Oil prices fell after a nine-session rally, boosted by renewed production cuts by the leaders of the OPEC+ alliance, which pushed futures into overbought territory. West Texas Intermediate settled below $87 a barrel after the longest stretch of gains since January 2019. The rise came as Saudi Arabia and Russia pledged to extend their export curbs for the fourth quarter. Crude now faces headwinds from broader markets, with the dollar on track for an eighth straight week of gains. WTI was also trading in overbought territory, based on its relative strength index, leaving traders braced for a technical correction. The…
Author: Automotivedealernews.com
The U.S. Department of Energy (DOE) has announced $125 million for the seventh cohort of grant recipients to protect power transmission systems from climate-exacerbated disruptions. According to a DOE news release, the latest group of awardees for the State Resilience Network and Tribal Formula grants consists of nine states and five tribal nations. The states are Maryland, Massachusetts, Mississippi, Montana, Nebraska, New Jersey, New York, Washington and Wyoming. The tribal nations are the Beaver Village, the Chilkat Indian Village, the Iowa Tribe of Oklahoma and the United Keetoowah Band of Cherokee Indians and the S’Klallam Tribe of Jamestown. The DOE…
The Atlantic saw a flurry of hurricane activity in late August, Standard Charted analysts said in a report sent to Rigzone earlier this week. “Four tropical storms formed in a 39-hour period from August 20-22, followed by two other systems in the last week of the month (including Hurricane Idalia, which peaked at Category Four) ,” the analysts said in the report. “September is the climatological peak of the normal hurricane season, but the forecast is calm at the moment. One feature worth monitoring right now is a disturbance in the central tropical Atlantic that the National Hurricane Center (NHC)…
Yinson Holdings Bhd., a Malaysian company that builds vessels for offshore oil and gas production, expects to achieve core revenue of nearly $1 billion as early as 2025 amid strong demand, the chief executive office. “We have never been in such a good position to negotiate contracts,” Chief Executive Lim Chern Yuan said in an interview at his office in Singapore last week. “With our order book, we’re looking at closer to $1 billion of Ebitda in 2025 and 2026.” Lim’s prediction is substantially above the 3.26 billion ringgit ($700 million), the most optimistic forecast among six analysts polled by…
John Wood Group PLC has secured several contracts worth a combined $330 million from Harbor Energy PLC under a strategic partnership agreement for the latter’s operations on the UK side of the North Sea. According to the deal, called a master services agreement, “Wood will provide engineering, procurement and construction (EPC) and operations and maintenance (O&M) services, including digital and decarbonisation solutions, for a range of offshore assets from Harbor critical to UK energy security”. Wood said in a recent press release. “The strategic partnership will have an initial duration of five years, with five one-year extension options covering Harbour’s…
Peyto Exploration & Development Corp. has agreed to acquire Repsol Canada Energy Partnership, which owns the Canadian upstream oil and gas business of Repsol Exploracion SAU, including all related intermediate facilities and infrastructure located primarily in the deep basin, for a cash consideration of $468 million . (636 million CAD). The acquisition is expected to close in mid-October, subject to customary closing conditions, including receipt of necessary regulatory approvals, Peyto said in a news release Wednesday. Peyto said it would finance the acquisition through an extension of the company’s existing revolving credit facility, a new two-year term loan and the…
Magnolia Oil & Gas Corp. has entered into a definitive agreement to acquire certain oil and gas producing properties, including leasehold and mineral interests in Giddings, Texas, for $300 million, subject to customary purchase price adjustments. The seller of the assets was not disclosed. The acquisition adds approximately 48,000 net acres to Magnolia’s portfolio in Giddings, enhancing Magnolia’s great depth of development opportunities, the company said in a news release Tuesday. Combined with a smaller acquisition that closed in July, Magnolia’s position in Giddings now totals more than 500,000 net acres, driving further efficiencies of scale, the company said. Cash…
Woodfibre LNG has committed its entire purchase for sale to bp Gas Marketing Limited (BPGM), an indirect wholly owned subsidiary of bp plc, by entering into a third party purchase and sale agreement (SPA) with BPGM for to the delivery of liquefied natural gas (LNG) from the Woodfibre LNG export facility near Squamish, British Columbia. Under the terms of the SPA, BPGM will receive an additional 0.45 million metric tonnes per annum (mtpa) of LNG over 15 years free of charge. All gathering from Woodfibre’s LNG export facility is now committed for sale to BP, with firm gathering totaling 1.95…
Enbridge Inc. has entered into three separate definitive agreements with Dominion Energy Inc. to acquire East Ohio Gas Co. natural gas distribution companies. (EOG), Public Service Co. of North Carolina Inc. (PSNC) and Questar Gas Co. total purchase price of $14 billion (CAD $19 billion), comprised of $9.4 billion in cash consideration and $4.6 billion in assumed debt. The acquisitions are expected to close in 2024, subject to the satisfaction of customary closing conditions, including the receipt of certain US federal and state regulatory approvals. These include clearance by the Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act of…
Congress is poised to sell an emergency stockpile of 1 million barrels of gasoline created in the wake of Hurricane Sandy amid questions about the stockpile’s usefulness. Legislation needed to fund the Department of Energy slated for the Senate as soon as this month would close the Northeast Gasoline Supply Reserve. The Republican-controlled House included the same language in its version of the bill. The reserve was authorized in 2014 after Sandy damaged refineries and left terminals underwater, leaving some gas stations in New York without fuel for 30 days. But the cache, held at commercial storage terminals in Maine,…