(Allison, 18.Jul.2024) — Allison Transmission has formed a new strategic partnership with Lingong Heavy Machinery Co. Ltd. (LGMG), a prominent Chinese mining equipment manufacturer, to provide industry-leading mining vehicles to customers across the globe. As a next step in the companies’ long-term partnership, LGMG has integrated Allison 6625 Wide Body Dump […]
Category: USA
Ryerson Acquires Production Metals
(Ryerson, 2.Aug.2024) — Ryerson Holding Corporation announced its acquisition of Production Metals, LLC. Based in Monroe, Connecticut, Production Metals serves New England and the surrounding area with bar, tube, sheet, and plate products along with precision sawing, lasering, and water jet cutting. “On behalf of all Ryerson Stakeholders, we could not be […]
Exxon Reports 2Q:24 Results
(Exxon, 2.Aug.2024) — Exxon Mobil Corporation announced second-quarter 2024 earnings of $9.2bn, or $2.14 per share assuming dilution. Cash flow from operating activities was $10.6bn and cash flow from operations excluding working capital movements was $15.2bn. Shareholder distributions of $9.5bn included $4.3bn of dividends and $5.2bn of share repurchases, consistent with […]
Universal Logistics Holdings Unveils EVsÂ
(Universal Logistics, 2.Aug.2024) — Universal Logistics Holdings, Inc. announces the integration of the 2025 Peterbilt 579EV into its fleet as a part of our ongoing sustainability initiatives. Universal Intermodal Services, Inc., a subsidiary of Universal Logistics Holdings, Inc., is poised to use these electric vehicles to reduce its carbon footprint throughout Southern […]
Chevron Reports 2Q:24 Earnings, to Move HQ to Houston
(Chevron, 2.Aug.2024) — Chevron Corporation reported earnings of $4.4bn ($2.43 per share – diluted) for second quarter 2024, compared with $6bn ($3.20 per share – diluted) in second quarter 2023. Foreign currency effects decreased earnings by $243mn. Adjusted earnings of $4.7bn ($2.55 per share – diluted) in second quarter 2024 compared […]
Sunbelt to Acquire Maxima Power Group
(Sunbelt Solomon, 1.Aug.2024) — Sunbelt Solomon Services, a provider of customized electrical power solutions and services, announced the acquisition of Maxima Power Group. Comprised of Magna IV Engineering Inc., Power Solutions Group LLC. and Industrial Tests Inc., Maxima is a NETA accredited electrical engineering, automation solutions, and technical field services provider. […]
APA Corp. Updates on Permian Drilling, Suriname
(APA Corp., 31.Jul.2024) — APA Corporation announced its financial and operational results for the second quarter of 2024.APA reported net income attributable to common stock of $541mn, or $1.46 per diluted share. When adjusted for items that impact the comparability of results, APA’s second-quarter earnings were $434mn, or $1.17 per diluted share. Net […]
BYD Explores Canadian Auto Market Entry -Regulatory Filing
(Reuters, 30.Jul.2024) — Chinese EV maker BYD is looking to enter the Canadian automotive market, according to a regulatory document filed earlier this month, even as Canadian officials consider imposing tariffs on vehicles imported from China. Canada, following in the footsteps of the United States and the European Union, said in […]
bp Gives Go-ahead for 6th Operated Hub, Kaskida, in the US GOM
(bp, 30.Jul.2024) — bp has taken a final investment decision on the Kaskida project in the US Gulf of Mexico. This demonstrates bp’s long-term commitment to deliver secure, affordable and reliable energy. Kaskida will be bp’s sixth hub in the Gulf of Mexico, featuring a new floating production platform with the […]
bp’s 2Q:24 results, Kaskida FID
(bp, 30.Jul.2024) — “Our businesses continue to operate safely and efficiently. We are driving focus across the business and reducing costs, all while building momentum in our drive to 2025. Our recent go-ahead of the Kaskida development in the Gulf of Mexico business, and decision to take full ownership of bp […]
TotalEnergies Reports 2Q:24 Results, Eyes Suriname Block 58 FID
(TotalEnergies, 25.Jul.2024) —The Board of Directors of TotalEnergies SE, chaired by CEO Patrick PouyannĂ©, met on 24 July 2024, to approve the second quarter 2024 financial statements. On the occasion, Patrick PouyannĂ© said: “TotalEnergies generated robust financial results in the second quarter, with adjusted net income of $4.7bn and cash […]
