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Released December 13, 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
Occidental to Expand Permian Operations with CrownRock Buy - Occidental Petroleum Corporation (NYSE:OXY) (Houston, Texas) on Monday agreed to buy U.S. shale oil producer CrownRock (Midland, Texas) in a cash-and-stock deal valued at $12 billion including debt, expanding its presence in the Permian Basin. If approved, the deal is expected to close in the first quarter of 2024 and would boost Occidental's Permian production by 170,000 barrels of oil equivalent per day (boe/d) in the Midland, to 750,000 boe/d. (Reuters)
CRUDE OIL
Oil Falls More than 3% on Softening Demand - Oil prices fell more than 3% on Tuesday to their lowest level in six months on concern about oversupply and after U.S. economic data showed an unexpected rise in consumer prices. Brent crude futures for February settled down $2.79, or 3.7%, to $73.24 a barrel. U.S. West Texas Intermediate crude futures for January slipped $2.71, or 3.8%, to $68.61 a barrel. (Reuters)
LNG
BP Challenges Regulator's Oversight of Venture Global LNG Plant - BP (NYSE:BP) (London, England) has challenged U.S. energy regulators' approvals of a Venture Global LNG (Arlington, Virginia) liquefied natural gas (LNG) export facility, arguing the Federal Energy Regulatory Commission (FERC) has failed to enforce its regulations, according to a letter filed with FERC on Monday. Venture Global LNG has become a major U.S. exporter of LNG since it started processing at its Calcasieu Pass, Louisiana, plant early in 2022. It has sold more than 200 cargoes of the gas under its own accounts without supplying BP and other long-term contract customers, who have complained they have lost billions in revenue. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can click here for the plant profile. (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
Occidental to Expand Permian Operations with CrownRock Buy - Occidental Petroleum Corporation (NYSE:OXY) (Houston, Texas) on Monday agreed to buy U.S. shale oil producer CrownRock (Midland, Texas) in a cash-and-stock deal valued at $12 billion including debt, expanding its presence in the Permian Basin. If approved, the deal is expected to close in the first quarter of 2024 and would boost Occidental's Permian production by 170,000 barrels of oil equivalent per day (boe/d) in the Midland, to 750,000 boe/d. (Reuters)
CRUDE OIL
Oil Falls More than 3% on Softening Demand - Oil prices fell more than 3% on Tuesday to their lowest level in six months on concern about oversupply and after U.S. economic data showed an unexpected rise in consumer prices. Brent crude futures for February settled down $2.79, or 3.7%, to $73.24 a barrel. U.S. West Texas Intermediate crude futures for January slipped $2.71, or 3.8%, to $68.61 a barrel. (Reuters)
LNG
BP Challenges Regulator's Oversight of Venture Global LNG Plant - BP (NYSE:BP) (London, England) has challenged U.S. energy regulators' approvals of a Venture Global LNG (Arlington, Virginia) liquefied natural gas (LNG) export facility, arguing the Federal Energy Regulatory Commission (FERC) has failed to enforce its regulations, according to a letter filed with FERC on Monday. Venture Global LNG has become a major U.S. exporter of LNG since it started processing at its Calcasieu Pass, Louisiana, plant early in 2022. It has sold more than 200 cargoes of the gas under its own accounts without supplying BP and other long-term contract customers, who have complained they have lost billions in revenue. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can click here for the plant profile. (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).
