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FTC clears Chevron-Hess deal, bans John Hess from board
  + stars: | 2024-09-30 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +2 min
John Hess, chief executive officer of Hess Corp., speaks at the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Tuesday, March 19, 2024. The Federal Trade Commission has banned Hess Corp . CEO John Hess from Chevron 's board as a condition for the oil companies' $53 billion merger to move forward. Hess Corp. and Chevron, however, have agreed that they will not appoint Hess to the board in order to facilitate the completion of the merger, according to the companies. The FTC voted 3 to 2 in favor of the order banning Hess from Chevron's board.
Persons: John Hess, Hess, Lina Khan, Andrew Ferguson, Hess's, Ferguson, Scott Sheffield Organizations: Hess Corp, P Global, Federal Trade Commission, Chevron, FTC, ., Exxon Mobil, Exxon, Democratic, Natural Resources, OPEC Locations: Houston , Texas, Chevron, Guyana, U.S
"The only way we're going to be able to keep up with the kind of power demand and the electrification that's already afoot is natural gas," Williams Companies CEO Alan Armstrong said in an interview Thursday. Williams Companies handles about one-third of the natural gas in the U.S. through a pipeline network that spans more than 30,000 miles. Some of the largest independent data center developers, which build the infrastructure that houses servers for other companies, have approached Williams to receive natural gas capacity directly from the company's pipelines, Armstrong said. We've run out of alternatives — we can't meet the needs of our customers without using natural gas,'" Armstrong said, without disclosing names. Williams projects natural gas to demand to grow 18% from 2023 through the end the decade across all sources of consumption, including power generation and liquid natural gas, Armstrong said.
Persons: Alan Armstrong, Williams Cos, Carter Smith, Williams, Armstrong, We've, We're Organizations: P Global, Bloomberg, Getty, CNBC, Williams, Williams Companies, Transcontinental, U.S, Dominion Energy, Southern Company Locations: Houston , Texas, U.S, Virginia, Georgia, Turkey, Atlanta
Darren Woods, chairman and chief executive officer of Exxon Mobil Corp, speaks during the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Monday, March 18, 2024. Exxon CEO Darren Woods said Monday that the dispute with Chevron over Hess Corporation 's oil assets in Guyana likely will not be resolved until 2025. "This is an important arbitration obviously not only for Exxon Mobil but for Chevron and Hess," Woods said. Exxon is claiming a right of first refusal on Hess' assets in Guyana under a joint operating agreement that governs a consortium that is developing the South American nation's prolific oil resources. The CEO has repeatedly expressed confidence that Exxon will prevail in the dispute, saying the company wrote the agreement that governs the consortium.
Persons: Darren Woods, Woods, CNBC's David Faber, Hess Organizations: Exxon Mobil Corp, P Global, Exxon, Chevron, Hess Corporation, Milken Institute's Global Conference, Exxon Mobil, Hess, International Chamber of Commerce Locations: Houston , Texas, Guyana, Los Angeles, Paris
Despite earlier commitments, some executives now say clean energy may not meet AI's growing needs. That could force AI companies to rely more on fossil fuels than they hoped. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The annual energy conference draws thousands of executives to Houston to discuss topics ranging from geopolitics to the energy transition.
Persons: Organizations: Service, P Global, Street Journal, Business Locations: Houston
US Energy Secretary Jennifer Granholm speaks during the CERAWeek oil summit in Houston, Texas, on March 18, 2024. HOUSTON — The Biden administration this week sought to reassure skeptical oil and gas executives that a pause on liquified natural gas exports from new projects would be short-lived and would not alter the industry's meteoric growth. Secretary of Energy Jennifer Granholm indicated in Houston on Monday that the pause would be relatively short-lived. The energy secretary reiterated the pause has no impact on the 48 billion cubic feet per day that is currently authorized for export. The 48 Bcf/d of currently authorized LNG is three times the current export capacity of the U.S., according to the Department of Energy.
