Latest From Hart Energy
E&P Highlights: Sept. 9, 2024
Here’s a roundup of the latest E&P headlines, with Talos Energy announcing a new discovery and Trillion Energy achieving gas production from a revitalized field.
US Oil Firms Evacuate Staff, Cut Drilling Ahead of Storm Francine
Francine is moving toward U.S. Gulf of Mexico waters and predicted to become the fourth hurricane of the Atlantic season.
Beth McDonald Appointed SM Energy COO
Beth McDonald joins SM Energy as its new executive vice president and COO, bringing with her about 20 years of experience as an executive at Pioneer Natural Resources.
Court Petitioned to Intervene in Calcasieu Pass 2 LNG Project
The D.C. Circuit is to consider the case for Venture Global's Calcasieu Pass 2 LNG facility in Louisiana.
Adionics Unveils Lithium Extraction Technology For Recycled Batteries
The Paris-based company said its liquid-liquid process achieved lithium recoveries of up to 98% across a range of brine concentrations.
BP to Use Palantir Software to Improve AI in Operations
BP and Palantir have agreed to a five-year strategic relationship in which Palantir’s AIP software will use large language models to improve BP operations.
Five Point Closes Infrastructure Fund with $1.4B in Commitments
Five Point Energy, which created newly public Permian Basin company LandBridge, said its Five Point Energy Fund IV was oversubscribed from a target of $1.25 billion.
Post Oak-backed Quantent Closes Haynesville Deal in North Louisiana
Quantent Energy Partners’ initial Haynesville Shale acquisition comes as Post Oak Energy Capital closes an equity commitment for the E&P.
US LNG Export Market Share Reaches 21%, Despite Biden Pause
Despite the Biden administration’s pause on LNG export facilities, the U.S. took the spot as global LNG exporter in 2023, overtaking Australia, Qatar and Russia, according to the International Gas Union.
What's Affecting Oil Prices This Week? (Sept. 9, 2024)
Within the context of lower oil prices and disappointing economic data, members of OPEC+ have decided to delay the unwinding of voluntary cuts, which were expected at the end of September.
TGS Awarded 2D Survey in the Sumatra Basin
TGS’ Sumatra Basin seismic acquisition is expected to be completed by the end of 2024.
Hurricane Threatens LNG and Power Demand as Francine Forms in GoM
LNG export plants and offshore oil platforms in the Gulf of Mexico are already taking a hit as as Francine strengthens.
Shell Pauses Some Oil Drilling Operations as Storm Francine Approaches Texas Coast
Shell paused some drilling operations at its Perdido and Whale offshore platforms in the Gulf of Mexico in anticipation of Francine's approach.
Pembina Acquires Gas Midstream Assets in US$295MM Deal
Pembina (PGI) is acquiring midstream assets in a CA$400 million (US$295million) agreement with Canada’s Veren Inc., which will continue to operate the acquired battery assets.
Souki’s Saga: How Tellurian Escaped Ruin with ‘The Pause,’ $1.2B Exit
President Biden’s LNG pause in January suddenly made Tellurian Inc.’s LNG export permit more valuable. The company’s July sale marked the end of an eight-year saga—particularly the last 16 months, starting with when its co-founder lost his stock, ranch and yacht in a foreclosure.
Service Companies Innovex, Dril-Quip Complete Merger
The combined onshore and offshore services companies Dril-Quip Inc. and Innovex Downhole Solutions, are expected to generate more than $1 billion in annual revenue.
US Sanctions Two Tankers Linked to Russian LNG Traffic
The U.S. State Department’s sanctions follow earlier accusations against Russia creating a “ghost fleet” of tankers.
NuQuest Energy Expands into ERCOT, SERC Markets
Louisiana’s NuQuest Energy said it has also submitted 800 megawatts of utility-scale solar and wind projects to the MISO queue in April.
Energy Transition in Motion (Week of Sept. 6, 2024)
Here is a look at some of this week’s renewable energy news, including $7.3 billion in clean energy funding for rural Americans.
Dividends Declared in the Week of Sept. 2
Here is a compilation of dividends declared by select E&Ps for third-quarter 2024.
FERC Approves Iberdrola’s $2.6B Deal for Avangrid’s Shares
Iberdrola, which owns about 81.6% of Avangrid, said in May it would buy Avangrid’s remaining 18.4% stake, held in outstanding shares that Avangrid doesn’t own.
Fitch Warns of Citgo Credit Risks but Affirms Stable Outlook
Rating agency Fitch affirmed the default rating of U.S. refiner Citgo Petroleum Corp. at 'B' with a stable outlook, while highlighting operational risks and contagion effects from U.S. sanctions on Citgo's Caracas-based parent PDVSA.
US Drillers Cut Oil, Gas Rigs for Fourth Week in a Row
The oil and gas rig count fell by one to 582 in the week to Sept. 6, the lowest since June.
Could Nuclear Rival NatGas, Renewables in Race to Meet Power Demand?
Energy providers are positioning themselves to meet growing power needs, including for large-scale data centers known as hyperscalers.
Mantel Receives Funding to Commercially Deploy Carbon Capture System
Mantel Capture Inc. raised $30 million for the demonstration of its high-temperature carbon capture system at an industrial site, paving the way for eventual commercial deployment.
ECP Buys Majority Stake in Power Provider PROENERGY
Energy Capital Partners will acquire a majority interest in PROENERGY Holdings, which has a portfolio of 2.4 gigawatts of operating power plants.
NextEra Advanced in Texas Loan Program—Without Ever Applying
The Texas Public Utility Commission threw out a loan application after learning—from NextEra—that it wasn’t part of an electricity generation project submitted by Aegle Power.
Darbonne: ‘The Dance’ of US Policy Leaving Energy Mid Slip
The 1909 Matisse painting known as “The Dance” demonstrates the outcome of one of the U.S.’ pillars falling down.
Non-op Rising: NOG’s O’Grady, Dirlam See Momentum in Co-purchase M&A
Non-operated specialist Northern Oil & Gas is going after larger acquisitions by teaming up with adept operating partners like SM Energy and Vital Energy. It’s helping bridge a capital gap in the upstream sector, say NOG executives Nick O’Grady and Adam Dirlam.
Babcock & Wilcox Awarded FEED for Waste-to-energy Plant
Varme Energy’s waste-to-energy project with carbon capture and sequestration capabilities is the first of its kind in Canada.