Phillips 66, Plains All American, PG&E: 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
PG&E Widens Net Loss - Beleaguered California utility PG&E Corporation (NYSE:PCG) reported a second-quarter 2019 net loss of $2.6 billion, compared with a loss of $984 in the year-prior quarter. (Business Wire)

PIPELINES
Will Permian Have Too Much Pipeline Capacity? - This Reuters article discusses how, with three major pipelines set to come online this year, the Permian Basin, previously suffering from a lack of takeaway capacity, may see an excess of transmission capability, resulting in lower rates for pipeline companies. Plains All American (NYSE:PAA), EPIC Midstream and Phillips 66 (NYSE:PSX) are bringing pipelines online in the region this year. (Projects 300427348, 300427347, 300490131, 300406628) (Reuters)

PRODUCTION
Number of Rigs Drilling for Oil in U.S. Lower for Sixth Week - The number of rigs drilling for oil in the U.S. declined by six in the week ending August 9, to 764, marking the sixth consecutive weeks of declines. (Reuters)

CRUDE OIL
IEA: Oil Demand Growth Lowest Since 2008 - Mounting signs of an economic slowdown and a ratcheting up of the U.S.-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday. The agency said that compared with the same month in 2018, global demand fell by 160,000 barrels per day in May - the second year-on-year fall of 2019. (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 https://www.industrialinfo.com.