Hess, Cove Point LNG Facility: Your Daily Energy News

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

EARNINGS REPORTS
Hess' Second-Quarter Profit Sinks - Oil and gas producer Hess Corporation (NYSE:HES) (New York, New York) on Wednesday reported a 82% year-on-year decline in the second quarter profit from lower energy prices. The company reported a net profit of $119 million, down from $667 million in the same quarter last year, as crude oil prices have slipped from the multi-year highs last year. Hess raised its annual production forecast for the second time this year to 385,000 to 390,000 barrels of oil equivalent per day (boepd), from 365,000 to 375,000 boepd. (Reuters)

CRUDE OIL
U.S. Crude Oil, Fuel Stocks Decline - U.S. crude oil, gasoline and distillate inventories fell last week, as net imports dropped, the U.S. Energy Information Administration (EIA) said on Wednesday. Crude oil inventories fell by 600,000 barrels in the week ending July 21 to 456.8 million barrels, the EIA said. Gasoline stocks fell by 786,000 barrels in the week to 217.6 million barrels. Distillate stockpiles fell by 245,000 barrels to 117.9 million barrels. (Reuters)

LNG
Virginia Pipeline Fire Disrupts Feed Gas for LNG Plant - The shutdown of part of TC Energy Corporation's (NYSE:TRP) (Calgary, Alberta) Columbia Gas Transmission Pipeline in Virginia after a fire on Tuesday has reduced the amount of gas flowing to the Cove Point liquefied natural gas (LNG) export plant in Maryland, the plant told customers. Cove Point, which can get gas from other pipes, was on track to pull in about 0.4 billion cubic feet per day (Bcf/d) of gas on Wednesday, down from an average of 0.8 Bcf/d in the months prior to the Columbia pipeline incident. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Plant Database can click here for the Cove Point plant profile. (Reuters)

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Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).