Released February 25, 2021 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
PRODUCTION
U.S. Crude Output Drops 10%, Refinery Runs at Lowest Since 2008 in Texas Freeze - U.S. crude oil production dropped by more than 1 million barrels per day last week during Texas's deep freeze, equaling the largest weekly fall ever, and refining runs tumbled to levels not seen since 2008, the Energy Information Administration said on Wednesday. The storms may reduce overall output for the year by roughly 200,000 to 500,000 barrels per day (BBL/d), depending on the status of older wells and unfinished wells that may not recover. Refinery crude runs fell by 2.6 million BBL/d in the week to 12.2 million BBL/d, the lowest since September 2008. (Reuters)
CORPORATE
Exelon to Split into Two Companies - Exelon Corporation (NASDAQ:EXC) announced that its board of directors has approved a plan to separate Exelon Utilities, comprised of the company's six regulated electric and gas utilities, and Exelon Generation, its competitive power generation and customer-facing energy businesses into two publicly traded companies. (BusinessWire)
EARNINGS REPORTS
Cheniere Narrows Quarterly Loss - Cheniere Energy Incorporated (NYSE:LNG) reported a smaller fourth-quarter loss on Wednesday compared with the third, as an uptick in economic activity fueled by COVID-19 vaccines lifted demand for liquefied natural gas. Net loss attributable to shareholders narrowed to $194 million in the quarter ended December 31, from $463 million in the third quarter. (Reuters)
Pioneer Natural Resources Reports Fourth-Quarter Income - Pioneer Natural Resources (NYSE:PXD) reported fourth-quarter 2020 net income of $43 million, down from $344 million the year prior. Pioneer's 2021 production is likely to be around 528,000 to 554,000 barrels of oil and gas per day, including a winter storm impact of 8,000 to 14,000 barrels daily, the company said. (Reuters)
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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
U.S. Crude Output Drops 10%, Refinery Runs at Lowest Since 2008 in Texas Freeze - U.S. crude oil production dropped by more than 1 million barrels per day last week during Texas's deep freeze, equaling the largest weekly fall ever, and refining runs tumbled to levels not seen since 2008, the Energy Information Administration said on Wednesday. The storms may reduce overall output for the year by roughly 200,000 to 500,000 barrels per day (BBL/d), depending on the status of older wells and unfinished wells that may not recover. Refinery crude runs fell by 2.6 million BBL/d in the week to 12.2 million BBL/d, the lowest since September 2008. (Reuters)
CORPORATE
Exelon to Split into Two Companies - Exelon Corporation (NASDAQ:EXC) announced that its board of directors has approved a plan to separate Exelon Utilities, comprised of the company's six regulated electric and gas utilities, and Exelon Generation, its competitive power generation and customer-facing energy businesses into two publicly traded companies. (BusinessWire)
EARNINGS REPORTS
Cheniere Narrows Quarterly Loss - Cheniere Energy Incorporated (NYSE:LNG) reported a smaller fourth-quarter loss on Wednesday compared with the third, as an uptick in economic activity fueled by COVID-19 vaccines lifted demand for liquefied natural gas. Net loss attributable to shareholders narrowed to $194 million in the quarter ended December 31, from $463 million in the third quarter. (Reuters)
Pioneer Natural Resources Reports Fourth-Quarter Income - Pioneer Natural Resources (NYSE:PXD) reported fourth-quarter 2020 net income of $43 million, down from $344 million the year prior. Pioneer's 2021 production is likely to be around 528,000 to 554,000 barrels of oil and gas per day, including a winter storm impact of 8,000 to 14,000 barrels daily, the company said. (Reuters)
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.
