Daily News Energy Headlines from July 7, 2017

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

PRODUCTION
U.S. Drillers Add Oil Rigs - U.S. drillers added seven oil rigs in the week to July 7, bringing the total count up to 763, the most since April 2015, Baker Hughes energy services company said. (Reuters)

FINANCIAL
Paramount Resources to Buy Apache Canadian Subsidiary - Canadian oil producer Paramount Resources Limited (TSX:POU) said on Thursday that it would buy the Canadian subsidiary of U.S. oil and gas firm Apache Corporation (NYSE:APA) for C$459.5 million ($353.7 million). (Reuters)

Energy Falls More Than Other Commodities - The energy component of the Standard and Poor's Goldman Sachs Commodity Index (GSCI) fell 11% during the first half of 2017, the largest decline for any commodity group in the index. (EIA)

LNG
Qatar Gas Production Puts U.S., Australia LNG Plants at Risk - This Bloomberg article discusses how Qatar's announcement Tuesday that it would double gas production from the giant North Field comes as more than two-thirds of new LNG projects due in the next decade from Texas to Australia are yet to take investment decisions. (Bloomberg)

POWER
PGE Suspends Development of Two Gas-Fired Units, Seeks Bilateral Deals with Existing Generators - Portland General Electric Company (PGE) (NYSE:POR) (Portland, Oregon) has suspended plans to invest about $900 million to add two gas-fired units to its existing Carty Generating Station. The utility would have commenced construction of the new units at Carty, totaling 900 megawatts (MW), only if they were the lowest-cost, lowest-risk options in a competitive bidding process. Instead, the utility will seek to obtain generation from existing resources in the region. (IIR)

CRUDE OIL
Oil Shows Weekly Decline - Oil prices declined for the week, as expanded U.S. drilling activity and added production offset a larger-than-expected drop in stockpiles. Futures fell 3.9%, even after U.S. data on Thursday showed the nation's crude stockpiles dropped by 6.3 million barrels, three times as much as expected. (Bloomberg)

PIPELINES
Summit Partners with Exxon for Natural Gas Pipelines - Summit Midstream Partners LP (NYSE:SMLP) (The Woodlands, Texas) is partnering with Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) to build natural gas pipeline systems in the Permian Basin. Summit will invest $110 million to build pipeline gathering systems in New Mexico's Eddy and Lea counties near the Texas border in the Permian's booming Delaware Basin. (Fuel Fix)

Magellan, Plains All American Add BridgeTex Pipeline Expansion to $2.4 Billion in Projects - Magellan Midstream Partners LP (NYSE:MMP) (Tulsa, Oklahoma) and Plains All American Pipeline LP (NYSE:PAA) (Houston, Texas) have expanded at their jointly owned BridgeTex crude oil pipeline from 300,000 to 400,000 barrels per day (BBL/d) and are now launching an open season for the new capacity. (IIR)

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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.