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☆ Baker Hughes to provide equipment for Petronas carbon capture project
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: 1 min

Jan 3 (Reuters) - Oilfield services firm Baker Hughes Co (BKR.O) said on Tuesday it has won a contract to provide carbon dioxide compression equipment to Petronas' (PETR.UL) Kasawari offshore carbon capture project. The project is expected to be the world's largest offshore carbon capture and sequestration facility, the companies said. Baker Hughes will provide turbocompression equipment to transport CO2 emitted from flaring at the Kasawari gas development and reinject it into a depleted offshore field through a subsea pipeline. The contract will be booked in Baker Hughes' fourth quarter results, according to the company. Reporting by Ruhi SoniOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ 3M to end 'forever chemicals' output at cost of up to $2.3 billion
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

Perfluoralkyl and polyfluoroalkyl substances (PFAS) do not break down quickly and have in recent years been found in dangerous concentrations in drinking water, soils and foods. Pressure to stop producing the chemicals has also increased, with investors managing $8 trillion in assets earlier this year writing to 54 companies urging them to phase out their use. 3M expects related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its PFAS exit. In the fourth quarter, it expects to take an estimated pre-tax charge between $0.7 billion and $1.0 billion, primarily non-cash and related to asset impairments. In August, the Biden administration said it will propose designating certain forever chemicals as hazardous substances under the U.S. Superfund program.

☆ 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.

☆ Exxon Mobil raises CEO, top executives base pay
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 5 (Reuters) - Exxon Mobil Corp (XOM.N) is raising the annual base salaries of its top boss and other executives for next year, the largest U.S. oil company said on Monday. Kathryn Mikells, who became the company's chief financial officer in August last year, will receive a base pay of $1.22 million in 2023. Base salaries, however, represent less than 10% of total pay, with stock awards and bonuses making up a bigger share of what Exxon's executives pocket every year. The Houston-based oil major paid Woods a total compensation of $23.6 million in 2021 and $15.6 million in 2020. Biden has repeatedly called on U.S. oil and gas companies to use their record profits to increase production and reduce pump prices for Americans.

☆ HF Sinclair sinks after forecasting higher capital spend for 2023
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Shares of HF Sinclair Corp (DINO.N) fell over 6% on Friday after the U.S. refiner forecast capital expenditure of $940 million to $1.15 billion for fiscal 2023, including its transportation business Holly Energy Partners (HEP.N). Shares fell to $57.38 in afternoon trading, their lowest level in six weeks and worst day in ten. Turnarounds made up a bulk of HF Sinclair's expected costs for next year, at $530 million to $630 million. HF Sinclair was formed as a parent company after HollyFrontier Corp bought almost all of Sinclair Oil Corp's assets for $2.6 billion. Other refiners Phillips 66 (PSX.N), Marathon Petroleum Corp (MPC.N), Valero Energy Corp (VLO.N) and PBF Energy Inc (PBF.N) were down 2%-6%.

☆ APA ends drilling at Awari oil well off Suriname coast
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - U.S. oil producer APA Corp (APA.O) has wound up drilling operations at the Awari well in Suriname's Block 58 as it was "deemed noncommercial", the company said on Monday. APA did not provide details on the Awari project. The company in August had abandoned the Dikkop well in Block 58 after striking water-bearing sandstones there. French energy major TotalEnergies SE (TTEF.PA) is the operator of Block 58 with a 50% working interest, while APA holds the other half. Shares of APA were down 4% at $44.70 amid broader weakness in the U.S. energy sector.

In a 250-page proposed decision, regulators outlined reforms to the so-called "net energy metering", a state policy that issues credits to solar energy customers for generating excess electricity and feeding it back to the grid. The proposal will not affect current home solar owners and will maintain their current compensation, the California Public Utilities Commission (CPUC) said. Shares of rooftop solar system providers, including Sunrun Inc (RUN.O), SunPower Corp (SPWR.O) and Sunnova Energy International Inc (NOVA.N), closed 20% to 27% higher on Thursday. "This has been an overhang for rooftop solar stocks that would be alleviated if passed similar to today's proposal," said Morningstar analyst Brett Castelli. "The CPUC's new proposed decision would really hurt.