Persons: Jennifer Granholm, HOUSTON —, Biden, Joe Biden, Energy Jennifer Granholm, Granholm Organizations: US, HOUSTON, Industry, Department of Energy, Energy, Global Locations: Houston , Texas, U.S, Ukraine, Houston
Mark Felix | Afp | Getty ImagesHOUSTON — The crisis in the Red Sea could lead to a shortage in the global tanker fleet if disruptions persist for another six months, the CEO of Kuwait Petroleum Corporation told CNBC. Houthi militants have been striking commercial shipping in the Red Sea since November in support of Palestinians as Israel wages war in Gaza. The company is continuing to ship through the Red Sea and is making decisions on which route ships should take on a daily basis, he said. "We maintain a strategic tanker tanker fleet for these types of reasons," al-Sabah said. Wirth told CNBC that Chevron is "not moving ships to the Red Sea."
Persons: Shaikh Nawaf Al, Mark Felix, Shaikh Nawaf, KPC, Saddam Hussein's, Michael Wirth, Wirth, CNBC's Brian Sullivan Organizations: Kuwait Petroleum Corporation, Afp, Getty, HOUSTON, CNBC, Houthi, Global, Chevron Locations: Sabah, Houston , Texas, Red, Israel, Gaza, Africa, al, Al, Persian, Kuwait, Iraq, China
Aramco and Saudi ministry officials have previously advocated for ongoing investment in hydrocarbons to avoid energy shortages until renewables can fully meet global energy demands. Nasser's comments drew applause from the audience at CERAWeek — an annual energy conference by S&P Global that's known as the "industry's Super Bowl." Other oil and gas executives at the event echoed Nasser's views, but spoke less directly about the state of the energy transition. Separately, Exxon Mobil CEO Darren Woods on Monday said that demand for petroleum products is "still very, very healthy." And the impact that price has on demand," Woods told CNBC's "Squawk on the Street."
Persons: Amin Nasser, Nasser's, Wael Sawan, Darren Woods, hasn't, Woods, CNBC's Organizations: Aramco, Saudi, Shell, Reuters, Exxon Mobil Locations: Houston , Texas, Saudi Aramco, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Venture Global LNG's Michael SabelCNBC's Brian Sullivan interviews Michael Sabel, Executive Co-Chairman and Founder of Venture Global LNG, from the CERAWeek conference in Houston, Texas.
Persons: Michael Sabel CNBC's Brian Sullivan, Michael Sabel Organizations: Venture, Venture Global Locations: Houston , Texas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestments that are good for both the climate & economy completely overlap: Guggenheim's SchwartzCNBC's Brian Sullivan interviews Alan Schwartz, Guggenheim Partners, from the CERAWeek conference in Houston, Texas.
Persons: Guggenheim's Schwartz, Brian Sullivan, Alan Schwartz Organizations: Investments, Guggenheim Partners Locations: Houston , Texas
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmos Hochstein: U.S. will be 'most dominant LNG exporter this world has ever seen'CNBC's Brian Sullivan interviews Amos Hochstein, Senior Advisor to President Biden, from the CERAWeek conference in Houston, Texas.
Persons: Amos Hochstein, Brian Sullivan, Biden Locations: Houston , Texas
Amin Nasser, chief executive officer of Saudi Aramco, speaks at the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Monday, March 18, 2024. HOUSTON — Saudi Aramco CEO Amin Nasser said Monday that the energy transition is failing and policymakers should give up the "fantasy" of phasing out oil and gas, as demand for fossil fuels is expected to continue to grow in the coming years. "In the real world, the current transition strategy is visibly failing on most fronts as it collides with five hard realities," Nasser said during a panel interview at the CERAWeek energy conference in Houston, Texas. The Paris-based International Energy Agency forecast last year that peak oil, gas and coal demand would come in 2030. Nasser suggested that the IEA is focusing on demand in the U.S. and Europe and needs to focus on the developing world as well.
Persons: Amin Nasser, Nasser Organizations: P Global, International Energy Agency Locations: Saudi Aramco, Houston , Texas, HOUSTON, Paris, U.S, Europe
Watch CNBC's full interview with Dow CEO Jim Fitterling
  + stars: | 2024-03-18 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Dow CEO Jim FitterlingCNBC's Brian Sullivan interviews Jim Fitterling, Dow CEO, from the CERAWeek conference in Houston, Texas.
