Released February 18, 2021 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
CORPORATE
Energy Transfer to Buy Enable Midstream - Energy Transfer LP (NYSE:ET) said on Wednesday it would buy Enable Midstream Partners (NYSE:ENBL) to strengthen its natural gas transportation business as it faces a legal battle that could shut its Dakota Access crude pipeline. The $2.6 billion deal comes just weeks after a U.S. appeals court dealt a blow to the 557,000-barrel-per-day Dakota pipeline, raising the chances that it will be shut pending an environmental review. (Reuters)
PRODUCTION
Continental Resources Sees Higher 2021 Production - U.S. shale producer Continental Resources (NYSE:CLR) raised its capital budget and forecast a rise in its crude oil and natural gas output this year, building on a recent recovery in commodity prices from pandemic-led historic lows. The company, a major producer in the Bakken shale of North Dakota, said it now expects capital expenditures of $1.4 billion in 2021, up from a previous forecast of between $1.2 billion and $1.3 billion. It expects annual oil production of between 160,000 barrels per day (BBL/d) and 165,000 BBL/d this year, compared with 2020 production of 160,505 BBL/d. (Reuters)
CRUDE OIL
Oil Price Jumps $1 per Barrel as Texas Freeze Prompts Output Drops - Oil prices gained more than $1 a barrel on Wednesday, as frigid Texas temperatures shut production across the largest U.S. crude producing state, with the unusually cold weather expected to hamper output for days or even weeks. Brent crude settled at $64.34 a barrel, gaining 99 cents, or 1.6%, while U.S. West Texas Intermediate (WTI) crude settled at $61.14 a barrel, rising $1.09, or 1.8%. Both benchmarks were at their highest levels since January last year. (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 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, 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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
CORPORATE
Energy Transfer to Buy Enable Midstream - Energy Transfer LP (NYSE:ET) said on Wednesday it would buy Enable Midstream Partners (NYSE:ENBL) to strengthen its natural gas transportation business as it faces a legal battle that could shut its Dakota Access crude pipeline. The $2.6 billion deal comes just weeks after a U.S. appeals court dealt a blow to the 557,000-barrel-per-day Dakota pipeline, raising the chances that it will be shut pending an environmental review. (Reuters)
PRODUCTION
Continental Resources Sees Higher 2021 Production - U.S. shale producer Continental Resources (NYSE:CLR) raised its capital budget and forecast a rise in its crude oil and natural gas output this year, building on a recent recovery in commodity prices from pandemic-led historic lows. The company, a major producer in the Bakken shale of North Dakota, said it now expects capital expenditures of $1.4 billion in 2021, up from a previous forecast of between $1.2 billion and $1.3 billion. It expects annual oil production of between 160,000 barrels per day (BBL/d) and 165,000 BBL/d this year, compared with 2020 production of 160,505 BBL/d. (Reuters)
CRUDE OIL
Oil Price Jumps $1 per Barrel as Texas Freeze Prompts Output Drops - Oil prices gained more than $1 a barrel on Wednesday, as frigid Texas temperatures shut production across the largest U.S. crude producing state, with the unusually cold weather expected to hamper output for days or even weeks. Brent crude settled at $64.34 a barrel, gaining 99 cents, or 1.6%, while U.S. West Texas Intermediate (WTI) crude settled at $61.14 a barrel, rising $1.09, or 1.8%. Both benchmarks were at their highest levels since January last year. (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 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, 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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