☆ California's incentive proposal for rooftop solar targets low-income households
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

OAKLAND, Nov 10 (Reuters) - California regulators on Thursday made a new proposal for incentivizing rooftop solar systems, a contentious matter as the state tries to expand renewable energy and respond to critics who want more equitable distribution of incentives. Shares of rooftop solar system providers, including Sunrun Inc (RUN.O), SunPower Corp (SPWR.O) and Solaredge Technologies Inc (SEDG.O), were up between 12% and 26% in afternoon trading. The new policy proposals outlined by the California Public Utilities Commission (CPUC) include an additional $900 million to support battery and solar systems, mostly for low-income customers. The proposal will not affect current home solar owners and will maintain their current compensation, the CPUC said. Reporting by Peter Henderson, Nichola Groom and Ruhi Soni; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Mosaic misses profit estimates on lower fertilizer prices, Hurricane Ian damage
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Mosaic Co (MOS.N) on Monday became the latest fertilizer maker to miss third-quarter profit estimates, hurt by damage from Hurricane Ian and cooling prices of crop nutrients. Prices of nutrients such as phosphates and potash have cooled from the near record highs they touched earlier this year as farmers cut back on fertilizer use to rein in costs. Reuters GraphicsRivals Nutrien Ltd (NTR.TO), CF Industries Holdings Inc (CF.N) and Intrepid Potash Inc (IPI.N) missed quarterly profit estimates last week, with top fertilizer maker Nutrien also cutting its full-year earnings forecast. Adjusted earnings in its potash segment more than tripled to $871 million, but earnings in its phosphate segment were flat. Excluding items, however, the company earned $3.22 a share, missing Wall Street consensus of $3.40 as per Refinitiv data.

☆ Suncor quarterly profit more than doubles, beats estimates on crude rally
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Suncor Energy Inc (SU.TO) said on Wednesday its third-quarter adjusted profit more than doubled and beat analysts' expectations, as the Canadian energy major was supported by higher oil and refined product prices. Excluding items, Suncor's adjusted earnings more than doubled to C$2.57 billion ($1.87 billion), or C$1.88 per share, beating analysts' consensus of C$1.83 per share, as per Refinitiv data. Total upstream production for the reported quarter was 724,100 barrels of oil equivalent per day (boepd), compared with last year's 698,600 boepd. Its refinery crude throughput rose 1.4% to 466,600 barrels a day with a refinery utilization of 100%. ($1 = 1.3716 Canadian dollars)Reporting by Ruhi Soni in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ DuPont scraps $5.2 bln Rogers buyout due to China hurdles
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

DuPont said the termination of the deal was agreed with Rogers as they have been unable to obtain timely clearance from all the required regulators. Shares of engineering materials maker Rogers plunged 43% in extended trading on Tuesday, while those of DuPont rose about 6%. The collapsed Rogers deal is the most prominent global acquisition to be called off in four years due to Chinese regulatory hurdles. In 2018, Qualcomm Inc (QCOM.O) walked away from a $44 billion deal to buy NXP Semiconductors (NXPI.O) after failing to secure Chinese regulatory approval amid China-U.S. trade tensions. DuPont added it would pay Rogers a termination fee of $162.5 million.

☆ Marathon Oil to buy Ensign's Eagle Ford assets for $3 bln
▼ + stars: | 2022-11-02 | by ( Shadia Nasralla | Svea Herbst-Bayliss | ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Marathon Oil Corp (MRO.N) said on Wednesday it had struck a deal to buy Ensign Natural Resources' Eagle Ford assets for $3 billion in cash. Marathon said the deal was immediately accretive to the company's cash flow and will nearly double its position in South Texas' Eagle Ford basin. The company expects to raise its base dividend by an additional 11% after closing the deal, which is expected by the end of this year. The U.S. oil producer on Wednesday also posted quarterly income that topped Wall Street's estimate on higher energy prices. Reporting by Ruhi Soni in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ DuPont pulls the plug on $5.2 bln buyout of Rogers on clearance issues
▼ + stars: | 2022-11-01 | by ( Yousef Saba | ) www.reuters.com time to read: 1 min

