U.S. Crude Inventories, UGI, Southern Company, ExxonMobil: Your Daily Energy News

---

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CRUDE OIL
U.S. Crude Inventories Increase - U.S. stockpiles of crude oil rose by 5.8 million barrels for the week ending May 18. Gasoline inventories also grew, rising by 1.9 million barrels. (Fuel Fix)

Sinopec to Boost U.S. Crude Imports to All-Time High - Sinopec, Asia's largest refiner, will boost U.S. crude oil imports to an all-time high as China tries to reduce its trade deficit with the United States, two sources with knowledge of the matter told Reuters. The company's trading arm Unipec has bought 16 million barrels, or about 533,000 barrels per day, of U.S. crude to load in June, they said, the largest volume ever to be lifted in a month by the company. (Reuters)

PIPELINES
UGI to Expand Marcellus Shale Gathering System - UGI Corporation (NYSE:UGI) announced the further expansion of its Auburn Gathering System in the Marcellus Shale with the construction of two additional compressor stations in Susquehanna County and Wyoming County in Pennsylvania. The expanded system will increase the capacity of the Auburn Gathering System by approximately 150,000 dekatherms per day, bringing the total capacity of the system to 620,000 dekatherms per day. (Business Wire)

FINANCIAL
Southern Power to Sell Interest in Solar Portfolio - Southern Power, a subsidiary of Southern Company (NYSE:SO), announced that it has entered into an agreement to sell a 33% minority interest in its solar portfolio to Global Atlantic Financial Group Limited for a purchase price of $1.175 billion. (PR Newswire)

CORPORATE
ExxonMobil Announces Greenhouse Gas Reduction Measures - Exxon Mobil Corporation (NYSE:XOM) (ExxonMobil) has announced greenhouse gas reduction measures that are expected to lead to significant improvements in emissions performance by 2020, including a 15% decrease in methane emissions and a 25% reduction in natural gas flaring. (Business Wire)

PRODUCTION
Woodside Looks to Speed Up Scarborough Gas Development Off Australia - Australia's Woodside Petroleum on Wednesday outlined plans to accelerate and expand its Scarborough natural gas project off northwestern Australia, which is now expected to cost $10 billion. Fresh from buying out ExxonMobil to gain control over the Scarborough field, Woodside is looking to start producing gas in 2023, two years earlier than previously stated. (Project 300438620) (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 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.