Daily News Energy Headlines from March 1, 2017

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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 Oil Stocks Rise - The U.S. Energy Information Administration reports that U.S. crude stockpiles rose 1.5 million barrels last week, less than forecast, but touching a record high at 520.2 million barrels after eight straight weekly builds. (Reuters)

FINANCIAL
Kinder Morgan Sells Stake in Elba Island LNG Company - Kinder Morgan Incorporated (NYSE:KMI) announced today that investment funds managed by EIG Global Energy Partners have become a 49% joint venture participant in Elba Liquefaction Company, L.L.C., which is responsible for constructing the Elba Island LNG facility in Georgia. (Business Wire)

EARNINGS REPORTS
Babcock & Wilcox Reports Lower Quarterly Earnings - Babcock & Wilcox Enterprises Incorporated (NYSE:BW) announced today fourth quarter 2016 revenues of $380 million, a decrease of $122.7 million, or 24.4%, compared to the fourth quarter of 2015. (Business Wire)

NATURAL GAS
U.S. Natural Gas Prices Collapse on Warm Winter Weather - U.S. natural gas prices have fallen 30% since the start of the year as winter demand fell to the lowest in four years on warm weather. (Reuters)

PRODUCTION
Exxon Shifting Budget to Shale Production - Exxon Mobil Corporation (NYSE:XOM) is diverting about one-third of its drilling budget this year to shale fields that will deliver cash flow in as little as three years, said Chairman and Chief Executive Officer Darren Woods. (Bloomberg)

Shell Announces New Project in Gulf of Mexico - Royal Dutch Shell (NYSE:RDS-A) announced on Tuesday it has taken final investment decisions on the Kaikias project, in the prolific Mars-Ursa basin about 130 miles off the Louisiana coast. Shell estimates Kaikias holds more than 100 million barrels of recoverable oil and gas. Production should start in 2019. (Fuel Fix)

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About Industrial Info
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