOUSTON, Washington, U.S, Venezuela, PDVSA, Venezuelan, Romania

The headquarters of U.S. energy exporter and pipeline operator Kinder Morgan Inc. is seen in Houston, Texas, U.S. September 27, 2020. REUTERS/Gary McWilliams/File Photo Acquire Licensing RightsNov 6 (Reuters) - U.S. pipeline operator Kinder Morgan (KMI.N) said on Monday it would acquire NextEra Energy Partners' (NEP.N) gas pipelines in South Texas for $1.82 billion. NextEra Energy Partners' (NEP) Texas natural gas pipeline portfolio, STX Midstream, primarily consists of seven pipelines which provide natural gas to Mexico and power producers and municipalities in South Texas. "Upon closing, the proceeds would be sufficient to pay off the outstanding project-related debt," NextEra Energy Partners' CEO John Ketchum said in a statement. The sale price represents an about 10 times multiple on the estimated calendar-year 2023 adjusted core profit for the Texas natural gas pipeline portfolio, NEP said.

Persons: Gary McWilliams, Kinder Morgan, KMI.N, STX Midstream, John Ketchum, Seher Dareen, Sourasis Bose, Shilpi Majumdar Organizations: Kinder Morgan Inc, REUTERS, NextEra Energy Partners, NextEra Energy, Energy Partners, Guggenheim Securities, Thomson Locations: Houston , Texas, U.S, South Texas, Texas, Mexico, Bengaluru

The auction could start a new chapter for the 113-year-old company, which has been owned by Venezuela for almost 40 years. Washington and Venezuela's political opposition wanted Citgo to anchor the country's economic future under a democratically elected government. The sale could become the biggest court auction ever held. Motiva, Valero and Citgo's ultimate parent, Venezuela's state oil company PDVSA, did not reply to requests for comment. "Citgo will be strategic for Venezuela in the next 20-25 years, not only as a refining company, but with an expanded role," director Medina said.

Persons: Biden, Citgo, Nicolas Maduro's, Matthew Blair, Tudor, Blair, Jose Ignacio Hernandez, Leonard Stark, PDVSA, PDV, Juan Guaido, Natalie Shkolnik, Wilk Auslander, Nicolas Maduro, Stark, Evercore, Conoco, Horacio Medina, Carlos Jorda, Medina, Hernandez, Marianna Parraga, Erwin Seba, Gary McWilliams, Anna Driver Organizations: U.S . State Department, Reuters, Marathon Petroleum, Motiva Enterprises, Valero Energy, Koch Industries, Valero, U.S . Treasury, Holt, U.S, Crystallex International, PDVSA, National Assembly, Citgo, PDV, Supreme, Evercore, ConocoPhillips, Exxon Mobil, Exxon, U.S . Treasury Department's, Foreign Assets Control, Thomson Locations: United States, Petroleum, U.S, Houston, Venezuela, Washington, Saudi, Pickering, Citgo, Delaware, Caracas

☆ Kinder Morgan misses profit estimates as interest costs rise
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

The headquarters of U.S. energy exporter and pipeline operator Kinder Morgan Inc. is seen in Houston, Texas, U.S. September 27, 2020. REUTERS/Gary McWilliams/File Photo Acquire Licensing RightsCompanies Kinder Morgan Inc FollowOct 18 (Reuters) - Pipeline and terminal operator Kinder Morgan (KMI.N) on Wednesday posted lower-than-expected profit for the third quarter as higher interest expenses offset strength in its natural gas and products pipeline segment. Shares of Kinder Morgan were down 1.6% at $16.87 in after-market trade. Lower contribution from Kinder Morgan's carbon dioxide (CO2) transportation segment also pressured its quarterly earnings, hurt by weaker prices of natural gas liquids and CO2, lower volumes and higher power costs. The Houston-based firm's earnings from the CO2 segment dropped to $175 million in the July-September quarter, from $195 million last year.