Nov 1 (Reuters) - Chemicals maker DuPont De Nemours Inc (DD.N) said on Tuesday it was terminating its $5.2 billion buyout of Rogers Corp (ROG.N) as they were unable to obtain timely regulatory clearances for the deal. Rogers shares plunged 43% in extended trading, while those of DuPont rose about 6%. DuPont added it would pay Rogers a termination fee of $162.5 million. The companies said in September that they had received all regulatory approvals for the deal except from China. Reporting by Ruhi Soni in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Turquoise Hill delays shareholder meet on $3.3 bln Rio Tinto buyout
▼ + stars: | 2022-11-01 | by ( Yousef Saba | ) www.reuters.com time to read: 1 min

Nov 1 (Reuters) - Canadian miner Turquoise Hill Resources Ltd (TRQ.TO) said on Tuesday it would delay by a week to Nov. 8 a special shareholder meeting to vote on a proposed takeover by Rio Tinto Plc (RIO.L), (RIO.AX) following a request from the mining giant. Rio has proposed a $3.3 billion deal for Turquoise Hill shares it does not already own, seeking a 66% stake in Oyu Tolgoi in Mongolia, the world's largest known copper and gold deposits. Rio raised its offer to C$43-per-share but still faces opposition from multiple parties including Turquoise Hill's second-largest shareholder Pentwater Capital Management, as well as proxy advisor Institutional Shareholder Services (ISS). Reporting by Ruhi Soni in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Ford, Volkswagen-backed Argo AI to shut down- TechCrunch
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Argo Ai self driving prototype vehicle is seen outside a Ford and Volkswagen joint news conference in New York City, New York, U.S., July 12, 2019. REUTERS/Mike SegarOct 26 (Reuters) - Self-driving startup Argo AI will shut down operations and its employees and parts will be absorbed by its main backers, Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE), TechCrunch reported on Wednesday, citing people familiar with the matter. Ford did not immediately respond to a Reuters request for comment, while Argo AI and Volkswagen declined to comment. Argo AI in July said it had laid off about 150 employees as it made adjustments to its business plans. Started in 2016, Pittsburgh-based Argo AI was developing the technology behind driverless vehicles.

Oil and gas producers are looking to increase production as crude prices stay near eight-year highs, boosting demand for Schlumberger's equipment, services and technology. Analysts had expected Schlumberger to report earnings of 55 cents per share, according to Refinitiv IBES. Shares jumped more than 2% in pre-market trading and Wall Street analysts said the results were positive. Wall Street had expected revenue of $7.1 billion for the quarter. Rival Baker Hughes Co (BKR.O) topped Wall Street expectations for third-quarter adjusted profit on Wednesday.

☆ Dow forecasts dour Q4 as energy costs, inflation bite
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

It forecast fourth-quarter net sales in the range of $11.5 billion to $12.0 billion, compared to Wall Street consensus of $12.30 billion, per Refinitiv data. Register now for FREE unlimited access to Reuters.com RegisterDespite persistent cost and supply chain pressures in the quarter, Dow beat analysts' estimates for third-quarter revenue and profit. Excluding items, Dow's operating income was $1.11 per share, its lowest in six quarters, beating market expectations of $1.08 a share. Sales fell 4.9% to $14.2 billion due to declines in its industrial intermediates and infrastructure as well as its packaging and specialty plastics units. Quarterly sales volume was down 4%, driven by a 12% decline in Dow's Europe, Middle East, Africa and India (EMEAI) division.

☆ Baker Hughes taps Newmont's Nancy Buese as CFO
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

Oct 19 (Reuters) - Oilfield services firm Baker Hughes Co (BKR.O) said on Wednesday Nancy Buese will take over as chief financial officer, effective Nov. 2, replacing Brian Worrell. Buese is currently gold miner Newmont Corp's (NEM.N) CFO and executive vice president. Baker Hughes also reported a higher-than-expected third quarter adjusted profit on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ruhi Soni in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Oct 17 (Reuters) - Continental Resources Inc (CLR.N) said on Monday it had agreed to be taken private by billionaire-founder Harold Hamm in a deal that would value the U.S. shale producer at about $27 billion. Smead Capital Management, the largest shareholder after the Hamm family with around 2%, had said in June the original offer "undervalues" the company. Register now for FREE unlimited access to Reuters.com RegisterThe company's shares jumped more than 8% to $73.88 in premarket trading. Hamm founded Continental, the largest oil and gas producer in the Bakken shale, as Shelly Dean Oil Company in 1967, and ran it as a private firm until 2007. Hamm and his family own 83% of Continental's common stock and the deal does not require a vote by shareholders.