Repsol Reveals New Share Buyback, Updates on Venezuela
(Repsol, 26.Jul.2024) — Repsol posted net income of €1.626bn in the first half of 2024, up 14.5%, a period marked by the presentation and implementation of the 2024-2027 Strategic Update, which prioritizes shareholder remuneration and continuing financial strength, and consolidates the company’s multi-energy commitment. Repsol announced today a new share buyback and […]
Noble and Diamond Offshore Provide Transaction Update
(Noble, 25.Jul.2024) — Noble Corporation plc and Diamond Offshore Drilling, Inc. announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, in relation to the pending merger between Noble and Diamond, expired at 11:59 ET on 24 July 2024. Completion of the transaction is subject to the satisfaction […]
Ecovyst Makes Equity Investment in Pajarito Powder
(Ecoyvst, 25.Jul.2024) — Ecovyst Inc. announced a key equity investment of $4.5mn in Pajarito Powder, an innovative materials science company that specializes in supports and catalysts required for electrolyzers and fuel cells. This investment in Pajarito Powder reflects Ecovyst’s belief that hydrogen produced via electrolysis will become a widely used, low-carbon fuel for […]
Core Lab Reports 2Q:24 Results
(Core Lab, 24.Jul.2024) — Core Laboratories Inc. reported second quarter 2024 revenue of $130,600,000. Core’s operating income was $16,000,000, with diluted earnings per share (“EPS”) of $0.19, all in accordance with U.S. generally accepted accounting principles (“GAAP”). Operating income, ex-items, a non-GAAP financial measure, was $16,400,000, yielding operating margins of 13%, expanding over 100 basis […]
Port of Corpus Christi Reports 2Q:24 Volumes
(The Port of Corpus Christi, 23.Jul.2024) —The Port of Corpus Christi customers moved 50.1 million tons through the Corpus Christi Ship Channel in the second quarter of 2024, a 1.7% increase over the same period in 2023. In Q2 2024, the Port of Corpus Christi saw increases in crude oil, […]
Woodside Reports 2Q:24 Results
(Woodside, 23.Jul.2024) — Woodside Energy reported quarterly production of 44.4 MMboe (488 Mboe/day), down 1% from Q1 2024 due to planned maintenance activities, weather impacts at North West Shelf and unplanned outages at Wheatstone and Julimar, partly offset by higher seasonal demand at Bass Strait and first oil at Sangomar. Full […]
Flowserve Acquires LNG Pumping Technology from NexGen Cryo
(Flowserve, 23.Jul.2024) — Flowserve Corporation acquired the intellectual property and in-process R&D related to cryogenic Liquefied Natural Gas (LNG) submerged pump technology, systems and packaging from NexGen Cryogenic Solutions, Inc., a privately held, Arizona-based company specialized in the engineering, design and testing of LNG pumps and turbines. NexGen Cryo’s pump […]
Glenfarne and EQT Execute Binding LNG Tolling Agreement
(Glenfarne, 23.Jul.2024) — Texas LNG Brownsville LLC, a four million tonnes per annum (mtpa) liquefied natural gas (LNG) export terminal to be constructed in the Port of Brownsville, Texas, and a subsidiary of Glenfarne Energy Transition, LLC, and EQT Corporation have executed a definitive 20-year tolling agreement for natural gas […]
Atlas and Kodiak Ink Deal for Autonomous Trucking Technology
(Atlas Energy, 23.Jul.2024) — Atlas Energy Solutions Inc. and Kodiak Robotics, Inc. announced that the two companies have entered into an agreement whereby Kodiak will outfit new Atlas high-capacity trucks with Kodiak’s autonomous driving technology. The two companies have already completed their first driverless delivery of frac sand in West […]
Woodside to Acquire Tellurian: Transcript
(Woodside, 22.Jul.2024) — Woodside Energy Group Limited held an investor call to discuss its $900mn all-cash acquisition of Tellurian, Inc., which is developing Driftwood LNG. ____________________
OXY Announces Commencement of Exchange Offer for CrownRock Notes
(Occidental, 19.Jul.2024) — Occidental announced that it has commenced a private exchange offer to certain eligible holders (the “Exchange Offer”) for any and all outstanding 5.000% Senior Notes due 2029 (the “CrownRock Notes”) issued by CrownRock, L.P. and CrownRock Finance, Inc. for up to $376,084,000 aggregate principal amount of new notes […]