Persons: Gary McWilliams, Kinder Morgan, Tanay, Devika Organizations: Kinder Morgan Inc, REUTERS, Kinder Morgan, U.S, Federal, Thomson Locations: Houston , Texas, U.S, Houston, Bengaluru

☆ Kinder Morgan misses profit estimates; sees upbeat 2024
▼ + stars: | 2023-10-18 | by ( Tanay Dhumal | ) www.reuters.com time to read: +2 min

The headquarters of U.S. energy exporter and pipeline operator Kinder Morgan Inc. is seen in Houston, Texas, U.S. September 27, 2020. REUTERS/Gary McWilliams/File Photo Acquire Licensing RightsCompanies Kinder Morgan Inc FollowOct 18 (Reuters) - Kinder Morgan (KMI.N) on Wednesday posted lower-than-expected profit for the third quarter, as higher interest expenses offset strength in its natural gas and products pipeline segment. Shares of Kinder Morgan were down 1.3% at $16.91 in after-market trading. "We expect to finish 2023 slightly below our plan on a full-year basis, due to lower-than-expected commodity prices, delayed RNG (renewable natural gas) projects and higher pipeline integrity expense," the company said. The Houston-based firm's earnings from the CO2 segment dropped to $175 million in the quarter from $195 million.

Persons: Gary McWilliams, Kinder Morgan, Kimberly Allen Dang, Tanay, Devika Organizations: Kinder Morgan Inc, REUTERS, Kinder Morgan, U.S, Federal, Products, Thomson Locations: Houston , Texas, U.S, Houston, Bengaluru

After college, Sheffield worked for Amoco Corp and later joined his father-in-law's oil company and became CEO five years later. That company would become Pioneer Natural Resources. On his return, he made Permian oil its sole focus: putting natural gas processing, oilfield services and South Texas shale assets on the block. He also embraced an emerging philosophy that emphasized shareholder returns over rapid production gains, rejecting a plan to more than quadruple Pioneer's oil production by 2026. Two of Sheffield's most significant insights were the major role technology would play in reshaping U.S. oil production and the recognition that big oil companies would eventually control the Permian, he said.

Persons: Scott Sheffield, Eduardo Munoz, Texas oilman Scott Sheffield, Dan Pickering, Sheffield's, Bryan Sheffield, Scott, Boone, Daniel Yergin, Sheffield, Darren Woods, he's, Doug Sheridan, He's, Bruce Vincent, Bryan, Arathy Somasekhar, Gary McWilliams, Marguerita Choy Organizations: Natural Resources Company, REUTERS, Rights, Natural Resources, Sheffield, Exxon Mobil, Pickering Energy Partners, SCHOOL Oil, Atlantic Richfield Co, Tehran school's American, Formentera Partners, Amoco Corp, Energy, Exxon, DoublePoint Energy, EnergyPoint Research, Swift Energy, Thomson Locations: New York, Texas, U.S, TEHRAN, Atlantic Richfield, Iran, Tehran, West Texas, Boone Pickens, South Texas, Sheffield, Houston

The deal, valued at $253 a share, would be Exxon's biggest since its $81 billion purchase of Mobil Oil in 1998, years before the shale boom began. It combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the country into the world's largest oil producer in little more than a decade. Pioneer is the Permian's largest operator accounting for 9% of gross production, while Exxon occupies the No. "The combination of ExxonMobil and Pioneer creates a diversified energy company with the largest footprint of high-return wells in the Permian Basin," said Pioneer CEO Scott Sheffield. Under Sheffield, Pioneer grew through rapid-fire purchases, including multi-billion dollar deals in 2021 for DoublePoint Energy and Parsley Energy.

Persons: Darren Woods, ” Woods, Scott Sheffield, Shubhendu, Anirban Sen, Sabrina Valle, Gary McWilliams, Rashmi Aich, Jamie Freed, Sriraj Organizations: Exxon Mobil, Natural Resources, Mobil Oil, Exxon, Reuters, Pioneer, RBC Capital Markets, ExxonMobil, DoublePoint Energy, Parsley Energy, BG Group, Denbury, Shubhendu Deshmukh, Thomson Locations: HOUSTON, Ukraine, U.S, Sheffield, Bengaluru, New York, Houston

ExxonMobil and Pioneer Natural Resources logos are seen in this illustration taken, October 8, 2023. Pioneer shares closed at $237.41 on Tuesday, having risen 11% since the first reports of a deal surfaced last Thursday. Exxon declined to comment on "market speculation," while Pioneer did not immediately respond to a request for comment. It is the third-largest oil producer in the Permian basin, after Chevron Corp (CVX.N) and ConocoPhillips (COP.N), with rock-bottom production costs averaging about $10.50 per barrel of oil and gas. Under CEO Scott Sheffield, the oil producer grew through rapid-fire purchases, including multi-billion dollar deals in 2021 for DoublePoint Energy and Parsley Energy.

