ExxonMobil, U.S. Wind Power: Your Daily Energy News

---

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CORPORATE
ExxonMobil, Pioneer Receive Second FTC Request Regarding Pending Takeover - The U.S. Federal Trade Commission (FTC) has sent shale oil producer Pioneer Natural Resources (NYSE:PXD) (Irving, Texas) and Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) a second request for more information on their $60 billion takeover deal, Pioneer said on Tuesday. The companies are working with the FTC and continue to expect that the deal will be completed in the first half of 2024, Pioneer said in a regulatory filing. (Reuters)

POWER
U.S. Wind Power on Track to Surpass Coal - U.S. electricity generation from wind power is on course to surpass coal-fired electricity generation, potentially by 2026, as wind supply growth expands at a record pace just as coal-fired generation is cut across the country. Coal-fired power remains the second largest source of U.S. electricity behind natural gas, and over the first 10 months of 2023 coal-fired output was roughly 60% greater than total generation from wind sources, data from think tank Ember shows. In 2015, before U.S. power producers accelerated renewable power development, coal-fired electricity generation was nearly 700% greater than electricity output from U.S. windfarms. But since 2015, U.S. utilities have cut coal-fired capacity by 30% and boosted wind capacity by more than 90%, Ember data shows, making wind power the largest source of clean electricity. Additional cuts to coal capacity are expected in the coming years, with current announcements by utilities indicating that overall coal capacity will drop to 159 gigawatts (GW) by the end of 2026, from 318 GW in 2011, according to the Institute for Energy Economics and Financial Analysis. (Reuters)

CRUDE OIL
Oil Falls to Near Five-Month Low - Oil prices fell to a near five-month low on Tuesday on a stronger U.S. dollar and demand concerns, putting the market down for a fourth day in a row on doubts over OPEC+ announced voluntary supply cuts last week. Brent crude oil futures fell 83 cents, or 1.1%, to settle at $77.20 a barrel, while U.S. West Texas Intermediate crude (WTI) ended 72 cents, or 1.0%, lower at $72.32. That was the lowest close for both crude oil benchmarks since July 6. For WTI, it was the first time prices fell for four days in a row since May. (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).