Released February 22, 2024 | SUGAR LAND
en
News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
ENVIRONMENTAL
U.S. Supreme Court Raises Doubts About EPA's 'Good Neighbor' Ozone Rule - The U.S. Supreme Court's conservative justices on Wednesday appeared sympathetic to a bid by three Republican-led states and several energy companies to block an Environmental Protection Agency regulation aimed at reducing ozone emissions that may worsen air pollution in neighboring states. Ohio, Indiana and West Virginia, as well as pipeline operators including Kinder Morgan Incorporated (NYSE:KMI) (Houston, Texas), power producers and United States Steel Corporation (NYSE:X) (Pittsburgh, Pennsylvania), are seeking to avoid complying with the EPA's "Good Neighbor" plan restricting ozone pollution from upwind states, while they contest its legality in a lower court. (Reuters)
NATURAL GAS
U.S. NatGas Prices Soar 13% - U.S. natural gas futures soared by about 13% on Wednesday after Chesapeake Energy Corporation (NASDAQ:CHK) (Oklahoma City, Oklahoma)--soon to be the biggest U.S. gas producer after its merger with Southwestern Energy (NYSE:SWN) (Houston, Texas)--cut the amount of fuel it plans to produce in 2024 by roughly 30% due to the recent plunge in prices to a 3-1/2-year low. Chesapeake, which said the gas market is "clearly oversupplied," was just the latest U.S. gas producer to slash spending and reduce rigs after prices dropped about 30% so far in 2024 after falling 44% in 2023. (Reuters)
PRODUCTION
Diamondback Energy Boosts Fourth-Quarter Production - U.S. shale oil producer Diamondback Energy Incorporated (NASDAQ:FANG) (Midland, Texas) reported production of 462,600 barrels of oil equivalent per day (boe/d) for the fourth quarter, compared with 391,402 boe/d in the year-ago quarter. The company expects first-quarter production in the range of 458,000 to 464,000 boe/d. (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 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).
ENVIRONMENTAL
U.S. Supreme Court Raises Doubts About EPA's 'Good Neighbor' Ozone Rule - The U.S. Supreme Court's conservative justices on Wednesday appeared sympathetic to a bid by three Republican-led states and several energy companies to block an Environmental Protection Agency regulation aimed at reducing ozone emissions that may worsen air pollution in neighboring states. Ohio, Indiana and West Virginia, as well as pipeline operators including Kinder Morgan Incorporated (NYSE:KMI) (Houston, Texas), power producers and United States Steel Corporation (NYSE:X) (Pittsburgh, Pennsylvania), are seeking to avoid complying with the EPA's "Good Neighbor" plan restricting ozone pollution from upwind states, while they contest its legality in a lower court. (Reuters)
NATURAL GAS
U.S. NatGas Prices Soar 13% - U.S. natural gas futures soared by about 13% on Wednesday after Chesapeake Energy Corporation (NASDAQ:CHK) (Oklahoma City, Oklahoma)--soon to be the biggest U.S. gas producer after its merger with Southwestern Energy (NYSE:SWN) (Houston, Texas)--cut the amount of fuel it plans to produce in 2024 by roughly 30% due to the recent plunge in prices to a 3-1/2-year low. Chesapeake, which said the gas market is "clearly oversupplied," was just the latest U.S. gas producer to slash spending and reduce rigs after prices dropped about 30% so far in 2024 after falling 44% in 2023. (Reuters)
PRODUCTION
Diamondback Energy Boosts Fourth-Quarter Production - U.S. shale oil producer Diamondback Energy Incorporated (NASDAQ:FANG) (Midland, Texas) reported production of 462,600 barrels of oil equivalent per day (boe/d) for the fourth quarter, compared with 391,402 boe/d in the year-ago quarter. The company expects first-quarter production in the range of 458,000 to 464,000 boe/d. (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 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).