Persons: Dado Ruvic, Darren Woods, Scott Sheffield, Exxon's, Shubhendu, Anirban Sen, Sabrina Valle, Gary McWilliams, Rashmi Aich, Jamie Freed Organizations: ExxonMobil, Pioneer, REUTERS, Exxon Mobil, Natural Resources, Exxon, Mobil Oil, Antitrust, Reuters, Exxon socked, Chevron Corp, ConocoPhillips, DoublePoint Energy, Parsley Energy, BG Group, Bloomberg News, Denbury Inc, Denbury, Shubhendu Deshmukh, Thomson Locations: HOUSTON, Ukraine, U.S, Bengaluru, New York, Houston

☆ Exxon buying Pioneer will trigger $71 million in executive windfalls
▼ + stars: | 2023-10-11 | by ( David French | ) www.reuters.com time to read: +4 min

Sheffield is one of the few Pioneer executives who will have a post-deal role - he is set to join Exxon's board. Changes to pay packages that make executive compensation more lucrative in proximity to a sale announcement can also raise eyebrows. The expected payouts do not count whatever Pioneer stock management owns and will be acquired as part of the Exxon deal. Exxon's acquisition of Pioneer will be paid for using new Exxon shares, meaning shares in Pioneer owned by management will be replaced by Exxon stock. It was unclear whether management would have any restrictions on when they could sell the Exxon stock they would ultimately own.

Persons: Scott Sheffield, Eduardo Munoz, Richard Dealy, Bart Brookman, Chris Kendall, Denbury, David French, Gary McWilliams, Anna Driver Organizations: Natural Resources Company, REUTERS, Natural Resources, Exxon Mobil, Sheffield, Pioneer, Reuters, Exxon, Kimmeridge Energy Management, PDC Energy, Chevron, Thomson Locations: New York, U.S, America, Houston

☆ Head of Exxon's shale oil business faces sexual assault charge in Texas
▼ + stars: | 2023-10-08 | by ( Gary Mcwilliams | ) www.reuters.com time to read: +2 min

Exxon Mobil's Spring, Texas, campus where the bulk of the oil company's new trading will take place in Spring, Texas, U.S., April 21, 2017. David Scott, an Exxon senior vice president who oversees all its shale oil and gas production business, was arrested early Thursday morning at a La Quinta Inn & Suites hotel in Magnolia, Texas, the Montgomery Sheriff's Office said. Scott, 49, was arrested at the budget hotel near Exxon's Spring, Texas, headquarters where rooms cost about $120 a night. He become head of Exxon's Permian Basin operations in 2020 and was promoted to senior vice president earlier this year in charge of all its shale oil and gas. As a senior vice president, he would not necessarily be involved in merger talks, a person familiar with the matter said.

Persons: Ernest Scheyder, Exxon Mobil's, David Scott, Scott, Emily Mir, Gary McWilliams, Lisa Shumaker Organizations: Exxon, REUTERS, Rights, Natural Resources, Montgomery Sheriff's, Reuters, United Arab Emirates, Thomson Locations: , Texas, Spring , Texas, U.S, Texas, Magnolia , Texas, Montgomery, Exxon's Spring , Texas, Australia, Melbourne, Malaysia, Abu Dhabi

☆ Head of Exxon's Shale Oil Business Faces Sexual Assault Charge in Texas
▼ + stars: | 2023-10-08 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

By Gary McWilliamsHOUSTON (Reuters) -The head of Exxon Mobil's shale oil and gas business, a unit involved in merger talks with rival Pioneer Natural Resources, was arrested at a Texas hotel last week on a sexual assault charge, police said. David Scott, an Exxon senior vice president who oversees all its shale oil and gas production business, was arrested early Thursday morning at a La Quinta Inn & Suites hotel in Magnolia, Texas, the Montgomery Sheriff's Office said. He became head of Exxon's Permian Basin operations in 2020 and was promoted to senior vice president earlier this year in charge of all its shale oil and gas. As a senior vice president, he would not necessarily be involved in merger talks, a person familiar with the matter said. Scott faces a second-degree felony assault charge and was held on a $30,000 bond, according to jail records.

