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☆ Dominion Energy, National Grid pursuing pipeline sales - WSJ
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

April 6 (Reuters) - Utility firms Dominion Energy (D.N) and National Grid Plc (NG.L) are separately considering a potential sale of parts of their natural gas pipeline networks, the Wall Street Journal reported on Thursday, citing people familiar with the matter. National Grid on the other hand is exploring a possible sale of part of its pipeline network serving the Northeastern U.S. Eliminating natural gas appliances would mean transitioning to electric equipment such as heat pumps. Dominion and National Grid's shares on the New York Stock Exchange were trading 0.4% and 1% higher, respectively. Dominion and National Grid declined to comment when contacted by Reuters.

☆ Solar firms Sunnova and Sunrun shed light on exposure to Silicon Valley Bank
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Residential solar companies Sunrun Inc (RUN.O) and Sunnova Energy (NOVA.N) on Friday disclosed their exposure to SVB Financial Group (SIVB.O), which has been closed down by California banking regulators. Sunrun stated SVB was one of the lenders in two of its credit facilities, but said it was less than 15% of its total hedging facilities and does not anticipate significant exposure. Sunrun has cash deposits with SVB totaling nearly $80 million, while SVB's undrawn commitment in the non-recourse senior aggregation warehouse facility is about $40 million. Sunnova also views its exposure to SVB as negligible since it does not hold cash deposits or securities with the financial group. California banking regulators closed startup-focused lender SVB on Friday, which does business as Silicon Valley Bank, making it the largest bank failure since the 2008 financial crisis.

☆ Incyte to discontinue late-stage trial for bone marrow cancer drug combination
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 3 (Reuters) - Drugmaker Incyte Corp (INCY.O) said on Friday it was stopping its late-stage trial of an experimental cancer drug after an interim analysis indicated the drug was unlikely to meet the main goal of the study, dragging its shares 2% lower in after-market trade. The study was aimed at determining the safety and effectiveness of adding parsaclisib to the use of its drug Jakafi, which is approved for the treatment of some types of myelofibrosis - a form of bone marrow cancer. Discontinuation of the study was not due to safety, the company said. Data from mid-stage study in December had demonstrated that addition of parsaclisib to Jakafi resulted in some reduction in spleen volume and improvement in symptom burden in patients with myelofibrosis. Reporting by Arshreet Singh; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Chemical maker INEOS makes U.S. shale bet with $1.4 bln Chesapeake deal
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Chesapeake Energy Corp worker walks past stacks of drill pipe needed to tap oil and gas trapped deeply in rock like shale at a Chesapeake oil drilling site on the Eagle Ford shale near Crystal City, Texas, June 6, 2011. REUTERS/Anna Driver/File PhotoFeb 21 (Reuters) - Chemical maker INEOS is entering into U.S. oil and gas production for the first time, agreeing to purchase assets in South Texas from Chesapeake Energy Corp (CHK.O) for $1.4 billion, the companies said on Tuesday. "Over the last two decades, U.S. onshore oil and gas production has provided security of supply for the global market and competitive advantage for U.S. industry," Brian Gilvary, chairman of INEOS Energy, said in a statement. The transaction, involving an area of around 172,000 net acres with average net daily production of about 36,000 barrels of oil equivalent, will also grant Chesapeake Energy a complete exit from the Eagle Ford shale basin. Proceeds from the deal will be used to repay debt and fund its share repurchase program.

The Newcrest acquisition by Newmont, if successful, could result in the enlarged company shedding some assets. Bristow stuck to the company's 'build, not buy' approach and ruled out the possibility that Barrick would launch a counter bid for Newcrest. Newmont's offer implied a 21% premium to Newcrest's share price. Barrick last month reported a 13.4% rise in gold production as access to high-grade ore at its Cortez and Carlin mines in Nevada powered a "strong finish" to the fourth quarter. Production for the year, however, was 4.1 million ounces of gold, down from 4.4 million ounces in 2021.

