Kinder Morgan, Pioneer Natural Resources: 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.

EARNINGS REPORTS
Kinder Morgan Quarterly Profit Falls by 10% - U.S. pipeline operator Kinder Morgan Incorporated (NYSE:KMI) reported a 10% drop in quarterly profit on Wednesday as a steep drop in natural gas prices due to the coronavirus pandemic hurt production and transportation of the fuel. Net profit available to the company fell to $455 million in third-quarter 2020 from $506 million a year earlier. (Reuters)

CORPORATE
Pioneer Natural Resources to Buy Parsley Energy - Pioneer Natural Resources (NYSE:PXD) said on Tuesday it would buy smaller rival Parsley Energy (NYSE:PE) in a deal valued at about $4.5 billion, the latest consolidation among U.S. shale producers slammed by the rout in oil prices during the pandemic. The all-stock deal would create the largest Permian Basin-only focused shale producer and is expected to add annual cost savings of $325 million. (Reuters)

CRUDE OIL
U.S. Crude Stocks Dip, Gasoline Builds - U.S. crude oil and distillate inventories fell last week, while gasoline stocks rose in another weak showing for fuel demand, the U.S. Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 1 million barrels in the week ending October 16 to 488.1 million barrels. U.S. gasoline stocks rose by 1.9 million barrels in the week, the EIA said. Distillate stockpiles fell by 3.8 million barrels to 160.7 million barrels. (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.