IIR's Daily Energy News Headlines

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

PIPELINES
Kinder Morgan Announces Open Season for Texas-Mexico Gas Pipeline - Kinder Morgan Incorporated (NYSE:KMI) (Houston, Texas) has announced the commencement of a binding open season for additional natural gas capacity on its Mier-Monterrey Pipeline, which runs from Texas to Monterrey, Mexico. The expansion would increase capacity to 1.34 billion cubic feet per day.

Attack Halts Iranian Gas Pipeline Exports - An attack on a gas pipeline that carries approximately 10 billion cubic meters of natural gas per year from Iran to Turkey has caused flows to stop on the pipeline for up to three days. The pipeline carries about 10 billion cubic meters of gas annually.

LNG
Cheniere Eyes Southeast Europe Market - Sources tell Reuters that Cheniere Energy (NYSE:LNG) (Houston, Texas) is very interested in selling liquefied natural gas (LNG) into the southeastern European gas market, which would severely impact Russia's gas dominance in the region. The sources say Cheniere is considering construction of a floating regasification terminal in Croatia.

EARNINGS REPORTS
BP Profits Plunge on Oil Spill Charge - BP plc's (NYSE:BP) (London, England) second-quarter net profit was $1.3 billion, compared to $3.6 billion a year earlier. Profits were hindered by lower oil prices, a writeoff in Libya due to security issues, and a $10.8 billion charge for the 2010 oil rig blowout and spill in the Gulf of Mexico.

Consol Lowers Oil & Gas Operations Budget - Consol Energy's net loss widened to $603.3 million in the second quarter, compared to $24.9 million from a year earlier. The company says it will slash its 2015 budget for Oil & Gas operation by 13% to $800 million. For more information, see Industrial Info article - CONSOL Energy Cuts Capex for 2015-2016 as Natural Gas Operations Boost Efficiency.

Ford Sets Record North American Quarterly Profit - Demand for SUVs and pickups helped push Ford Motor Company (NYSE:F) (Dearborn, Michigan) to quarterly net income of $1.9 billion, a 44% increase from last year. The company set a record quarterly profit in North America of $2.6 billion, although the strong dollar hurt revenues in other parts of the world.

Statoil Earnings Beat Expectation - Norway's Statoil ASA (NYSE:STO) (Stavanger) beat analysts' expectations for second-quarter profits, reporting net income of $1.23 billion for the second-quarter, down 16% from nearly $1.47 billion last year.

REFINING
Total Seeks to Sell Stake in Port Arthur Refinery - Sources have told Reuters that Total SA (NYSE:TOT) (Paris, France) is seeking to sell a 50% stake in its refinery in Port Arthur, Texas, although the company wants to remain the operator of the facility.

CRUDE OIL
China's Purchase of African Oil May Prompt Saudi Price Cut - Chinese imports of African crude oil, which is based on Brent prices and trades at a discount to Middle Eastern crudes, are expected to jump 41% to 47.5 million barrels in July. Reuters analysts expect Saudi Arabia's market share of Chinese imports to fall because of the lower pricing, which could prompt the country to continue to increase its discounts on crude to the Asian market.

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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, 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.