☆ First Quantum suspends copper concentrate loading at Panamanian port
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Feb 6 (Reuters) - First Quantum Minerals Ltd (FM.TO) said on Monday it has suspended loading operations at a major port in Panama, blocking the Canadian company's path to export from the Cobre Panama copper mine and sending its shares down nearly 8%. The Panama Maritime Authority last month ordered the company's subsidiary Minera Panama to suspend copper concentrate loading at the port until it showed evidence that its scales were calibrated by an accredited company. First Quantum said that its subsidiary initiated the certification process by submitting the required proof to an accredited company on Feb. 3, but has not heard back from the Panama Maritime Authority. The process deviates from Minera Panama's previous approach of providing internationally accepted certifications to the Panama Maritime Authority, the company added. Cobre Panama represented more than half of First Quantum's earnings before interest, tax depreciation and amortization (EBITDA) in 2021.

Feb 1 (Reuters) - North American pipeline operator TC Energy Corp (TRP.TO) on Wednesday raised its cost estimate more than expected for completing its troubled Coastal GasLink project, sending share prices sharply lower. The company attributed the cost increase to a labor shortage, poor work by contractors and adverse weather. TC is looking to sell C$5 billion worth of assets this year to raise funds to repay debt and pay for projects including Coastal. TC Energy raised its overall 2023 capital expenditure outlook to C$11.5 billion-C$12 billion from C$9.5 billion earlier, partly due to Coastal's higher costs. An impairment will be recognized to TC Energy's equity investment in Coastal in its fourth-quarter results scheduled for Feb. 14, the company said.

☆ Chevron pledges $75 bln for share buybacks as cash grows
▼ + stars: | 2023-01-26 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Chevron on Friday is expected to report profits for 2022 doubled to $37.2 billion, according to estimates by Refinitiv. Those unprecedented earnings led analysts at Citi on Wednesday to ask if one of the two might buy BP (BP.L) , Shell (SHEL.L) or TotalEnergies (TTEF.PA) . Reuters Graphics Reuters GraphicsThe White House last year criticized oil producers for distributing cash to shareholders instead of investing in production to reduce energy prices for consumers. It also pressed oil producers to raise investments in renewable energy. The White House had no immediate comment on Chevron's buyback.

☆ Chevron announces $75 bln buyback program, raises dividend
▼ + stars: | 2023-01-25 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowJan 25 (Reuters) - Chevron Corp (CVX.N) on Wednesday disclosed its most ambitious program to distribute cash to shareholders, tripling the budget for buybacks, after posting record quarterly profits last year. The U.S. oil producer raised its quarterly dividend by 6% to $1.51 per share and approved a $75 billion share buyback program. The program has no expiration deadline and replaces the board’s previous repurchase authorization of $25 billion from January 2019 until March 31 this year. Energy firms benefiting from high demand for oil and gas are using a chunk of their bumper quarterly profits to reward shareholders. The White House has criticized oil producers for distributing cash to shareholders instead in investing in production to reduce energy prices for consumers.

☆ Phillips 66 buys public units of pipeline operator DCP Midstream for $3.8 bln
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

The deal, the first major move by Mark Lashier who took over as chief executive of Phillips 66 in July last year, will double the company's stake in DCP Midstream to 86.8%. The Houston, Texas-based refiner is buying the public units for $3.8 billion, or $41.75 per share, compared with its previous offer of $34.75 per share. DCP Midstream's shares rose nearly 6.4% to $41.84, while those of Phillips 66 were up 1.1%. The DCP deal is expected to generate an incremental $1 billion of adjusted EBITDA for Phillips 66, the refiner said in a statement. Phillips said it expects to save at least $300 million by integrating DCP into its existing midstream business.

☆ Conservationists move to permanently protect areas around proposed Alaskan mine
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

Dec 22 (Reuters) - The United States' top environmental non-profit and a regional land trust have raised $20 million to permanently protect 44,000 acres at an Alaskan watershed, that could be another major roadblock for a controversial proposed mine. The proposed Pebble Mine, being developed by a unit of Canada-based Northern Dynasty Minerals Ltd (NDM.TO), has been through a roller coaster of regulations for the past 15 years. "Notably, this effort will restrict development of an access road critical for the proposed Pebble Mine," said the Fund's spokesperson, Valerie Keefer. read moreThe fundraiser counted Patagonia's Holdfast Collective among its donors, along with The Wyss Foundation and Alaska Venture Fund. Reporting by Sourasis Bose, Ruhi Soni and Arshreet Singh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Bunge to build $550-mln soy processing facility in Indiana
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Agriculture commodities trader Bunge Ltd (BG.N) said on Thursday it would invest about $550 million to build a soy protein concentrate facility in Indiana to cater to a rising demand for plant-based food products and processed meats. The new facility, which is adjacent to the company's soybean processing plant in Morristown, is expected to process an additional 4.5 million bushels of soybeans. Soy protein concentrate is used to make meat alternatives, but also helps to increase nutritional value in existing meat and poultry products. The global plant-based meat market size, according to a report by Grand View Research Inc, is projected to reach $24.8 billion by 2030. Bunge also operates a soy protein concentrate operation in Bellevue, Ohio.