Persons: Gary McWilliams HOUSTON, David Scott, Scott, Emily Mir, Gary McWilliams, Lisa Shumaker Organizations: Exxon, Natural Resources, Montgomery Sheriff's, ExxonMobil, Reuters, United Arab Emirates Locations: Texas, Magnolia , Texas, Montgomery, Exxon's Spring , Texas, Australia, Melbourne, Malaysia, Abu Dhabi

REUTERS/Charles Mostoller/File Photo Acquire Licensing RightsSept 21 (Reuters) - Magellan Midstream Partners' (MMP.N) unitholders on Thursday voted in favour of its sale to larger rival ONEOK Inc (OKE.N) for $18.8 billion, creating one of the largest U.S. energy pipeline companies. Independent proxy advisory firms Glass Lewis & Co and ISS had recommended a vote in favor of the sale. Magellan, in its proxy, cautions that the merger is not conditioned on the compensation vote and that if the acquisition is approved, the executive compensation is payable. Michael Mears, Magellan's previous chief executive officer, also would receive about $26.5 million in equity, while the company's current chief commercial officer and general council will receive multi-million dollar packages. Magellan, however, said it expects ONEOK to consider the outcome of the compensation vote, along with other factors, when considering future executive pay.

Persons: Charles Mostoller, unitholders, Glass, Aaron Milford, Jeff Holman, Michael Mears, Magellan's, ONEOK, Mrinalika Roy, Gary McWilliams, Sharon Singleton Organizations: REUTERS, Midstream Partners, ONEOK Inc, Energy, Partners, Glass Lewis, Co, ISS, Thomson Locations: Elliston , Virginia, U.S, Magellan, Bengaluru, Arathy, Houston

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. REUTERS/Aris Martinez Acquire Licensing RightsSept 12 (Reuters) - The Panama Canal could further reduce the maximum number of vessel transits authorized per day if a drought that has hit the waterway this year continues, its administrator said on Tuesday. In a move to ease the bottleneck of ships waiting, the canal has recently changed its reservation system to allow more non-booked vessels to pass and to give priority to the ships waiting the longest. The head of the Panama Canal Authority, Ricaurte Vasquez, said the waterway would opt for reducing daily transits if needed, before planning any further cut to authorized vessel draft, which affects shippers the most. PROLONGED DROUGHTVasquez said that even though this drought has not been the most severe Panama has ever seen, it could be very long.

Persons: Aris Martinez, Vasquez, Ricaurte Vasquez, Marianna Parraga, Gary McWilliams, Timothy Gardner Organizations: Monrovia NSU CHALLENGER, REUTERS, Aris, Panama Canal Authority, Thomson Locations: Cocoli, Panama, Panama City, Pacific

☆ India will buy oil from anyone who offers the 'lowest possible prices' - minister
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Gary McWilliams/File Photo Acquire Licensing RightsNEW DELHI, Aug 30 (Reuters) - India will buy oil from all sources that offer it at the "lowest possible prices", the country's oil minister told broadcaster ET Now on Wednesday. "We are very clear in our minds that we will buy oil from wherever we can get it as long as it is delivered to our point of importation at our ports at the lowest possible price," Oil Minister Hardeep Singh Puri said. India, the world's third-biggest oil importer and consumer, gets more than 80% of its oil from overseas. Asked about rupee trade with the United Arab Emirates (UAE), the minister said that the transactions in the oil sector were "very minimum". "We have a rupee-dirham arrangement with the UAE but the transactions in the oil sector are very minimum," he said.