Persons: Jim Fitterling CNBC's Brian Sullivan, Jim Fitterling Organizations: Dow Locations: Houston , Texas
Sen. Joe Manchin: White House's LNG pause is 'crazy'
  + stars: | 2024-03-18 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSen. Joe Manchin: White House's LNG pause is 'crazy'CNBC's Brian Sullivan interviews West Virginia Senator Joe Manchin from the CERAWeek conference in Houston, Texas.
Persons: Email Sen, Joe Manchin, Brian Sullivan Organizations: Email, West Locations: West Virginia, Houston , Texas
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLNG pause adds 'uncertainty' to the industry, says Cheniere CEO Jack FuscoCNBC's Brian Sullivan interviews Cheniere President and CEO Jack Fusco, from the CERAWeek conference in Houston, Texas.
Persons: Jack Fusco CNBC's Brian Sullivan, Jack Fusco Locations: Houston , Texas
Watch CNBC's full interview with Nextera CEO John Ketchum
  + stars: | 2024-03-18 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Nextera CEO John KetchumCNBC's Brian Sullivan interviews Nextera Chairman and CEO John Ketchum from the CERAWeek conference in Houston, Texas.
Persons: John Ketchum CNBC's Brian Sullivan, John Ketchum Locations: Houston , Texas
When asked directly, Woods told the CERAWeek by S&P Global energy conference that acquiring Hess is not one of Exxon's objectives in the dispute with Chevron. HOUSTON — Exxon is not trying to acquire Hess as the oil major battles with Chevron over lucrative oil assets in Guyana, CEO Darren Woods said Monday. Exxon is claiming a right of first refusal over Hess' Guyana assets under a joint operating agreement that governs the Stabroek oil block, which is estimated to have 11 billion barrels of oil and gas. Woods said Exxon is also trying to find out how much value Chevron's deal is placing on Hess' Guyana assets. Exxon wrote the joint operating agreement that governs the Stabroek block, Woods said.
Persons: Woods, Hess, Darren Woods, CNBC's Organizations: Global, Chevron, Exxon, HOUSTON, Offshore Oil Corporation, International Chamber of Commerce Locations: Guyana, China, Paris, CERAWeek
The residential solar company Sunnova Energy took a beating this week as investors dumped their shares after the announcement of a stock offering plan rattled confidence in the company. Sunnova shares plummeted 26.7% Thursday after the residential solar company announced a $100 million at-the-market stock offering program. "This is just an arrow in the quiver just in case and the ratings agencies like to see it," Berger told CNBC in an interview Thursday. Residential solar companies have struggled in the face of high interest rates that have made installations more costly to households. Berger and Sunnova CFO Robert Lane described the stock offering as "good housekeeping."
Persons: John Berger, Berger, that's, Sunnova, Robert Lane, Lane, Thursday's selloff Organizations: Sunnova Energy Corp, IHS, Sunnova Energy, CNBC Locations: Houston , Texas, U.S
Amazon Web Services CEO Adam Selipsky speaks at the CERAWeek by S&P Global conference in Houston, Texas, on March 7, 2023. Amazon said on Thursday that its cloud division grew revenue 13% year over year in the fourth quarter, exactly in line with analysts' projections. The company pointed to growing traction in cloud services for artificial intelligence. Revenue from Azure and other cloud services at Microsoft rose 30%, and Alphabet's Google Cloud revenue, which includes Google Workspace productivity software subscriptions, increased about 26%. The Amazon cloud group turned over $7.17 billion in operating income.
