DIRS.INFO The most relevant business & tech news

☆ Major oil pipeline outage to hit U.S. stockpiles, refinery supplies
▼ + stars: | 2022-12-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, Dec 9 (Reuters) - An outage on the largest oil pipeline to the United States from Canada could affect inventories at a key U.S. storage hub and cut crude supplies to two oil refining centers, analysts and traders said on Friday. TC Energy's (TRP.TO) Keystone pipeline ferries about 600,000 barrels of Canadian crude per day (bpd) to the United States. Other pipelines between Canada and the United States are at or near capacity, East Daley and data analytics firm Wood Mackenzie estimates. Gulf Coast refiners, which could suffer shortages of heavy Canadian crude, can draw on supplies from offshore Louisiana facilities and from Colombia, Mexico and Ecuador. U.S. physical crude oil grade prices were mixed on Thursday and O'Donnell at East Daley said he expects volatility to continue as long as Keystone remained offline.

The FBI is analyzing shell casings found near power facilities in North Carolina and South Carolina, a law enforcement memo revealed Friday, after North Carolina gunfire led to nearly 96 hours of darkness in one county. The "target attacks" at two Duke Energy substations in Moore County, North Carolina on Saturday night knocked out power to 45,000 homes and businesses before local electricity was restored Wednesday night. No one lost power in the South Carolina shootings. So far there's no indication whether the North Carolina attacks have any connection to Wednesday night's gunfire in South Carolina, according to a law enforcement memo reviewed by NBC News. Authorities haven't publicly disclosed any possible motive for the North Carolina shooting.

☆ Oil bounces near Dec 2021 lows after Keystone pipeline shutdown
▼ + stars: | 2022-12-09 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 9 (Reuters) - Oil prices bounced on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but prices remained near December 2021 lows on concerns over slowing global demand growth. Brent crude futures were at $76.74 a barrel, up 59 cents, or 0.8%, at 0115 GMT after dropping 1.3% on Thursday. More than 14,000 barrels of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade. The news appears "to be only short-term negative for supplies but doesn't change anything with the deteriorating crude demand outlook", OANDA analyst Edward Moya said in a note. Oil prices are set to post their biggest weekly drop in months, since traders expect it will be months before the benefits of China easing COVID controls feeds through to demand.

This week's spill of 14,000 barrels in Kansas is sure to raise alarms over future pipeline development, as U.S. regulators had already increased scrutiny of pipeline construction due to previous Keystone spills in 2017 and 2019. The pipeline suffered few incidents in its early years, but since 2017, the number of spills increased after TC Energy received a special permit from the U.S. "I think a lot of scrutiny is going to be placed on the special permit," said Jane Kleeb, founder of Bold Alliance, an advocacy group that fought Keystone XL. John Stoody, vice-president of government relations at the Liquid Energy Pipeline Association said special permits come with numerous different operating conditions. "If anything there are complaints from industry about how lengthy the special permit process is.

Dec 9 (Reuters) - Crews in Kansas continued clean-up efforts on Friday after TC Energy's (TRP.TO) Keystone pipeline leaked 14,000 barrels of oil into a creek, but the cause of the largest crude spill in the United States in nearly a decade remained unknown. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. While TC Energy is yet to give details on when it will restart the pipeline, a previous Keystone spill had caused the pipeline to remain shut for about two weeks. Pipeline and Hazardous Materials Administration (PHMSA) to TC on Thursday said the company shut the pipeline down seven minutes after receiving a leak detection alarm. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

☆ Keystone oil spill could tighten U.S. Gulf crude stocks
▼ + stars: | 2022-12-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

The Keystone line is a key artery bringing more than 600,000 barrels of Canadian crude per day (bpd) to various parts of the United States. It was shut late Wednesday after leaking more than 14,000 barrels of oil into a creek in Kansas, making it the largest crude spill in the United States in nearly a decade. While TC Energy is yet to give details on when it will restart the pipeline, a previous Keystone spill had caused the pipeline to remain shut for about two weeks. The spill in Kansas took place downstream from a key junction in Steele City, Nebraska, where Keystone splits to run into Illinois. By contrast, Gulf Coast refiners can draw on more sources for crude, both from offshore Louisiana facilities and from countries like Colombia, Mexico and Ecuador.