Persons: Singh Puri, Gary McWilliams, Hardeep Singh Puri, Sakshi Dayal, Kim Coghill Organizations: Petroleum, Natural Gas, REUTERS, DELHI, Oil, United Arab Emirates, Thomson Locations: Houston , Texas, U.S, India, Russia, Ukraine, UAE

☆ Chevron evacuates Gulf platforms, Kinder Morgan to shut pipeline ahead of Idalia
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gaby Oraa/File Photo Acquire Licensing RightsHOUSTON, Aug 29 (Reuters) - U.S. oil producer Chevron (CVX.N) on Tuesday said it evacuated staff from three U.S. Gulf of Mexico oil production platforms while Kinder Morgan (KMI.N) planned to shut a petroleum pipeline, as the energy companies braced for Hurricane Idalia. Blind Faith and Petronius are up to 160 miles (257 km) southeast of New Orleans in the central Gulf of Mexico. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities. Meanwhile, Kinder Morgan shut its Port Manatee, Port Sutton and Tampaplex terminals, which handle commodities such as fertilizers, scrap metal, pet coke and coal. "Our Orlando refined products facility remains operational at this time, but we are closely monitoring the storm’s progress to prepare for any impacts," Kinder Morgan said.

Persons: Gaby Oraa, Kinder Morgan, Idalia, Petronius, Faith, Gary McWilliams, Arpan Varghese, Chizu Nomiyama, Cynthia Osterman Organizations: Chevron, U.S, REUTERS, Rights, Idalia, Gulf, Central Florida Pipeline, Florida Pipeline, Thomson Locations: Venezuela, Caracas, U.S, Gulf, Mexico, New Orleans, Port Manatee, Port Sutton, Tampa, Morgan's

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsHOUSTON, Aug 24 (Reuters) - A draft environmental impact statement for the Dakota Access oil pipeline is now expected to be released in fall, a spokesperson for the U.S. Army Corps of Engineers said on Thursday. The review was initially expected to be completed last year and earlier was pushed back to spring of this year. A U.S. court last year ordered the federal government to undertake a more intensive environmental study of the pipeline's route under a lake that straddles the border of North Dakota and South Dakota. It is the biggest oil pipeline from the Bakken shale oil basin and can transport up to 750,000 barrels of oil per day from North Dakota to Illinois. "It's a real threat that DAPL could be shut down or shut down to temporarily move it," Lynn Helms, director at North Dakota regulator, Department of Mineral Resources, said last week.

Persons: Edwin Drake's, Brendan McDermid, Lynn Helms, Arathy Somasekhar, Gary McWilliams Organizations: Drake, Titusville , Pennsylvania U.S, REUTERS, Rights, Dakota, U.S . Army Corps of Engineers, South Dakota . Pipeline, Energy, North, of Mineral Resources, Thomson Locations: Titusville , Pennsylvania, U.S, North Dakota, South Dakota, Illinois, Dallas, Missouri, Houston

☆ US energy firm payouts to oil investors top exploration spending for first time
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. Last year's investor payouts were up substantially - 214% over 2021 and more than sevenfold over 2020 levels, the report said. Money spent on finding and tapping oil and gas also rose, but as a much slower pace. Returns benefited from strong oil and gas pricing and a cost-consciousness that emerged after energy prices collapsed three years ago. Profit per barrel last year hit $32 compared to about $10 in 2014, when energy prices were about the same level as today, EY said.

Persons: Liz Hampton, Ernst, Young, Money, Bruce, EY, Gary McWilliams, David Gregorio Our Organizations: REUTERS, Rights, U.S, Young LLP, DiamondBack Energy, Natural Resources, ConocoPhillips, Thomson Locations: Midland, Odessa, Texas, U.S

☆ Tennessee natgas pipeline declares force majeure due to fire
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