☆ A trail of oil: Keystone pipeline's history of oil spills
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

The following is a timeline of some of Keystone's biggest oil spills, along with recent other spills of crude, both onshore and offshore. 2016April: TC shut down the pipeline after about 400 barrels of oil leaked in Hutchinson County, South Dakota. 2017November: TC shut part of the Keystone pipeline system after a leak in South Dakota, caused by mechanical damage from original construction. 2019February: Portions of the Keystone pipeline were shut down after 42 barrels of oil leaked on land in rural St. Charles County, Missouri. OTHER ONSHORE SPILLS:Since 2010 there have been two spills of crude oil larger than this most recent Keystone spill.

☆ Corteva makes $1.2 bln bid for Stoller Group
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - Corteva Inc (CTVA.N) will buy biologicals firm Stoller Group Inc for $1.2 billion in cash, the companies said on Wednesday, as it looks to expand its crop protection business. Biologicals related to the agriculture sector are a growing market and expected to represent about 25% of the overall crop protection market by 2035. Corteva has been working toward enhancing its portfolio of crop protection assets and bought Spain-based Symborg in September. The Stoller deal, which is expected to close in the first half of 2023, will be accretive to Corteva's core earnings in 2023, the companies said. Reporting by Arshreet Singh; Editing by Anil D'Silva and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Ticketmaster cancels Taylor Swift concert ticket sale citing high demand
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - Online ticketing company Ticketmaster said in a tweet it has canceled Friday's sale of tickets for pop star Taylor Swift's The Eras Tour due to high demand and insufficient inventory. Shares of Ticketmaster parent Live Nation Entertainment Inc (LYV.N) shares fell as much as 2.9% to $71.85 following the tweet on Thursday. The online ticketing company faced Democrat U.S. senator Amy Klobuchar's scrutiny over sales practices after its website crashed Tuesday morning as millions of fans looking to buy seats for Taylor Swift's first tour in five years caused periodic outages and long wait times stretching up to three hours. Reporting by Arshreet Singh; Editing by KRishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Diamondback quarterly profit beats market estimates on higher crude prices
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - U.S. oil and gas producer Diamondback Energy Inc (FANG.O) on Monday reported better-than-expected third-quarter profit, helped by a surge in crude prices due to tighter energy supplies following Russia's invasion of Ukraine. Energy companies are posting strong profits as crude and natural gas prices have soared following Western sanctions against major exporter Russia and OPEC+'s decision to tighten an already squeezed global supply. Oil volumes for the quarter decreased to 224.3 thousand barrels of oil per day (BO/d), down from 239.8 thousand BO/d a year earlier. Diamondback's average unhedged realized price for oil, however, rose to $89.79 per barrel in the reported quarter, up from $68.27 per barrel a year earlier. Last month, Diamondback said it will buy all leasehold interest and related assets of FireBird Energy LLC for $1.6 billion in cash and stock.

SummarySummary Companies Barrick now expects to exceed 2022 cost guidanceQ3 profit down 30% as gold production falls by 9%All-in sustaining costs up 22.7% from last yearNov 3 (Reuters) - Barrick Gold Corp (ABX.TO), shares hit their lowest level since March 2020 on Thursday after the world's second-biggest gold miner reported a 30.1% drop in third-quarter profit due to weak production and higher costs. Toronto-listed shares were down 6.9% to 18.26 Canadian dollars, on track for their biggest one-day drop in two years. The cost increase was largely down to a 9% fall in gold production from 1.09 million ounces to 988,000 ounces, CEO Mark Bristow told Reuters in an interview. Barrick remains on track to achieve its 2022 production guidance, Bristow said in a statement. Gold prices declined 8% during the third quarter as global central banks raised interest rates to battle surging inflation.