Persons: Adam Selipsky, Amazon, StreetAccount, Brian Olsavsky, Jensen Huang, Huang, Mark Mahaney Organizations: Amazon Web, P Global, AWS, Microsoft, Google, Nvidia, Accor, Mitsubishi UFJ Financial Locations: Houston , Texas, Las Vegas, Accor S.A
The flurry of forest conservation deals with Zimbabwe, Zambia, Kenya, Liberia and Tanzania were announced in the months ahead of the annual United Nations’ COP28 climate summit, being hosted this year in December by the United Arab Emirates. The annual climate summit is where global leaders and negotiators from nearly 200 countries will convene to decide how and when to ramp down fossil fuel use. Its parent company, Global Carbon Investments, has already agreed to transfer $1.5 billion to Zimbabwe in “pre-financing for carbon credits.” That’s more than the country spends on education and childcare, which combined are Zimbabwe’s biggest national expense. Minimum Emissions” slogan is a viable climate solution, even as global temperatures soar and scientists press for rapid fossil fuel cuts. Ironically, COP28 could be the arena that transforms ADNOC into a global oil major.
Persons: CNN —, Sheikh Ahmed Dalmook Al Maktoum, , Sultan Al Jaber —, Al Jaber, , Sultan Al Jaber, Callaghan O'Hare, Reuters Al Jaber, ADNOC, Jamie Henn, It’s, Henn, , Philip Morris, ” Henn, Renat Heuberger, Zinyange Auntony, Julia Jones, ’ ” Justin Kenrick, ” Patrick Galey, “ ADNOC, COP28, Bethlehem Feleke Organizations: CNN, Carbon, United Nations, United, Blue, US Department of Commerce, Abu Dhabi National Oil Company, US, Reuters, Free Media, Climate Watch, UN, COP28, Global Carbon Investments, Mucheni conservancy, Getty, , Bangor University, Peoples, Forest Peoples Programme, Shell, BP, Global, Energy Locations: Dubai, United Kingdom, Zimbabwe, Zambia, Kenya, Liberia, Tanzania, United Arab Emirates, UAE, Abu Dhabi, Houston, UN, COP28, Africa, , Swiss, Mucheni, Binga, AFP, Wales, Azerbaijan, Nairobi
Michael Regan, the administrator of the EPA, speaks onstage with Daniel Yergin, the vice chairman of S&P Global, during the CERAWeek energy conference in Houston, Texas, U.S., March 9, 2023. The Community Change Grants are the single largest investment in environmental justice that has been made by an administration, and a key measure to achieve the administration's goal of ensuring that 40% of federal clean energy investment benefits flow to disadvantaged communities. The Biden administration's spending on climate and environmental justice measures has been under scrutiny by Republican lawmakers seeking to undercut the president's climate agenda. "This historic, unprecedented funding has the promise to turn disadvantaged and overburdened areas into healthy, resilient, and thriving communities for current and future generations,” EPA Administrator Michael Regan said. The EPA will review applications on a rolling basis and encouraged applicants to apply as early as possible.
Persons: Michael Regan, Daniel Yergin, Callaghan O'Hare, Valerie Volcovici, Franklin Paul Organizations: P Global, REUTERS, Rights, Biden, Republican, EPA, Virgin, Franklin Paul Our, Thomson Locations: Houston , Texas, U.S, Alaska, Puerto Rico, Virgin Islands, Guam, Mexico
Shell’s shrinking green pledge risks backfiring
  + stars: | 2023-11-02 | by ( Yawen Chen | ) www.reuters.com   time to read: +4 min
REUTERS/Callaghan O’Hare Acquire Licensing RightsSINGAPORE, Nov 2 (Reuters Breakingviews) - Shell (SHEL.L) CEO Wael Sawan has upped the UK group’s quarterly buyback plan while cutting back on unprofitable low-carbon activities. His pivot back into fossil fuels has shielded the $217 billion company from the wind energy troubles now ensnaring European peer BP (BP.L) and renewables giant Orsted (ORSTED.CO). But the strategy can work only as long as volatile energy prices stay high. Shell’s $6.2 billion third-quarter adjusted net profit shrunk by a third from a year earlier but came in line with analysts’ expectations. So far this year, the total return for Shell’s shareholders has hit 17%, above rivals like BP and TotalEnergies (TTEF.PA).
