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Released August 01, 2016 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
PIPELINES
Williams Announces FERC Approval of Transco Expansion Projects - Williams Partners LP (NYSE:WPZ) (Tulsa, Oklahoma) on Friday announced approval from the U.S. Federal Energy Regulatory Commission (FERC) for its New York Bay Expansion and Virginia Southside II Expansion projects on its Transco natural gas pipeline. The projects are expected to kick off in 4Q16 and be placed into service in 4Q17. (Projects: 300278137, 300278151, 300278151,300278153, 300278264, 300278277, 300278517, 300228113, 300228343, 300228343) (Business Wire)
PRODUCTION
U.S. Oil Drillers Add Rigs - Baker Hughes reports that the number of rigs drilling for oil in the U.S. increased by three for the week ending July 29, to 374, compared with 664 a year ago. (Reuters)
PetroBras Sells Oil Asset to Statoil for $2.5 Billion - Brazil's state-run oil and gas company Petroleo Brasileiro SA (NYSE:PBR) (Petrobras) (Rio de Janeiro) has agreed to sell one of its largest oil and gas prospects to Norway's Statoil (NYSE:STO) (Stavangar) for $2.5 billion. (Bloomberg)
Hess Corporation's 10 Top-Valued Projects Reflect Plans to Grow Amid Downturn in Oil Prices - Oil & gas producer Hess Corporation (NYSE:HES) (Houston, Texas) has endured rough waters amid low commodity prices, lowering exploration and production capital spending for 2016 to $2.1 billion, roughly half the amount spent in 2015. But it's on track with a series of plans for growth, which are reflected in the company's 10 highest-valued projects. Industrial Info's project database is tracking $14.19 billion in active Hess projects, spanning five continents and some of the world's most active developments.
POWER
NextEra to Buy Stake in Oncor - NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) will buy Energy Future Holdings' (Dallas, Texas) 80% stake in Texas power transmission company Oncor in a deal valued at about $18.4 billion. (Reuters)
Wisconsin Power Plant Comes Online - The 9-megawatt (MW) Twin Falls hydroelectric facility, located on the Wisconsin side of the Menominee River, began commercial operations this month.
EARNINGS REPORTS
Chevron Reports $1.5 Billion Quarterly Loss - Chevron Corporation (NYSE:CVX) (San Ramon, California) reported a second-quarter loss of $1.5 billion, compared to earnings of $571 million in 2Q15. "The second quarter results reflected lower oil prices and our ongoing adjustment to a lower oil price world," said Chairman and CEO John Watson. (Business Wire)
Exxon Mobile Profits Down - Exxon Mobil Corporation (NYSE:XOM) reported net income of $1.7 billion for 2Q16, compared to income of $4.2 billion a year earlier. The profit was Exxon's lowest quarterly earnings since 1999, before it acquired Mobil Corporation. (Business Wire)
Phillips 66 Earnings Fall 50% - Phillips 66 (NYSE:PSX) (Houston, Texas) reported adjusted quarterly earnings of $499 million, compared to $1 billion from the same period last year. Almost all of the decrease was attributed to declining refining profits. (Fuel Fix)
Calpine Reports Net Loss for Second Quarter - Power provider Calpine Corporation (NYSE:CPN) (Houston, Texas) reported a second-quarter net loss of $29 million, compared to net income of $19 million for the same period of 2015. The company said, "The increase in Net Loss during the second quarter and first half of 2016 was primarily due to net mark-to-market losses driven by increases in forward power and natural gas prices." (Business Wire)
ConocoPhillips Plans Lots of Turnaround Work in Third-Quarter 2016, Lowers Capex Forecast - Global oil and gas producer ConocoPhillips Company (NYSE:COP) (Houston, Texas) plans to engage in a large amount of turnaround work in third-quarter 2016 even as it cuts back on planned capital expenses for the year, company executives said Thursday. Industrial Info is tracking $80.79 billion in active ConocoPhillips projects.