The headquarters of U.S. energy exporter and pipeline operator Kinder Morgan Inc. is seen in Houston, Texas, U.S. September 27, 2020. REUTERS/Gary McWilliams Acquire Licensing RightsAug 18 (Reuters) - Kinder Morgan (KMI.N) unit Tennessee Gas Pipeline on Friday declared force majeure due to an explosion and fire caused by equipment failure at a compressor station near Centerville in Hickman County. The fire was extinguished, and there were no injuries and all personnel had been evacuated, the company told Reuters in an email, adding that Highway 48 has been isolated and closed as a precaution. Tennessee Pipeline is an interstate natural gas pipeline system that gathers gas from basins between Texas and Alabama and delivers it to the Northeast, Midwest and Southeast. Reporting by Seher Dareen and Rahul Paswan in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Gary McWilliams, Kinder Morgan, Seher Dareen, Rahul Paswan, Marguerita Choy Organizations: Kinder Morgan Inc, REUTERS, Tennessee Gas Pipeline, Reuters, Tennessee Pipeline, Thomson Locations: Houston , Texas, U.S, Centerville, Hickman County, Texas, Alabama, Midwest, Bengaluru

☆ Venezuela appeals to US Supreme Court in last ditch move to limit Citgo auction
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

Aug 17 (Reuters) - Venezuela is making a last ditch attempt to limit the number of companies that could participate in a court-ordered auction of shares in a parent of oil refiner Citgo Petroleum, appealing to the U.S. Supreme Court to overturn a lower court's ruling. Venezuela's petition is asking the Supreme Court to find the lower court's "alter ego" decision was faulty. It does not affect the case against Venezuela filed by miner Crystallex International, whose $970 million claim led to the proposed auction of shares. The petition seeks to have briefs filed by September 15 - just ahead of the start of the proposed auction. A Delaware court judge has set Oct. 23 as the start date for the auction.

Persons: Nicolas Maduro, Gary McWilliams, Deepa Babington, David Gregorio Our Organizations: Petroleum, U.S, Supreme, ConocoPhillips, Exxon Mobil, Tenaris SA, CITGO Petroleum Corporation, Venezuela, Crystallex, Thomson Locations: Venezuela, PDV, United States, Illinois , Louisiana, Texas, Delaware, Houston, PDVSA

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. The Panama Canal is important for moving consumer goods from Asia to the United States, especially ahead of peak selling seasons like Christmas. The Canal also is maintaining a suspension of extraordinary auctions for transit slots in both locks through Sep. 2. "Demand remains high, which proves that the Panama Canal is still competitive in most segments, even with measures taken to save water," the authority added. The Panama Canal has a 40%-market share of containers moving from Northeast Asia to the U.S. East Coast.

Persons: Aris Martinez, Elida Moreno, Marianna Parraga, Gary McWilliams, Grant McCool Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Panama Canal Authority, Canal Authority, U.S ., Thomson Locations: Cocoli, Panama, Panama City, PANAMA, Asia, United States, South, Pacific Coast, Northeast Asia, U.S . East Coast

☆ Ecuador presidential hopeful Zurita promises better policing, social programs
▼ + stars: | 2023-08-15 | by ( Alexandra Valencia | ) www.reuters.com time to read: +4 min

[1/2] Ecuadorean presidential candidate Christian Zurita, who has replaced assassinated presidential candidate Fernando Villavicencio, speaks during an interview with Reuters prior to Sunday's presidential election, in Quito, Ecuador August 15, 2023. REUTERS/Henry Romero Acquire Licensing RightsQUITO, Aug 15 (Reuters) - Ecuador presidential hopeful Christian Zurita, who is running in place of his friend, slain candidate Fernando Villavicencio, said on Tuesday he would better equip the police and enshrine intelligence protocols to fight crime, and use international loans to shore up social programs. Like his predecessor, Zurita is an investigative journalist known for tracking alleged corruption. The two men worked on 300 investigations together over the last decade, Zurita, 53, told Reuters in an interview on Tuesday. Villavicencio's death must be thoroughly investigated, Zurita added, and given how much corruption Villavicencio exposed, the suspect list is long.

Persons: Christian Zurita, Fernando Villavicencio, Henry Romero, Villavicencio, Fernando, Zurita, There's, SLB, Rafael Correa, Luisa Gonzalez, Correa, Alexandra Valencia, Gary McWilliams, Julia Symmes Cobb, David Gregorio Our Organizations: Reuters, REUTERS, Rights, Schlumberger, Thomson Locations: Quito, Ecuador, Rights QUITO, Houston

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