Existing energy pipelines in North America are becoming increasingly valuable because investor focus on environmental, social, and corporate governance (ESG) issues is making it more difficult to finance new infrastructure, midstream industry executives said on Wednesday. The "tobaccofication" of the energy industry in recent years has led to less money flowing to the midstream sector as investors and the public increasingly focus ESG investments, Peter Bowden, global head of energy [Read more]
Oil rises on demand hopes after days of sell-off
Oil prices rose on Wednesday, boosted by demand hopes on progress made in U.S. vaccine rollouts, while uncertainty over how much supply OPEC+ will restore to the market at its Thursday meeting and a big build in U.S. crude stocks capped gains. U.S. West Texas Intermediate (WTI) crude futures rose $1.34 cents, or 2.25%, to $60.80 a barrel recovering from three days of losses. Brent crude futures rose $1.15 cents, or 1.84%, to $63.58 a barrel, up from four days of losses. Both futures had [Read more]
Natural gas can help solve climate change, industry reminds policymakers
The energy industry wants policy makers to remember that natural gas can and should be part of the solution in solving climate change, executives said at a conference on Tuesday. "The most important thing to continue to impress upon the policymakers is natural gas can and should be a big part of the climate change solutions," Michele Harradence, SVP and chief operations officer gas transmission and midstream at Enbridge Inc, said at IHS Markit's CERAWeek. She noted gas has already "done a [Read more]
Waterous Energy Fund completes takeover of Osum Oil Sands Corp
Private equity firm Waterous Energy Fund succeeded in its bid to take controlling interest in Osum Oil Sands on Wednesday, days after the Canadian oil producer's board ended its opposition to the deal. Osum had earlier rejected Waterous' original offer to take over the company, calling it inadequate. However, last week, the company's board withdrew its recommendation that shareholders reject Waterous' approach after a sweetened bid. The deal comes as consolidation heats up in the Canadian [Read more]
Government policies, economics creating market for carbon capture -Exxon CEO
Improving economics and government policies are creating opportunities for carbon capture and storage, Exxon Mobil Chief Executive Darren Woods said at an energy conference on Tuesday. Exxon, under pressure from activist investors who want the company to develop more ambitious plans for the energy transition, recently launched a Low Carbon Solutions business to focus on carbon capture and storage. Exxon will "leverage into what we see as a converging set of forces," Woods said at IHS [Read more]
Energy industry starting to recover, balance likely by 2022 – Baker Hughes CEO
The energy industry is already starting to recover from one the worst years in recent history after the coronavirus pandemic roiled global markets, Baker Hughes Chief Executive Lorenzo Simonelli said on Monday during CERAWeek by IHS Markit. “As you look at supply and demand equation, we’re seeing that there will be a recovery in 2021 with an even more balanced market going into 2022,” said Simonelli, the head of energy services firm Baker Hughes Co. The energy industry was rocked by a collapse [Read more]
Heavy crude edges tighter on first day of new monthly trade cycle
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed slightly on Monday: Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, last traded at $11.05 per barrel below WTI, according to NE2 Canada Inc, tightening very slightly from the previous session's settle of $11.10 a barrel below WTI. Monday was the first day of the monthly trade cycle, which runs from the first of each month until the day before pipeline nominations are [Read more]
TC Energy, ex-Columbia Pipeline execs must face lawsuit over $10 billion deal
TC Energy Corp and two former Columbia Pipeline Group Inc executives must defend against a lawsuit claiming the companies' $10 billion merger in 2016 shortchanged Columbia investors, a Delaware judge ruled on Monday. Vice Chancellor Travis Laster of the Delaware Chancery Court refused to dismiss the lawsuit by former Columbia shareholders, led by the Public Employees' Retirement System of Mississippi. Former Columbia Chief Executive Robert Skaggs and Chief Financial Officer Stephen Smith [Read more]
Oil executives say demand will rise, despite emphasis on renewables
Oil demand is expected to rise over the next decade and the fossil fuel will remain to be a crucial part of the energy mix, even as renewables draw increasing attention, Hess Corp Chief Executive John Hess said at CERAWeek on Monday. At the biggest gathering of top energy leaders, investors and politicians from around the globe, climate change and renewable fuels are taking center stage this year with oil companies trying to reorient their portfolios as the fossil fuel industry reels from the [Read more]
Oil rises on vaccine optimism, U.S. stimulus
Oil prices rose on Monday, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions. U.S. West Texas Intermediate (WTI) crude jumped 15 cents, or 0.24%, to $61.68 a barrel. Brent crude was up 44 cents, or 0.68%, at $64.84 a barrel. Both contracts finished February 18% higher. “The three major supportive factors are the prevalent vaccine rollouts, the optimism about economic growth, and the view that the [Read more]
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