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Released March 24, 2020 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
PRODUCTION
Husky Suspends Construction on West White Rose Project - Husky Energy (TSX:HSE), citing concerns over spreading the COVID-19 virus, said that is will begin a suspension of major construction activities on the West White Rose offshore project in the Atlantic Ocean. (Project 300184038) (Husky Energy)
FINANCIAL
Six Pipeline Companies Cut $1.9 Billion from Budgets - This Houston Chronicle article discusses how six pipeline operators have cut a combined $1.9 billion from their 2020 budgets as record low oil prices and weakened demand from the coronavirus dampens plans for new projects. Noble Midstream Partners (NASDAQ:NBLX), Rattler Midstream (NASDAQ:RTLR), Targa Resources (NYSE:TRGP), EnLink Midstream (NYSE:ENLC), ONEOK (NYSE:OKE) and Pembina Pipeline (NYSE:PBA) made the budget cuts over the past two weeks -- representing an overall 30% cut in planned capital expenditures for new pipeline and storage projects in 2020, researchers reported. (Houston Chronicle)
Shell, Total Cut 2020 Budgets - European oil majors Shell (NYSE:RDS-A) and Total (NYSE:TOT) are cutting a combined $14 billion from their budgets as the oil industry is hammered by a price war and the coronavrius pandemic. Both companies are slashing capital expenditure budgets, cutting operating expenses and suspending their stock buy-back programs. Shell is cutting $5 billion from its 2020 capital expenditure budget as well as another $3 billion to $4 billion of operating costs. Total plans to cut $3 billion from its capital spending budget, cut another $800 million of operating expenses and suspended its $2 billion stock buyback program. (Houston Chronicle)
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About IIR Energy
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 trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
PRODUCTION
Husky Suspends Construction on West White Rose Project - Husky Energy (TSX:HSE), citing concerns over spreading the COVID-19 virus, said that is will begin a suspension of major construction activities on the West White Rose offshore project in the Atlantic Ocean. (Project 300184038) (Husky Energy)
FINANCIAL
Six Pipeline Companies Cut $1.9 Billion from Budgets - This Houston Chronicle article discusses how six pipeline operators have cut a combined $1.9 billion from their 2020 budgets as record low oil prices and weakened demand from the coronavirus dampens plans for new projects. Noble Midstream Partners (NASDAQ:NBLX), Rattler Midstream (NASDAQ:RTLR), Targa Resources (NYSE:TRGP), EnLink Midstream (NYSE:ENLC), ONEOK (NYSE:OKE) and Pembina Pipeline (NYSE:PBA) made the budget cuts over the past two weeks -- representing an overall 30% cut in planned capital expenditures for new pipeline and storage projects in 2020, researchers reported. (Houston Chronicle)
Shell, Total Cut 2020 Budgets - European oil majors Shell (NYSE:RDS-A) and Total (NYSE:TOT) are cutting a combined $14 billion from their budgets as the oil industry is hammered by a price war and the coronavrius pandemic. Both companies are slashing capital expenditure budgets, cutting operating expenses and suspending their stock buy-back programs. Shell is cutting $5 billion from its 2020 capital expenditure budget as well as another $3 billion to $4 billion of operating costs. Total plans to cut $3 billion from its capital spending budget, cut another $800 million of operating expenses and suspended its $2 billion stock buyback program. (Houston Chronicle)
About IIR Energy
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 trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
