Shell, TC Energy: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

EARNINGS REPORTS
Shell Posts Record Quarterly Profit -- Shell plc (NYSE:SHEL) (London, England) posted record results on Thursday, with an $11.5 billion second-quarter profit smashing the mark it set only three months ago, lifted by strong gas trading and a tripling of refining profit. A rapid recovery in demand after the end of pandemic lockdowns and a surge in energy prices, driven by Russia's invasion of Ukraine, have boosted profits for energy companies after a two-year slump. (Reuters)

PIPELINES
TC Energy Boosts Expected 2022 Capex - TC Energy Corporation (NYSE:TRP) (Calgary, Alberta) said the 670-kilometre Coastal GasLink project is about 70% complete, with mechanical in-service expected by the end of 2023. The company added it will make equity contributions of about C$1.3 billion (US$1 billion) in 2022 to Coastal GasLink LP due to which it now expects total capital expenditures for the year to be about C$8.5 billion (US$6.63 billion), up from a prior estimate of C$7 billion (US$5.46 billion). Subscribers to Industrial Info's Global Market Intelligence (GMI) Pipelines Project Database can click here for the detailed project report. (Reuters)

COAL
IEA: Global Coal Demand to Match Record This Year - Global coal demand is set to rise slightly this year to match a record high reached nearly a decade ago, the International Energy Agency (IEA) said on Thursday, as gas prices have soared. In a coal market update report, the IEA said global coal consumption is forecast to rise by 0.7% in 2022 to 8 billion metric tons, assuming the Chinese economy recovers as expected in the second half of the year. That would match a record high set in 2013. Coal demand is likely to increase further next year to an all-time high. (Reuters)

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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 world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.