Energy News Briefs for the Fourth Week of July

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) over the past week.

CRUDE OIL
Crude Oil Posts Loss for Week - U.S. crude futures settled slightly above $48 per barrel on Friday as the U.S. Energy Information Administration reported that U.S. crude oil supplies increased by about 2.47 million barrels for the week ending July 17 and Baker Hughes Incorporated (NYSE:BHI) (Houston, Texas) reported that 21 oil rigs were added to U.S. fields last week.

EARNINGS & FINANCIALS
Lower Energy Prices Make Their Mark - The effects of low oil and gas prices were felt in the markets this week. Chesapeake Energy Corporation (NYSE:CHK) (Oklahoma City, Oklahoma) suspended quarterly dividend payments to shareholders for the first time since 1998. Oilfield services company Baker Hughes reported a net loss of $188 in the second fiscal quarter, while profits for Halliburton Company (NYSE:HAL) (Houston), which plans to acquire Baker Hughes later this year, fell 93% from last year. Rail operator Union Pacific Corporation (NYSE:UNP) (Omaha, Nebraska) reported a decline in revenues as shipments of crude oil, frac sand and coal were all down more than 25% during the quarter. In addition, Canadian oil and gas producer Encana Corporation (NYSE:ECA) (Calgary, Alberta) reported that it had laid off 200 people this month.

Talen to Acquire MACH Gen LLC - Talen Energy Corporation (NYSE:TLN) (Allentown, Pennsylvania) says that it will acquire rival power producer MACH Gen LLC (Athens, New York), which owns more than 2,500 megawatts of U.S. natural gas-fired generation, for $1.175 billion.

POWER
U.K. Risks Winter Blackouts as Power Stations Close - The U.K. is facing a greater risk of electricity blackouts this winter due to the ongoing closure of older power stations.

Europe Funds Carbon Trading Overhaul - The European Commission has outlined changes to the world's largest carbon cap-and-trade system that will make it easier for poorer nations to decarbonize their electricity mix.

LNG
Japan LNG Import Price Lowest Since 2009 - Reuters reported last week that Japan's average LNG import price in June was $8.65 per million British thermal units (Btu), the lowest since September 2009.

PRODUCTION
NGL Projects Under Pressure Due to Low Prices and Over-Supplied Market - Three North American natural gas liquids (NGL) projects that were scheduled to kick off construction this year have been cancelled or placed on hold due to market conditions (mainly falling prices resulting from excess supply) or other constraints. Two of the proposed NGL projects have been cancelled; the value of those projects is about $765 million, according to Industrial Info's North American Industrial Project Database. A third project, valued at about $390 million, was placed on hold earlier this year.

TERMINALS
Construction of Crude Oil Blending Terminal in South Africa to Begin Soon - The developer of the world's first dedicated crude oil blending terminal says that the project is set to begin construction in South Africa next month and will begin shipping different blends of crude to Asian refineries by 2017. .....

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.