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Released February 21, 2025 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
EARNINGS
Cenovus' Profit Falls on Refining Weakness - Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) posted a fall in fourth-quarter profit on Thursday, even as the company reached a quarterly record for oilsands production, at 628,500 barrels of oil equivalent per day. The higher production was offset by lower commodity prices and weak refining margins. Cenovus saw its U.S. refining revenues fall to US$6.6 billion in the fourth quarter compared to US$7.2 billion in the prior quarter. The company said its refining market capture was negatively impacted by required turnaround work at its Lima, Ohio, refinery as well as narrower heavy crude oil differentials. The company's net income fell to C$146 million (US$102.78 million) in the three months ending December 31, from C$743 million (US$524 million) a year earlier. (Reuters)
CRUDE OIL
U.S. Crude Oil Stockpiles Rise While Fuels Draw Down - U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week as seasonal maintenance at refineries led to lower processing, the U.S. Energy Information Administration (EIA) said on Thursday. Crude oil inventories rose by 4.6 million barrels to 432.5 million barrels in the week ended February 14, the EIA said. Gasoline stocks (USOILG=ECI), opens new tab fell by 151,000 barrels to 247.9 million barrels. Distillate stockpiles (USOILD=ECI), opens new tab, which include diesel and heating oil, fell by 2.1 million barrels to 116.6 million barrels, the EIA data showed. (Reuters)
POWER
Verizon Signs VPPAs with Invenergy - U.S. wireless carrier Verizon Communications Incorporate (NYSE:VZ) (New York, New York) has signed four virtual power purchase agreements (VPPAs) tied to 640 megawatts (MW) of solar assets developed by Invenergy across the country. The contracted power will be sourced from two operational sites, namely the 50-MW Richfield Solar in Maryland and the 250-MW Maple Flats in Illinois, as well as the 240-MW Cadence Solar in Ohio and the 100-MW Chalk Bluff in Arkansas, which are expected to be commissioned in 2026 and 2027, respectively. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the related project reports. (Renewables Now)
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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).
EARNINGS
Cenovus' Profit Falls on Refining Weakness - Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) posted a fall in fourth-quarter profit on Thursday, even as the company reached a quarterly record for oilsands production, at 628,500 barrels of oil equivalent per day. The higher production was offset by lower commodity prices and weak refining margins. Cenovus saw its U.S. refining revenues fall to US$6.6 billion in the fourth quarter compared to US$7.2 billion in the prior quarter. The company said its refining market capture was negatively impacted by required turnaround work at its Lima, Ohio, refinery as well as narrower heavy crude oil differentials. The company's net income fell to C$146 million (US$102.78 million) in the three months ending December 31, from C$743 million (US$524 million) a year earlier. (Reuters)
CRUDE OIL
U.S. Crude Oil Stockpiles Rise While Fuels Draw Down - U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week as seasonal maintenance at refineries led to lower processing, the U.S. Energy Information Administration (EIA) said on Thursday. Crude oil inventories rose by 4.6 million barrels to 432.5 million barrels in the week ended February 14, the EIA said. Gasoline stocks (USOILG=ECI), opens new tab fell by 151,000 barrels to 247.9 million barrels. Distillate stockpiles (USOILD=ECI), opens new tab, which include diesel and heating oil, fell by 2.1 million barrels to 116.6 million barrels, the EIA data showed. (Reuters)
POWER
Verizon Signs VPPAs with Invenergy - U.S. wireless carrier Verizon Communications Incorporate (NYSE:VZ) (New York, New York) has signed four virtual power purchase agreements (VPPAs) tied to 640 megawatts (MW) of solar assets developed by Invenergy across the country. The contracted power will be sourced from two operational sites, namely the 50-MW Richfield Solar in Maryland and the 250-MW Maple Flats in Illinois, as well as the 240-MW Cadence Solar in Ohio and the 100-MW Chalk Bluff in Arkansas, which are expected to be commissioned in 2026 and 2027, respectively. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the related project reports. (Renewables Now)
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).
