Chevron, Noble Energy, Santos: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

FINANCIAL
Chevron to Buy Noble Energy in $5 Billion Stock Deal - Chevron Corporation (NYSE:CVX) said on Monday it would buy oil and gas producer Noble Energy (NASDAQ:NBL) for about $5 billion in stock, the first big energy deal since the coronavirus crisis crushed global fuel demand and sent crude prices to historic lows.

Australia's Santos Takes $560 Million Impairment Charge Due to Oil Slump - Australia's Santos said on Tuesday it will book non-cash impairments of up to $560 million after tax. The country's second-largest independent gas producer expects to record non-cash charges of between $490 million and $560 million after tax in its 2020 interim results, it said in a statement. Most of the impairment charges relate to Santos's Gladstone Liquefied Natural Gas project in its Cooper Basin fields in Queensland, owing to an over 10% reduction in the company's long-term oil price assumption.

NATURAL GAS
U.S. Natural Gas Futures Drop to Three-Week Low - U.S. natural gas futures dropped more than 4% on Monday to a three-week low as output increases and stockpiles remain about 16% over the five-year average. Front-month gas futures fell 7.7 cents, or 4.5%, to settle at $1.641 per million British thermal units, their lowest close since June 26. Pipeline gas flowing to U.S. LNG export plants averaged 3.3 billion cubic feet per day (Bcf/d) (34% utilization) so far in July,down from a 20-month low of 4.1 Bcf/d in June and a record 8.7 Bcf/d in February.

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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.