☆ Shell injects $1.5 bln into UK retail power business to help it weather volatility
▼ + stars: | 2022-12-08 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

The volatility led to several bankruptcies in the sector, including Bulb, which the British government is set to rescue at a cost of up to 6.5 billion pounds ($8 billion). Shell Energy's operating loss rose to 102.4 million pounds in 2021 from 83.6 million pounds a year earlier, according to the company's financial results, released on Thursday. To help its subsidiary, Shell injected a total of 1.2 billion pounds to Shell Energy this year, Shell Energy said. Shell also extended to Shell Energy a working capital facility of 680 million pounds "to meet its short-term working capital needs" until the end of next year. Shell Energy was formed after Shell acquired First Utility in 2018 as part of its long-term strategy to turn Britain into a hub for supplying renewable energy.

PRICE FLOORNeither climate campaigners nor the industry are happy with the new windfall tax. Benchmark Brent oil prices are trading above $80 a barrel, far below a spike well above $100 shortly after the Ukraine war began. Jacques Tohme, director and founder of Tailwind, a North Sea producer, said he did not object to a higher tax but a lack of stable rules created the risk of "flight of investment" from the North Sea. "We're happy to pay higher tax, but we need a floor of $75 to $100 a barrel above which a true windfall tax can be applied," Tohme said. Companies including Shell (SHEL.L) and Equinor have already said they will review their North Sea investments.

☆ Rolls-Royce uses hydrogen produced with wind and tidal power to test jet engine
▼ + stars: | 2022-12-02 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +4 min

The test used a converted regional aircraft engine from Rolls-Royce, with hydrogen produced at the European Marine Energy Centre in Orkney. LONDON — Plans to reduce the significant environmental effects of aviation took a step forward this week after Rolls-Royce and easyJet said they had carried out the ground test of a jet engine that used hydrogen produced from tidal and wind power. The test, which was carried out at an outdoor site in the U.K., used a converted regional aircraft engine from London-listed Rolls-Royce. "This is a true British success story, with the hydrogen being used to power the jet engine today produced using tidal and wind energy from the Orkney Islands of Scotland," Shapps added. Using hydrogen to power an internal combustion engine is different to hydrogen fuel cell technology, where hydrogen from a tank mixes with oxygen, generating electricity.

☆ The global response to Russian oil sanctions, with Rystad Energy's Jorge Leon
▼ + stars: | 2022-12-02 | 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 EmailThe global response to Russian oil sanctions, with Rystad Energy's Jorge LeonVice president of analysis at Rystad Energy, Jorge Leon, joins 'The Exchange' to discuss the most likely outcome for OPEC meetings, oil and gas prices remaining elevated due to market disruption and OPEC's response to the Russian oil price cap set by the EU.

Luma Energy secured an extension on its temporary contract Wednesday following a 4-1 vote by the Puerto Rico Electric Power Authority’s board. Government officials promised Luma Energy and the partial privatization of the power grid would improve electric services. On other occasions, Luma Energy blamed outages on bad weather and sargassum, a type of seaweed. Still unresolved is the bankruptcy proceeding for the Puerto Rico Electric Power Authority, which owes nearly $9 billion, the largest debt of any government agency. As soon as a federal judge approves a debt restructuring plan for the power authority, Luma Energy's contract will become permanent for 15 years.

SYDNEY, Nov 30 (Reuters) - Australia's parliament on Wednesday voted to censure former Liberal prime minister Scott Morrison after an inquiry found his secret appointment to multiple ministries during the COVID-19 pandemic undermined trust in government. Morrison, who lost power in a general election in May, secretly accumulated five ministerial roles during the pandemic: health, finance, treasury, resources and home affairs. It marks the first time a former prime minister has been censured by parliament, though the motion is symbolic in nature. "The fact is, that our democracy is precious," Labor Prime Minister Anthony Albanese said during the debate, speaking in favour of censuring Morrison. Morrison said he had only used the powers on one occasion, to block BPH Energy's (BPH.AX) PEP-11 gas exploration project.

REUTERS/Imad Creidi/File PhotoDOHA, Nov 29 (Reuters) - QatarEnergy and ConocoPhillips (COP.N) on Tuesday signed two sales and purchase agreements to export liquefied natural gas (LNG) to Germany for at least 15 years from 2026, the first such supply deal to Europe from Qatar's North Field expansion project. The deal will provide Germany with 2 million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany's northern LNG terminal of Brunsbuettel, QatarEnergy's chief executive said. "(The agreements) mark the first ever long-term LNG supply agreement to Germany, with a supply period that extends for at least 15 years, thus contributing to Germany's long-term energy security," Saad al-Kaabi said in a joint news conference with ConocoPhillips CEO Ryan Lance. The deal comes a few days after QatarEnergy signed a 27-year sales and purchase agreement with China's Sinopec. The North Field is part of the world's biggest gas field that Qatar shares with Iran, which calls its holding South Pars.

