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Released August 05, 2024 | SUGAR LAND
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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 Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count fell by three to 586 in the week ending August 2. Baker Hughes said oil rigs were steady at 482 last week, while gas rigs fell by three to 98. (Reuters)
CORPORATE
Enbridge Raises Profit Forecast - Pipeline operator Enbridge Incorporated (NYSE:ENB) (Calgary, Alberta) raised its full-year profit forecast on Friday as it benefits from newly acquired assets and said it was well-positioned to capitalize on growing demand for natural gas to supply U.S. data centers. Enbridge raised its expectation for full-year adjusted core profit between C$17.7 billion (US$12.8 billion) and C$18.3 billion (US$13.2 billion), from its previous range of C$16.6 billion (US$12 billion) to C$17.2 billion (US$12.4 billion). (Reuters)
Chevron to Leave California Headquarters for Texas - U.S. oil company Chevron Corporation (NYSE:CVX) (San Ramon, California) said on Friday it was replacing several long-standing managers in a reshuffle of senior jobs and that it was moving its headquarters to Houston from San Ramon, California. Chevron said it would relocate the company's headquarters from San Ramon, where it was born 145 years ago as Pacific Coast Oil Company, to Houston, Texas. The company has been bitterly contesting California regulations on its oil producing and refining operations in the state. Chevron expects all corporate functions to migrate to Houston over the next five years. Positions that support its California operations, which includes oil fields and two refineries, will remain in San Ramon, it added. (Reuters)
PIPELINES
Williams Companies to Resume Natural Gas Pipeline Project - Williams Companies Incorporated (NYSE:WMB) (Tulsa, Oklahoma) got the green light to continue building its Louisiana Energy Gateway (LEG) project, a natural gas pipeline, on Wednesday after a court threw out rival company Energy Transfer LP (NYSE:ET) (Dallas, Texas) last bid to halt its construction. The two companies have been in dispute over Williams' LEG project, under construction in Texas and Louisiana, after Energy Transfer pushed back on the line for crossing its own systems. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the related project reports. (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) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count fell by three to 586 in the week ending August 2. Baker Hughes said oil rigs were steady at 482 last week, while gas rigs fell by three to 98. (Reuters)
CORPORATE
Enbridge Raises Profit Forecast - Pipeline operator Enbridge Incorporated (NYSE:ENB) (Calgary, Alberta) raised its full-year profit forecast on Friday as it benefits from newly acquired assets and said it was well-positioned to capitalize on growing demand for natural gas to supply U.S. data centers. Enbridge raised its expectation for full-year adjusted core profit between C$17.7 billion (US$12.8 billion) and C$18.3 billion (US$13.2 billion), from its previous range of C$16.6 billion (US$12 billion) to C$17.2 billion (US$12.4 billion). (Reuters)
Chevron to Leave California Headquarters for Texas - U.S. oil company Chevron Corporation (NYSE:CVX) (San Ramon, California) said on Friday it was replacing several long-standing managers in a reshuffle of senior jobs and that it was moving its headquarters to Houston from San Ramon, California. Chevron said it would relocate the company's headquarters from San Ramon, where it was born 145 years ago as Pacific Coast Oil Company, to Houston, Texas. The company has been bitterly contesting California regulations on its oil producing and refining operations in the state. Chevron expects all corporate functions to migrate to Houston over the next five years. Positions that support its California operations, which includes oil fields and two refineries, will remain in San Ramon, it added. (Reuters)
PIPELINES
Williams Companies to Resume Natural Gas Pipeline Project - Williams Companies Incorporated (NYSE:WMB) (Tulsa, Oklahoma) got the green light to continue building its Louisiana Energy Gateway (LEG) project, a natural gas pipeline, on Wednesday after a court threw out rival company Energy Transfer LP (NYSE:ET) (Dallas, Texas) last bid to halt its construction. The two companies have been in dispute over Williams' LEG project, under construction in Texas and Louisiana, after Energy Transfer pushed back on the line for crossing its own systems. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the related project reports. (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) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
