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Released October 11, 2023 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
CORPORATE
Analysts: U.S. Would Have a Tough Time Thwarting ExxonMobil-Pioneer Merger - The White House may have blamed Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) for high energy prices taking their toll on consumers, but would struggle to thwart the top U.S. oil producer's contemplated $60 billion acquisition of Pioneer Natural Resources (NYSE:PXD) (Irving, Texas), five antitrust lawyers and experts told Reuters. Deal negotiations between ExxonMobil and Pioneer are advanced but have not yet led to an agreement, Reuters reported last week. The acquisition would give ExxonMobil ownership of the largest producer in the biggest U.S. oilfield. The White House wrote to Federal Trade Commission (FTC) chair Lina Khan in 2021 asking her to scrutinize deals in the oil and gas sector for "anti-consumer behavior," and the antitrust regulator subsequently slowed down the approval of many of them as it reviewed them. These transactions were eventually allowed to be completed, and the regulator has not sued to thwart an oil and gas production deal since 2000. The lawyers and experts interviewed said the FTC would face an uphill struggle in challenging ExxonMobil's attempted acquisition of Pioneer because oil and gas companies have been effective in arguing that U.S. mergers alone cannot stifle competition, as commodity prices are dictated by supply and demand forces in a vast global market. (Reuters)
LNG
Chevron, LNG Workers to Meet for Mediated Talks - Chevron Corporation (NYSE:CVX) (San Ramon, California) and workers at its two major Australian liquefied natural gas (LNG) plants will meet the country's industrial arbitrator on Wednesday to resolve a dispute over wages as unions plan to restart strikes at the facilities. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Plant Database can click here for related plant profiles. (Reuters)
PIPELINES
Chevron Halts Gas Exports via EMG Pipeline from Israel to Egypt - Chevron has halted natural gas exports through a major subsea pipeline between Israel and Egypt and is supplying gas via an alternative pipeline through Jordan, industry and government sources said on Tuesday. The decision to halt exports via the East Mediterranean Gas (EMG) pipeline comes as fighting intensifies between Israel and militants in the Gaza Strip. The EMG pipeline runs from the southern Israeli town of Ashkelon, located some 10 kilometers north of Gaza, to El-Arish in Egypt, where it connects to an onshore pipeline. (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).
CORPORATE
Analysts: U.S. Would Have a Tough Time Thwarting ExxonMobil-Pioneer Merger - The White House may have blamed Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) for high energy prices taking their toll on consumers, but would struggle to thwart the top U.S. oil producer's contemplated $60 billion acquisition of Pioneer Natural Resources (NYSE:PXD) (Irving, Texas), five antitrust lawyers and experts told Reuters. Deal negotiations between ExxonMobil and Pioneer are advanced but have not yet led to an agreement, Reuters reported last week. The acquisition would give ExxonMobil ownership of the largest producer in the biggest U.S. oilfield. The White House wrote to Federal Trade Commission (FTC) chair Lina Khan in 2021 asking her to scrutinize deals in the oil and gas sector for "anti-consumer behavior," and the antitrust regulator subsequently slowed down the approval of many of them as it reviewed them. These transactions were eventually allowed to be completed, and the regulator has not sued to thwart an oil and gas production deal since 2000. The lawyers and experts interviewed said the FTC would face an uphill struggle in challenging ExxonMobil's attempted acquisition of Pioneer because oil and gas companies have been effective in arguing that U.S. mergers alone cannot stifle competition, as commodity prices are dictated by supply and demand forces in a vast global market. (Reuters)
LNG
Chevron, LNG Workers to Meet for Mediated Talks - Chevron Corporation (NYSE:CVX) (San Ramon, California) and workers at its two major Australian liquefied natural gas (LNG) plants will meet the country's industrial arbitrator on Wednesday to resolve a dispute over wages as unions plan to restart strikes at the facilities. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Plant Database can click here for related plant profiles. (Reuters)
PIPELINES
Chevron Halts Gas Exports via EMG Pipeline from Israel to Egypt - Chevron has halted natural gas exports through a major subsea pipeline between Israel and Egypt and is supplying gas via an alternative pipeline through Jordan, industry and government sources said on Tuesday. The decision to halt exports via the East Mediterranean Gas (EMG) pipeline comes as fighting intensifies between Israel and militants in the Gaza Strip. The EMG pipeline runs from the southern Israeli town of Ashkelon, located some 10 kilometers north of Gaza, to El-Arish in Egypt, where it connects to an onshore pipeline. (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).