[1/6] QatarEnergy CEO and Qatar's Minister of Energy, Saad al- Kaabi and ConocoPhillips CEO, Ryan Lance attend the signing ceremony of two sales and purchase agreements to export liquefied natural gas (LNG) to Germany, in Doha, Qatar, November 29, 2022. The deal, the first of its kind to Europe from Qatar's North Field expansion project, will provide Germany with 2 million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany's northern LNG terminal of Brunsbuettel, QatarEnergy's chief executive said. ICIS head of energy analytics Andreas Schroeder said the starting date of 2026 was late, as Germany needed LNG for 2023 and 2024. The deal comes a few days after QatarEnergy signed a 27-year sales and purchase agreement with China's Sinopec. The North Field is part of the world's biggest gas field, which Qatar shares with Iran.

[1/7] Herbs and micro-greens grown at the underground farm in a disused World War Two bunker using hydroponic technology and LED lighting, powered by renewable energy, are pictured in London, Britain November 24, 2022. REUTERS/Maja SmiejkowskaLONDON, Nov 28 (Reuters) - In an underground World War Two air raid shelter where London tube trains can be heard rattling overhead, aromatic coriander leaves tilt towards the pink glow of LED bulbs - a vision of how farms could look in the future. Zero Carbon Farms grows herbs and salads in Clapham, south London, a densely populated area with no room for conventional agriculture. But 30 metres below ground there is a kilometre of tunnels, and technology has made farming here a reality. "What makes this industry so exciting and challenging is that no one's quite cracked it," said Zero Carbon Farm's business development director Olivia O'Brien.

☆ China's Shenzhen Energy signs long-term LNG contract with BP
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 26 (Reuters) - China's Shenzhen Energy Group (000027.SZ) has signed a long-term agreement with oil major BP (BP.L) to buy liquefied natural gas (LNG), aiming to lock in supplies with gas-fired power generation poised to surge in the world's second-largest economy. The agreement is Shenzhen Energy's first long-term international LNG contract and its first long-term contract with BP Singapore, the Chinese company said in a statement on Friday. "To meet the demand of Guangdong province and Shenzhen city for energy security and stability, Shenzhen Energy Group is making efforts to promote the construction of gas power plants," it said. "It is estimated that around 2024, as the gas power plants go into operation, the group's total demand for natural gas will significantly rise." QatarEnergy has signed a 27-year deal to supply LNG to China's Sinopec in the longest such agreement to date, as volatility drives buyers to seek long-term supplies.

☆ U.S. grants $1.1 bln to keep Diablo Canyon nuclear plant open
▼ + stars: | 2022-11-21 | by ( Timothy Gardner | ) www.reuters.com time to read: +4 min

Diablo is the last operating nuclear plant in California. The Biden administration believes nuclear power is critical in curbing climate change and wants to keep plants open ahead of the development of next-generation reactors. Poppe said the plant is also ordering more uranium fuel for the reactor, and dry casks for storing nuclear waste. Some politicians who have been wary of problems associated with nuclear waste have come out in support of the Civil Nuclear Credit program. Holtec International, which in May bought the Palisades nuclear plant in Michigan, said on Friday that DOE rejected its application for funding.

☆ Biden grants PG&E $1.1 billion to keep Diablo Canyon nuclear plant open
▼ + stars: | 2022-11-21 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

The Biden administration on Monday said it's providing Pacific Gas & Electric Co. with a $1.1 billion grant to help the company prevent the closure of Diablo Canyon, California's last nuclear power plant. Diablo Canyon was originally scheduled to be decommissioned in two phases in 2024 and 2025, but state lawmakers in September voted to keep it open for five more years. PG&E applied for funding in the Department of Energy's initial phase of the $6 billion Civil Nuclear Credit program aimed to keep U.S. nuclear power reactors open. Diablo Canyon is California's single largest source of power, providing 8.6% of the state's total electricity and 17% of its zero-carbon electricity. Final terms of the grant are subject to negotiation and finalization, the Energy Department said, but the funding is designed to cover PG&E's anticipated losses from keeping Diablo Canyon open.

