Released April 28, 2021 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
PIPELINES
Canada Presses White House to Keep Great Lakes Oil Pipeline Open - Last November, Michigan ordered Enbridge Incorporated's (NYSE:ENB) Line 5 to shut by May 13, citing the environmental risk of a possible leak in the four-mile stretch of the 540,000-barrel-per-day pipeline passing under the Straits of Mackinac in the Great Lakes. The White House has shown no sign of responding to Canadian entreaties to keep the line open, so Ottawa is considering more drastic options, including a threat to invoke an obscure bilateral treaty to keep Line 5 operating or intervene in the legal dispute currently playing out in U.S. courts. Line 5, which carries crude oil and refined products from Wisconsin to Sarnia, Ontario, via Michigan, has been in operation for nearly 70 years, but officials in Michigan are increasingly alarmed by its advanced age. (Reuters)
EARNINGS
BP to Resume Share Buybacks as Profit Soars - BP's (NYSE:BP) profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares. The jump in profits from a year earlier comes as BP says it expects oil demand to recover in 2021 due to strong growth in the United States and China as COVID-19 vaccination programs accelerate. (Reuters)
Pioneer Natural Resources Warns of Near $700 Million Loss on Hedges - Pioneer Natural Resources' (NYSE:PXD) first quarter results will be hit by a $691 million loss on oil and gas derivatives, it said in a securities filing on Tuesday, becoming the latest U.S. shale oil company to warn of charges due to hedging. Many producers raced to lock in sales when crude oil prices rose to over $40 a barrel last year, but are now faced with losses after oil prices climbed to above $58 a barrel for the quarter. (Reuters)
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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 commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
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.
PIPELINES
Canada Presses White House to Keep Great Lakes Oil Pipeline Open - Last November, Michigan ordered Enbridge Incorporated's (NYSE:ENB) Line 5 to shut by May 13, citing the environmental risk of a possible leak in the four-mile stretch of the 540,000-barrel-per-day pipeline passing under the Straits of Mackinac in the Great Lakes. The White House has shown no sign of responding to Canadian entreaties to keep the line open, so Ottawa is considering more drastic options, including a threat to invoke an obscure bilateral treaty to keep Line 5 operating or intervene in the legal dispute currently playing out in U.S. courts. Line 5, which carries crude oil and refined products from Wisconsin to Sarnia, Ontario, via Michigan, has been in operation for nearly 70 years, but officials in Michigan are increasingly alarmed by its advanced age. (Reuters)
EARNINGS
BP to Resume Share Buybacks as Profit Soars - BP's (NYSE:BP) profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares. The jump in profits from a year earlier comes as BP says it expects oil demand to recover in 2021 due to strong growth in the United States and China as COVID-19 vaccination programs accelerate. (Reuters)
Pioneer Natural Resources Warns of Near $700 Million Loss on Hedges - Pioneer Natural Resources' (NYSE:PXD) first quarter results will be hit by a $691 million loss on oil and gas derivatives, it said in a securities filing on Tuesday, becoming the latest U.S. shale oil company to warn of charges due to hedging. Many producers raced to lock in sales when crude oil prices rose to over $40 a barrel last year, but are now faced with losses after oil prices climbed to above $58 a barrel for the quarter. (Reuters)
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 commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
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.