CHICAGO, Oct 26 (Reuters) - Agricultural commodities trader Bunge Ltd (BG.N) on Wednesday raised its full-year earnings outlook after adjusted third-quarter profit topped expectations, sending its shares up more than 5%. "We delivered strong quarterly results against the backdrop of a shifting operating environment," Chief Executive Gregory Heckman said. Rival agribusiness Archer-Daniels-Midland Co on Tuesday reported its strongest ever third-quarter profit and raised its earnings outlook. Bunge lifted its full-year 2022 earnings guidance to $13.50 per share as the profit outlook for its core business segments improved. The refined and specialty oils segment however turned in stronger quarterly earnings.

☆ ADM's profit doubles on high global grain demand
▼ + stars: | 2022-10-25 | by ( Mike Stone | Nathan Gomes | ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Grain merchant Archer-Daniels-Midland Co (ADM.N) on Tuesday reported a 96% rise in its third-quarter profit, bolstered by high demand and tight global grain supplies. Global grain merchants like ADM tend to thrive when crises such as drought or war trigger shortages in parts of the world. Tight global grain supplies and strong demand for food and fuel have kept grain prices high since Russia's invasion of Ukraine, which accounted for 10% and 15% of global wheat and corn exports before the war, helping the company's bottom line. "Global demand remains robust... We're well positioned to end 2022 strong, and carry that momentum into 2023," said Chief Executive Officer Juan Luciano. Register now for FREE unlimited access to Reuters.com RegisterReporting by Arshreet Singh in Bengaluru; editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

☆ ADM's third-quarter profit nearly doubles
▼ + stars: | 2022-10-25 | by ( Mike Stone | Nathan Gomes | ) www.reuters.com time to read: 1 min

Oct 25 (Reuters) - Global grain merchant Archer-Daniels-Midland Co (ADM.N) on Tuesday reported a 96% rise in third-quarter profit, bolstered by high demand and tight global grain supplies. Net earnings attributable to ADM were $1.03 billion, or $1.83 per share, in the three months ended Sept. 30, compared with $526 million, or $0.93 per share, a year earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Arshreet Singh in Bengaluru; editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

☆ Freeport-McMoRan profit plunges on weak copper prices
▼ + stars: | 2022-10-20 | by ( Joseph White | ) www.reuters.com time to read: +1 min

Oct 20 (Reuters) - Copper miner Freeport-McMoRan Inc (FCX.N) on Thursday reported a plunge in third-quarter profit, as recession fears and COVID-19 lockdowns in China hit the red metal's prices. The Phoenix-based mining giant said average realized price for copper dropped 16.7% to $3.50 per pound at the end of the third quarter, compared to last year. However, the miner's adjusted profit was 26 cents per share, 2 cents above Wall Street estimates, according to Refinitiv data. The company, which runs Indonesia's Grasberg, one of the world's largest copper mines, said its quarterly copper production rose 7% to 1.06 billion recoverable pounds. Register now for FREE unlimited access to Reuters.com RegisterReporting by Arshreet Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Freeport-McMoRan profit more than halves on weak copper prices
▼ + stars: | 2022-10-20 | by ( Joseph White | ) www.reuters.com time to read: +1 min

Oct 20 (Reuters) - Copper miner Freeport-McMoRan Inc (FCX.N) on Thursday reported a 71.7% fall in third-quarter profit as recession fears and COVID-19 lockdowns in China hit the red metal's prices. LME copper has given up 30% since touching a record peak in March, largely holding in a range between $7,200 and $8,000 since end-August, pressured by COVID-19 flare-ups in China, the world's biggest metal consumer. The Phoenix-based mining giant said average realized price for copper was $3.50 per pound at the end of the third quarter, lower than last year's $4.20 per pound. However, the miner, which runs Indonesia's Grasberg, one of the world's largest copper mines, said its quarterly copper production rose to 1.06 billion recoverable pounds from last year's 987 million. Register now for FREE unlimited access to Reuters.com RegisterReporting by Arshreet Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

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