Organizations: & $

☆ Pipeline operator TC Energy's quarterly profit rises on robust energy demand
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - TC Energy Corp (TRP.TO) reported an 8% rise in quarterly profit on Wednesday, as surging energy demand boosted the Canadian pipeline operator's earnings from its businesses transporting natural gas. Canada, the world's fourth-largest crude producer, has been seeking ways to boost pipeline utilization amid a jump in U.S. LNG export volumes to Europe following Russia's invasion of Ukraine. Earnings from TC's Canadian natural gas pipelines rose to C$409 million ($304.32 million) for the July-September quarter, from C$343 million from last year. Rival Enbridge Inc (ENB.TO) also reported higher third-quarter adjusted profit on Friday. ($1 = 1.3440 Canadian dollars)Reporting by Arunima Kumar in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Diamondback Energy sees U.S. shale oil gains slowing, costs rising
▼ + stars: | 2022-11-08 | by ( Liz Hampton | ) www.reuters.com time to read: +1 min

[1/2] Travis Stice, the CEO of Diamondback Energy, poses for a portrait at Diamondback Energy's headquarters in Midland, Texas, U.S., February 11, 2019. REUTERS/Nick Oxford/File PhotoNov 8 (Reuters) - Oil producer Diamondback Energy (FANG.O) said the U.S. shale industry will continue to struggle to expand production at its current pace, with costs of new shale wells likely rising. The aging of oil and gas wells, supply chain bottlenecks and investor focus on shareholder returns have led to slowing U.S. oil output gains, Diamondback Chief Executive Officer Travis Stice told investors on Tuesday during an earnings call. President Joe Biden has criticized companies for not lifting production faster and raking in massive profits as energy inflation hits consumers. Diamondback acquired oil producer FireBird Energy last month, and that it would sell some $500 million in non-core assets by the end of 2023 and use proceeds to cut debt.

Nov 8 (Reuters) - North Sea oil and gas producer Ithaca Energy's (IPO-IHEG.L) planned initial public offering (IPO) in London is set to be priced at the bottom of the range at 250 pence per share, a bookrunner on the deal said on Tuesday. The planned IPO of Ithaca - owned by Tel Aviv-listed Delek Group (DLEKG.TA) - on the London Stock Exchange on Wednesday has been closely watched in an IPO market starved of activity since Russia's invasion of Ukraine. Delek bought Ithaca in April from private equity-backed Siccar Point Energy, already flagging its intention to float. The last oil and gas producer to float on the main London stock exchange was eastern Mediterranean-focused Energean ENOG.L in 2018. Reuters Graphics($1 = 0.8716 pounds)Reporting by Sinchita Mitra in Bengaluru; Editing by Rashmi Aich and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Here's how to protect your portfolio from an inescapable energy crisis in 2023 caused by 'embarrassingly stupid' government policies, says a $200 million hedge fund manager who called the oil market's
▼ + stars: | 2022-11-08 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

The Department of Energy's "embarrassingly stupid" policies will likely cause a severe energy shortage and an energy crisis in 2023, Kupperman told Insider. I mean, US energy production has roughly been flat since the end of Q1 — six months where it's flat. Ironically, energy-friendly policies that lead to an increase in oil production would bring down prices and hurt his portfolio's performance in the process. This doesn't sound like the team of people — between his energy secretary and then Biden — that's going to restore energy production. "We're going to see a new level, so to speak, in terms of commodity prices," Kupperman said.

☆ What it feels like to visit a fusion company lab on a day when wildfire smoke cloaks the horizon
▼ + stars: | 2022-11-04 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +13 min

The Helion Energy building under construction to house their next generation fusion machine. For the employees of Helion Energy, building a fusion device is their job. Helion Energy's building under construction to house the seventh generation fusion machine on a day when wildfire smoke was not restricting visibility. On the one hand, I had a newfound sense of hope about the possibility of fusion energy. This is the Polaris Injector Test, where Helion Energy is building a component piece of the seventh generation fusion machine.

☆ Coterra Energy's earnings beat, dividend raise reinforce the Club's investment case
▼ + stars: | 2022-11-03 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +12 min

Cash flow Cash flow is king for companies like Coterra. Adjusted discretionary cash flow (cash flow from operations excluding changes in assets and liabilities) was $1.52 billion, below estimates of $1.62 billion. Half of the company's third-quarter free cash flow is going toward the dividend, as was the case with second-quarter free cash flow. Adjusted discretionary cash flow (cash flow from operations excluding changes in assets and liabilities) was $1.52 billion, below estimates of $1.62 billion. Half of the company's third-quarter free cash flow is going toward the dividend, as was the case with second-quarter free cash flow.

Canada's oil sands hold the world's third-largest crude reserves and the long-life projects can produce for decades. Last week Suncor agreed to buy Teck Resources' (TECKb.TO) Fort Hills stake for about C$1 billion ($737 million) in cash as "part of our Base Plant mine replacement strategy". Other acquisition targets could include French major TotalEnergies' (TTEF.PA) stake in Fort Hills and its 50% share of the Surmont thermal oil sands project, Oberstoetter added. Last month TotalEnergies said it plans to spin off its Canadian oil sands assets into a separate company. The Fort Hills deal is the latest move by Calgary-based Suncor to focus on its core oil sands business.

Search resuls for: "energy's"

25 mentions found