Released March 08, 2021 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
CORPORATE
Chevron to Buy Out Remainder of Noble Midstream - Chevron Corporation (NYSE:CVX) said on Friday it would buy the shares of Noble Midstream Partners LP (NYSE:NBLX) it does not already own in an all-stock deal that values the pipeline operator at $1.32 billion, a month after making a slightly smaller offer. Chevron in October closed a $4.1 billion all-stock purchase of smaller rival Noble Energy, gaining a nearly 63% stake in Noble Midstream at the time. (Reuters)
PRODUCTION
U.S. Drillers Add Rigs for Second Week - U.S. energy firms added oil and natural gas rigs for a second week in a row as crude prices soared to their highest since 2019. The oil and gas rig count rose one to 403 in the week ending March 5. Oil rigs rose one to 310 this week, their highest since May, while gas rigs were unchanged at 92. (Reuters)
PIPELINES
Canada Looks at Options to Keep Line 5 Pipeline Operating - Canada will take whatever measures are needed to keep the Line 5 oil pipeline open, Natural Resources Minister Seamus O'Regan said on Thursday, as the deadline for a shutdown order from the U.S. state of Michigan looms. Michigan last November ordered pipeline owner Enbridge Incorporated (NYSE:ENB) to shut down Line 5, which ships 540,000 barrels a day of crude oil and propane from Canada, in May because of concerns the 68-year-old pipeline could leak into the Great Lakes. (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.
CORPORATE
Chevron to Buy Out Remainder of Noble Midstream - Chevron Corporation (NYSE:CVX) said on Friday it would buy the shares of Noble Midstream Partners LP (NYSE:NBLX) it does not already own in an all-stock deal that values the pipeline operator at $1.32 billion, a month after making a slightly smaller offer. Chevron in October closed a $4.1 billion all-stock purchase of smaller rival Noble Energy, gaining a nearly 63% stake in Noble Midstream at the time. (Reuters)
PRODUCTION
U.S. Drillers Add Rigs for Second Week - U.S. energy firms added oil and natural gas rigs for a second week in a row as crude prices soared to their highest since 2019. The oil and gas rig count rose one to 403 in the week ending March 5. Oil rigs rose one to 310 this week, their highest since May, while gas rigs were unchanged at 92. (Reuters)
PIPELINES
Canada Looks at Options to Keep Line 5 Pipeline Operating - Canada will take whatever measures are needed to keep the Line 5 oil pipeline open, Natural Resources Minister Seamus O'Regan said on Thursday, as the deadline for a shutdown order from the U.S. state of Michigan looms. Michigan last November ordered pipeline owner Enbridge Incorporated (NYSE:ENB) to shut down Line 5, which ships 540,000 barrels a day of crude oil and propane from Canada, in May because of concerns the 68-year-old pipeline could leak into the Great Lakes. (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.