Persons: Wael Sawan, Daniel Yergin, Callaghan O’Hare, Sawan, Shell, pare, Lisa Jucca, Streisand Neto Organizations: Shell, P Global, REUTERS, Rights, Reuters, BP, EV, Nature Energy, Exxon Mobil, Chevron, Reuters Graphics Reuters, Carbon Solutions, Renewables, Energy Solutions, Thomson Locations: Houston , Texas, U.S, Rights SINGAPORE
Flavia Royon, Argentina's Secretary of Energy, poses for a portrait during the CERAWeek energy conference in Houston, Texas, U.S., March 8, 2023. Ten fuel shipments imported by the government are beginning to arrive, although distribution may take a few days, Energy Secretary Flavia Royon told a local radio station, noting that there would be no abrupt price increases. Royon attributed the shortage in part to tourism during a long weekend and rumors of possible price increases following the Oct. 22 presidential election. Argentine refineries supply 80% of the local market while the rest comes from fuel imports. Among the factors causing the shortage, the companies cited high demand, the presidential elections, the beginning of crop planting and a higher than usual dependence on imports.
Persons: Flavia Royon, Callaghan O'Hare, Lucila Sigal, Walter Bianchi, Daina Beth Solomon, David Gregorio Our Organizations: Energy, REUTERS, Argentine, Axion Energy, Thomson Locations: Argentina's, Houston , Texas, U.S, BUENOS AIRES
Jim Cramer's Charitable Trust owns 300 shares of Pioneer, at an average price of $230.14 apiece. Club rules prevent the Trust from trading any stock Jim mentions on CNBC television for the three subsequent trading sessions. Pioneer shares climbed 1%, to just roughly $240 each, shortly after the opening bell Wednesday. Exxon CEO Darren Woods told CNBC on Wednesday he doesn't foresee "any regulatory issues" complicating its acquisition of Pioneer. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer, Jim, Jim Cramer's, Brent, Darren Woods, Woods, Scott Sheffield —, , Scott Sheffield, Daniel Kramer Organizations: Natural Resources, Exxon Mobil, Street Journal, Exxon, Club, Jim Cramer's Charitable Trust, CNBC, Brent, Hamas, Texas, CNBC Wednesday, Sheffield, Pioneer Resources, IHS Locations: Israel, Houston , Texas
Bernard Looney, CEO of BP, speaks during the 2023 CERAWeek by S&P Global conference in Houston, March 7, 2023. BP chief executive officer Bernard Looney has resigned after less than four years on the job, the London-based oil producer announced Tuesday. The resignation of Looney, who took over as CEO of BP in 2020 after previously leading BP's Upstream group, focused on exploration and production, is effective immediately. The company's chief financial officer Murray Auchincloss will serve as interim CEO, BP said. The change comes as Looney informed the company that he was not "fully transparent in his previous disclosures" about relationships with colleagues prior to becoming CEO, BP said.
Persons: Bernard Looney, Looney, Murray Auchincloss Organizations: BP, P Global, Company, Financial Times Locations: Houston, London, U.S
REUTERS/Callaghan O'Hare/File Photo Acquire Licensing RightsWASHINGTON, Aug 31 (Reuters) - The Biden administration is offering $12 billion in grants and loans for automakers and suppliers to retrofit their plants to produce electric and other advanced vehicles, Energy Secretary Jennifer Granholm said on Thursday. "I don't know that this will have an impact on the collective bargaining," Granholm said, adding that the administration has spoken with automakers, auto workers, and communities. The administration will also offer $3.5 billion in funding to domestic battery manufacturers, Granholm said. For the advanced vehicles, $2 billion in grants will come from the Inflation Reduction Act which was passed by Democrats last year, and $10 billion in loans will derive from the Energy Department's Loans Program Office. Reporting by Timothy Gardner in Washington Editing by Bill Berkrot and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Energy Jennifer Granholm, Daniel Yergin, Callaghan O'Hare, Biden, Jennifer Granholm, Granholm, Joe Biden, Shawn Fain, Timothy Gardner, Bill Berkrot, Matthew Lewis Organizations: Energy, P Global, REUTERS, Rights, United Auto Workers, UAW, Detroit Three, Energy Department, Thomson Locations: Houston , Texas, U.S, Michigan, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington
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