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Released February 21, 2024 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
PIPELINES
Equitrans Delays Mountain Valley Pipeline Completion, Raises Costs Again - Equitrans Midstream (NYSE:ETRN) (Pittsburgh, Pennsylvania) delayed the estimated completion of its Mountain Valley natural gas pipeline from West Virginia to Virginia to second-quarter 2024 from the first quarter due in part to adverse weather in January. The company also boosted the projected cost to complete the project to $7.57 billion-$7.63 billion, up from a prior estimate of $7.2 billion. Subscribesr to Industrial Info's Global Market Intelligence (GMI) Pipelines Project Database can click here for related reports. (Reuters)
EARNINGS REPORTS
Chesapeake Energy's Profits Fall Sharply - Chesapeake Energy Corporation (NASDAQ:CHK) (Oklahoma City, Oklahoma) reported a steep decline in fourth-quarter profit on Tuesday, as the natural gas producer battled lower commodity pricing during the period as well as a decline in output. The company reported a profit of $569 million for the quarter ending December 30, compared with $3.51 billion a year earlier. (Reuters)
CORPORATE
CenterPoint to Sell Louisiana, Mississippi Gas Assets - CenterPoint Energy (NYSE:CNP) (Houston, Texas) said on Tuesday it would sell its natural gas assets in Louisiana and Mississippi for $1.2 billion to Bernhard Capital Partners (Baton Rouge, Louisiana), as the electric and gas utility plans to focus on its regulated business. Several U.S. utilities have disposed of their unregulated assets to avoid relying on returns dictated by market dynamics, while regulated operations offer steady returns that are preferred by investors. For related information, see February 9, 2024, article - Duke Narrows Focus to Regulated Growth, Ups Five-Year Capex. (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).
PIPELINES
Equitrans Delays Mountain Valley Pipeline Completion, Raises Costs Again - Equitrans Midstream (NYSE:ETRN) (Pittsburgh, Pennsylvania) delayed the estimated completion of its Mountain Valley natural gas pipeline from West Virginia to Virginia to second-quarter 2024 from the first quarter due in part to adverse weather in January. The company also boosted the projected cost to complete the project to $7.57 billion-$7.63 billion, up from a prior estimate of $7.2 billion. Subscribesr to Industrial Info's Global Market Intelligence (GMI) Pipelines Project Database can click here for related reports. (Reuters)
EARNINGS REPORTS
Chesapeake Energy's Profits Fall Sharply - Chesapeake Energy Corporation (NASDAQ:CHK) (Oklahoma City, Oklahoma) reported a steep decline in fourth-quarter profit on Tuesday, as the natural gas producer battled lower commodity pricing during the period as well as a decline in output. The company reported a profit of $569 million for the quarter ending December 30, compared with $3.51 billion a year earlier. (Reuters)
CORPORATE
CenterPoint to Sell Louisiana, Mississippi Gas Assets - CenterPoint Energy (NYSE:CNP) (Houston, Texas) said on Tuesday it would sell its natural gas assets in Louisiana and Mississippi for $1.2 billion to Bernhard Capital Partners (Baton Rouge, Louisiana), as the electric and gas utility plans to focus on its regulated business. Several U.S. utilities have disposed of their unregulated assets to avoid relying on returns dictated by market dynamics, while regulated operations offer steady returns that are preferred by investors. For related information, see February 9, 2024, article - Duke Narrows Focus to Regulated Growth, Ups Five-Year Capex. (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).