Register now for FREE unlimited access to Reuters.com RegisterRNG, or biogas, is gas captured from organic waste in landfills or farms. BP has offered $26 in cash for each Archaea share, or $3.3 billion, and will take on about $800 million of net debt. The deal will double the expected earnings before interest, taxes, depreciation, and amortization (EBITDA) from biogas to around $2 billion by 2030, BP said. BP plans to invest $1.7 billion in the business by 2027 to accelerate its growth which will not change BP's overall capital expenditure plans, Looney said. BP plans to spend $14 to $16 billion in 2022, the majority of which going towards oil and gas.

☆ Barrick's quarterly gold output falls sequentially
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

Oct 13 (Reuters) - Barrick Gold Corp (ABX.TO), on Thursday reported a fall in third-quarter gold output from the previous quarter and said it expects full-year gold production to be at the low end of the range it forecast earlier. The world's second-largest gold miner warned in August it could exceed its gold production cost guidance as miners battle with inflation and rising costs of labor, energy and mining supplies. Barrick earlier this year forecast 2022 gold production of 4.2 million to 4.6 million ounces. It said its third-quarter gold output fell due to weak production from its Veladero, Carlin and Turquoise Ridge mines. Barrick said the average realized price for the precious metal during the quarter was $1,729 per ounce, down from $1,871 per ounce in the second quarter.

☆ U.S. shale producer EOG pays $847 mln to settle third-quarter hedges
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

Oct 11 (Reuters) - Shale oil and gas producer EOG Resources Inc (EOG.N) paid $847 million during the third quarter to settle wrong-way bets on energy prices, the company said in a regulatory filing on Tuesday. Russia's invasion of Ukraine sent energy prices soaring since February, although they cooled off from decade highs towards the end of September. U.S. crude oil averaged roughly $91.65 a barrel in the third quarter ended Sept. 30, below the $108 average in the second quarter. To protect themselves from volatility, oil and gas producers often enter 'hedging contracts' which guarantee sales at a fixed price in the future. Producers who lock in sales at lower prices or purchases at higher than current prices, lose to settle the differences.

☆ Factbox: U.S. companies brace for Hurricane Ian
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +5 min

Sept 28 (Reuters) - Hurricane Ian is set to make landfall in Florida on Wednesday, pushing residents to empty grocery shelves, board up windows and rush to evacuation shelters. Since then, it has been working to redeploy offshore personnel after determining Hurricane Ian no longer posed a significant threat to its assets. NextEra Energy Inc's (NEE.N) Florida Power & Light Co, the largest utility in the state, deployed nearly 16,000 workers from 27 states to restore power. A spokesperson said the company was monitoring the hurricane and making adjustments to operations to keep warehouse staff and drivers safe. CRUISE OPERATORSWalt Disney Co's Disney Cruise Line on Tuesday canceled its Disney Wish ship that was to set sail from Florida on Friday.

☆ Factbox: U.S. companies gird themselves as Hurricane Ian makes landfall
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +6 min

Sept 28 (Reuters) - Hurricane Ian makes landfall in Florida with Category 4 fury on Wednesday, pushing residents to empty grocery shelves, board up windows and rush to evacuation shelters. Since then, it has been working to redeploy offshore personnel after determining Hurricane Ian no longer posed a significant threat to its assets. A spokesperson said the company was monitoring the hurricane and making adjustments to operations to keep warehouse staff and drivers safe. Costco Wholesale Corp closed nine stores located in Florida due to an impact of Hurricane Ian. CRUISE OPERATORSWalt Disney Co's Disney Cruise Line on Tuesday canceled its Disney Wish ship that was to set sail from Florida on Friday.

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