Daily News Energy Headlines from August 3, 2016

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

CRUDE OIL
U.S. Crude Stocks Up; But Gasoline Shows Big Draw - The U.S. Energy Information Administration reports that for the week ending July 29, U.S. crude inventories rose 1.4 million barrels to 522.5 million barrels, while gasoline stocks were down by 3.3 million barrels, eclipsing analysts' predictions. The news of the gasoline decrease helped crude prices jump more than 3%. (Reuters)

PIPELINES
Energy Transfer, Sunoco Logistics Sell Stake in Bakken Pipeline - Energy Transfer Partners LP (NYSE:ETP) (Dallas, Texas) and Sunoco Logistics Partners LP (NYSE:SXL) (Newtown Square, Pennsylvania) on Wednesday announced the sale of a 36.75% stake in the Bakken Pipeline Project, which includes the Dakota Access pipeline and the Energy Transfer Crude Oil pipeline, to MarEn Bakken Company LLC, an entity jointly owned by Enbridge Energy Partners LP (NYSE:EEP) (Houston, Texas) and Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio), for $2 billion in cash. (Business Wire) (Projects: 300169596, 300169311, 300169604, 300169599; Plants: 3124538, 3124385, 3124539, 3186530)

Mexican Natural Gas Power Plants Warrant New Cross-Border Pipelines for Years to Come - As the U.S. presidential election draws near and the candidates' positions on hydrocarbons are divided along party lines, the future of cross-border pipelines, which fall directly under the president's jurisdiction, hangs in the balance. From an economic standpoint, however, no pipeline will be built without the economics to support it, whether suppliers to fill the line or users to pull from it.

FINANCIAL
Newfield Exploration to Sell Texas Assets for $390 Million - Newfield Exploration Company (NYSE:NFX) (The Woodlands, Texas) on Wednesday announced the signing of two separate purchase and sale agreements to divest substantially all of its assets in Texas for $390 million. (Newfield)

Bloomberg: National Grid Begins Auction for Gas Network - Sources tell Bloomberg that the U.K.'s National Grid plc (NYSE:NGG) (London) has started an auction to sell a 51% stake in its natural gas distribution network that could value the business at more than 10 billion pounds ($13.4 billion). (Bloomberg)

EARNINGS REPORTS
Occidental Reports Loss for Quarter - Occidental Petroleum Corporation (NYSE:OXY) (Houston, Texas) reported a second-quarter net loss of $139 million. The company's daily average production was 653,000 barrels of oil equivalent (boe) for the quarter, compared to 658,000 in second-quarter 2015. (Occidental)

Plains All American Reports Quarterly Earnings - Plains All American Pipeline LP (NYSE:PAA) (Houston, Texas) reported second quarter net income of $101 million, compared to $124 million in 2Q15. "PAA continues to execute well during a challenging environment," said Greg Armstrong, Chairman and CEO of Plains All American. (Business Wire)

Xcel Energy Reports Flat Earnings - Xcel Energy Incorporated (NYSE:XEL) reported flat quarterly net income of $196.8 million, compared with $196.9 million in 2Q15. (Business Wire)

Noble Energy Profits Down - Noble Energy Incorporated (NYSE:NBL) (Houston, Texas) reported a second-quarter net loss of $315 million, almost three times the loss of 2Q15. The loss comes despite the company's oil and gas sales rising 43% to 427 million boe.

REFINING
Irving Oil to Buy Phillips 66 Refinery in Ireland - Canada's Irving Oil (Saint John) has agreed to buy Ireland's only refinery from Phillips 66 (NYSE:PSX) (Houston) for an undisclosed sum. (Reuters)

Magellan Midstream Corpus Christi Condensate Splitter to be Commissioned in September - Construction of Magellan Midstream Partners, LP's (NYSE:MMP) (Tulsa, Oklahoma) condensate splitter in Corpus Christi, Texas, is nearing completion, with commissioning expected to begin next month, company executives said Tuesday. Capital expenditures by the crude and refined oil products pipeline and terminals company are expected to total $850 million, based on the progress of projects now under way.

POWER
Alliant Energy Eyes Wind, Solar Projects as NGCC Plans Move Forward - Public-utility parent company Alliant Energy Corporation (NYSE:LNT) (Madison, Wisconsin) is edging toward the renewable-energy market as it continues to develop several major natural gas-fired, combined-cycle (NGCC) projects.

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