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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 trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 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/.
PIPELINES
Williams Announces FERC Approval of Transco Expansion Projects - Williams Partners LP (NYSE:WPZ) (Tulsa, Oklahoma) on Friday announced approval from the U.S. Federal Energy Regulatory Commission (FERC) for its New York Bay Expansion and Virginia Southside II Expansion projects on its Transco natural gas pipeline. The projects are expected to kick off in 4Q16 and be placed into service in 4Q17. (Projects: 300278137, 300278151, 300278151,300278153, 300278264, 300278277, 300278517, 300228113, 300228343, 300228343) (Business Wire)
PRODUCTION
U.S. Oil Drillers Add Rigs - Baker Hughes reports that the number of rigs drilling for oil in the U.S. increased by three for the week ending July 29, to 374, compared with 664 a year ago. (Reuters)
PetroBras Sells Oil Asset to Statoil for $2.5 Billion - Brazil's state-run oil and gas company Petroleo Brasileiro SA (NYSE:PBR) (Petrobras) (Rio de Janeiro) has agreed to sell one of its largest oil and gas prospects to Norway's Statoil (NYSE:STO) (Stavangar) for $2.5 billion. (Bloomberg)
Hess Corporation's 10 Top-Valued Projects Reflect Plans to Grow Amid Downturn in Oil Prices - Oil & gas producer Hess Corporation (NYSE:HES) (Houston, Texas) has endured rough waters amid low commodity prices, lowering exploration and production capital spending for 2016 to $2.1 billion, roughly half the amount spent in 2015. But it's on track with a series of plans for growth, which are reflected in the company's 10 highest-valued projects. Industrial Info's project database is tracking $14.19 billion in active Hess projects, spanning five continents and some of the world's most active developments.
POWER
NextEra to Buy Stake in Oncor - NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) will buy Energy Future Holdings' (Dallas, Texas) 80% stake in Texas power transmission company Oncor in a deal valued at about $18.4 billion. (Reuters)
Wisconsin Power Plant Comes Online - The 9-megawatt (MW) Twin Falls hydroelectric facility, located on the Wisconsin side of the Menominee River, began commercial operations this month.
EARNINGS REPORTS
Chevron Reports $1.5 Billion Quarterly Loss - Chevron Corporation (NYSE:CVX) (San Ramon, California) reported a second-quarter loss of $1.5 billion, compared to earnings of $571 million in 2Q15. "The second quarter results reflected lower oil prices and our ongoing adjustment to a lower oil price world," said Chairman and CEO John Watson. (Business Wire)
Exxon Mobile Profits Down - Exxon Mobil Corporation (NYSE:XOM) reported net income of $1.7 billion for 2Q16, compared to income of $4.2 billion a year earlier. The profit was Exxon's lowest quarterly earnings since 1999, before it acquired Mobil Corporation. (Business Wire)
Phillips 66 Earnings Fall 50% - Phillips 66 (NYSE:PSX) (Houston, Texas) reported adjusted quarterly earnings of $499 million, compared to $1 billion from the same period last year. Almost all of the decrease was attributed to declining refining profits. (Fuel Fix)
Calpine Reports Net Loss for Second Quarter - Power provider Calpine Corporation (NYSE:CPN) (Houston, Texas) reported a second-quarter net loss of $29 million, compared to net income of $19 million for the same period of 2015. The company said, "The increase in Net Loss during the second quarter and first half of 2016 was primarily due to net mark-to-market losses driven by increases in forward power and natural gas prices." (Business Wire)
ConocoPhillips Plans Lots of Turnaround Work in Third-Quarter 2016, Lowers Capex Forecast - Global oil and gas producer ConocoPhillips Company (NYSE:COP) (Houston, Texas) plans to engage in a large amount of turnaround work in third-quarter 2016 even as it cuts back on planned capital expenses for the year, company executives said Thursday. Industrial Info is tracking $80.79 billion in active ConocoPhillips projects.
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 trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 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/.
