The Canada Revenue Agency has agreed to Saskatchewan's request to register the provincial government as the province's natural gas distributor in the province instead of the government-owned SaskEnergy company, a government spokesperson said on Tuesday. The move comes as Saskatchewan protests that the federal carbon tax is unfair and places an onerous burden on Canadians already struggling with inflation. The province has not decided whether it will remit residential carbon tax charges for [Read more]
After plant expropriation in Mexico, Air Liquide says compensation talks under way
Compensation talks were under way following the expropriation earlier this month of a plant at a major Mexican oil refinery that was sold to France's Air Liquide several years ago, the company's chief executive said on Tuesday. Mexico's energy ministry announced the expropriation of the hydrogen plant at the Tula refinery, owned and operated by state oil company Pemex, on Feb. 8, citing the need to safeguard motor fuels production that it argued was threatened by the third-party supply of [Read more]
Occidental explores $20 bln-plus sale of Western Midstream, sources say
Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of close to $20 billion, including debt, according to people familiar with the matter. Western Midstream shares rose 10% to $32.12 in afternoon trading in New York on Tuesday. The divestment would help Occidental, which is backed by Warren Buffett's Berkshire Hathaway, slash the $18.5 billion debt pile it has accumulated because of [Read more]
Prompt US crude futures jump to steep premium over later-dated contracts
The premium for prompt U.S. crude futures to the second-month contract more than doubled on Tuesday, hitting a high of $1.71 a barrel - its widest level in roughly four months. The structure, known as backwardation, occurs when the front-month contract is at a premium to later-dated contracts and can indicate tightness in the market. It gives energy companies little incentive to pay to store their product for future months, but rather to sell while prices are firmer. At the end of last [Read more]
Equitrans delays WV-VA Mountain Valley natgas pipe again, boosts cost
U.S. energy firm Equitrans Midstream delayed the completion date for its Mountain Valley natural gas pipeline from West Virginia to Virginia to the second quarter of 2024 from the previous estimate of the first quarter. The company also boosted the projected cost to complete the project to around $7.57 billion-$7.63 billion, up from a prior estimate of about $7.2 billion. Equitrans spoke about Mountain Valley in its fourth earnings report, which beat estimates. Mountain Valley is the [Read more]
Japan’s Kyushu Electric to wait for US LNG policy clarity on Lake Charles
Japan's Kyushu Electric Power will wait until after the United States resumes issuing export licences for new liquefied natural gas (LNG) projects before deciding on whether to invest in the Lake Charles project, an executive said. U.S. President Joe Biden froze approvals for LNG exports from new projects late last month to big markets in Europe and Asia in order to take a "hard look" at environmental and economic impacts of the booming business. The United States became the largest LNG [Read more]
Exxon warns EU that red tape might push it to invest elsewhere, FT reports
ExxonMobil has warned it would withhold billions of dollars in climate-related investments in Europe unless Brussels cuts environmental red tape, which the company blames for the "deindustrialisation of the European economy", the Financial Times reported on Tuesday. Exxon had $20 billion set aside for decarbonisation projects between 2022 and 2027, the newspaper reported, citing an interview with Karen McKee, president of the company's product solutions division. McKee told the FT that [Read more]
Oil prices hover near 3-week highs on Middle East tensions, China demand
Oil prices were broadly steady on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand. Brent futures ticked down 11 cents to $83.45 a barrel by 0413 GMT. U.S. West Texas Intermediate (WTI) crude for April delivery inched down 11 cents to $78.35 a barrel. The March WTI contract rose 36 cents to $79.55 a barrel as traders prepared for that contract to expire during the day. There was no settlement for WTI on Monday due to a U.S. [Read more]
Saudi crude exports dipped in December after three months of gains
Saudi Arabia's crude oil exports in December fell for the first time in four months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world's largest oil exporter fell 0.4% to 6.308 million barrels per day (bpd), down from 6.336 million bpd in November. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which publishes them on its website. Saudi's crude [Read more]
US oil refiners’ weekly capacity seen up 500,000 bpd -IIR
U.S. oil refiners are expected to have about 1.8 million barrels per day (bpd) of capacity offline for the week ending Feb. 23, increasing available refining capacity by 500,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to fall to 1.2 million bpd in the week ending Mar. 1, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday Feb. 19 Feb. 16 Feb. [Read more]
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