Energy Transfer, Shell, Devon Energy: Your Daily Energy News

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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 Dips Below $20 - Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest in 18 years. Brent crude, the international benchmark for oil prices, was down $1.98, or 7.9%, at $22.95 by 1337 GMT, after earlier dropping to $22.58, the lowest since November 2002. U.S. West Texas Intermediate (WTI) crude was $1.31, or 6.1%, lower at $20.20. Earlier in the session, WTI fell as low as $19.92. (Reuters)

FINANCIAL
Devon Energy Cuts Capital Spending Further - Oil and gas producer Devon Energy (NYSE:DVN) said on Monday it was further reducing its capital expenditures by $300 million to $1 billion for 2020, citing weak oil prices. Earlier this month, Devon cut spending by $500 million to about $1.3 billion from its prior forecast for 2020. (Reuters)

LNG
Shell Drops Out of Lake Charles LNG Project - Energy Transfer (NYSE:ET) will proceed alone with the proposed Lake Charles liquefied natural gas (LNG) export terminal after Royal Dutch Shell (NYSE:RDS-A) has decided to leave the multibillion-dollar project. Shell said Monday that it will continue to support Energy Transfer with the bidding process for a general contractor but will begin a phased exit. The announcement comes a week after Shell cut $5 billion from its 2020 capital spending budget during the current oil crash. (Projects 300101475, 300147151, 300147153) (Houston Chronicle)

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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.