Canadian Natural Resources, Par Pacific: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

EARNINGS REPORTS
Canadian Natural Profit Surges on Higher Prices - Canadian Natural Resources Limited (NYSE:CNQ) (Calgary, Alberta) posted a surge in fourth-quarter profit on Thursday and increased its dividend as a rebound in fuel demand from pandemic lows propelled crude prices to multi-year highs. The company said its average realized price for oil soared 79.5% to C$72.81 (US$57.42) in the last three months of 2021. Adjusted profit was C$2.63 billion (US$2.08 billion) in fourth-quarter 2021, compared with C$176 million (US$139.46 million) in the prior-year quarter. (Reuters)

NATURAL GAS
IEA: Europe Could Reduce Russian Gas Imports by More than One-Third in a Year - Europe could cut Russian gas imports by more than a third within a year, the International Energy Agency (IEA) said on Thursday in its 10-point plan on reducing reliance on Russia. Russian gas deliveries have held steady since Russia launched its invasion of Ukraine last week, but prices have still shot up in a gas market that was already tight even before the conflict raised new concerns. (Reuters)

REFINING
Par Pacific to Suspend Purchases of Russian Crude Oil for Hawaii Refinery - Par Pacific Holdings Incorporated (Houston, Texas) said on Thursday it would suspend the purchases of Russian crude oil for its 148,000-barrel-per-day Hawaii refinery, following a wave of sanctions imposed after Moscow's invasion of Ukraine. "We will continually monitor and evaluate our posture on Russian crude over the coming weeks and months. In the meantime, we are turning to other grades of crude, principally from North and South America, to meet fuel production requirements," the company said in a statement. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Plant Database can click here for the plant profile. (Reuters)

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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), 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.