Tellurian to be Acquired by Woodside for Approximately $900mn
(Tellurian, 21.Jul.2024) — Tellurian Inc. has entered into a definitive agreement with subsidiaries of Woodside Energy Group Ltd pursuant to which Woodside will acquire all the outstanding shares of Tellurian for $1.00 per share in an all-cash transaction. “This transaction provides substantial and certain value for our shareholders. Following our […]
Woodside to Acquire Tellurian for $1/share, Create LNG Powerhouse
(Woodside, 22.Jul.2024) — Woodside has entered into a definitive agreement to acquire all issued and outstanding common stock of Tellurian including its owned and operated US Gulf Coast Driftwood LNG development opportunity. The consideration for the transaction is an all-cash payment of approximately $900mn, or $1.00 per share of outstanding Tellurian […]
Ecopetrol Informs of Ongoing Negotiations with Occidental
(Ecopetrol, 19.Jul.2024) — Ecopetrol S.A. informs that it is engaged in conversations with Occidental Petroleum Corp. (OXY) oriented to consider the potential acquisition by Ecopetrol of a certain percentage of assets owned by CrownRock, a company located in the United States. The percentage of the assets and the price that Ecopetrol would […]
Kinder Morgan Reports 2Q:24 Financial Results
(Kinder Morgan, 17.Jul.2024) — Kinder Morgan, Inc.’s board of directors today approved a cash dividend of $0.2875 per share for the second quarter ($1.15 annualized), payable on 15 Aug. 2024 to stockholders of record as of the close of business on 31 July 2024. This dividend is a 2% increase […]
Energy Transfer and Sunoco Announce Strategic Permian JV
(Energy Transfer, 16.Jul.2024) – Energy Transfer LP and Sunoco LP announced the formation of a joint venture combining their respective crude oil and produced water gathering assets in the Permian Basin. Energy Transfer will serve as the operator of the joint venture and contribute its Permian crude oil and produced water […]
TGS Announces Early Access to Gulf Coast Storage Assessment
(TGS, 15 July 2024) – TGS announces early access to a comprehensive carbon storage assessment dataset along the Texas and Louisiana Gulf Coast, covering the available GLO lease blocks. This evaluation will help prospective bidders maximize their bid accuracy, optimize project costs and drive sustainable growth in the CCS sector. […]
US-Mexico Energy Trade Value Fell in 2023
(EIA, 15.Jul.2024) — The value of all energy trade between the United States and Mexico decreased almost 15% from $77.8bn in 2022 to $66.5bn in 2023, adjusted for inflation. Lower fuel prices more than offset the increase in the volume of energy trade between the two countries. Energy trade value […]
Scientists: Epoch Marked by human impact — the Anthropocene — Began in 1950s
(AP, 11.Jul.2024) — From climate change to species loss and pollution, humans have etched their impact on the Earth with such strength and permanence since the middle of the 20th century that a special team of scientists says a new geologic epoch began then. Called the Anthropocene — and derived […]
Honeywell to By Air Products’ LNG Process Technology
(Air Products, 10.Jul.2024) — Honeywell and Air Products jointly announced that Honeywell has agreed to acquire Air Products’ liquefied natural gas (LNG) process technology and equipment business for $1.81bn in an all-cash transaction. This represents approximately 13x estimated 2024 EBITDA. As a result of the acquisition, Honeywell will be able to offer customers a comprehensive, […]
Pennybacker Acquires Miami LNGÂ Business
(Pennybacker Capital, 9.Jul.2024) — Pennybacker Capital Management, LLC, a real assets investment manager, has entered into a definitive agreement to acquire a small-scale LNG business (Miami Facility) based in Miami, Florida, from New Fortress Energy Inc. Financial terms were not disclosed. The transaction is expected to close in the third quarter of […]
Exxon Mobil Signals 2Q Earnings hit from Refining Margins
(Reuters, 8.Jul.2024) — Exxon Mobil said on Monday lower natural gas prices and refining margins are expected to hit the oil major’s second-quarter earnings. The oil major would be reporting its first earnings after closing the acquisition of Pioneer Natural Resources for $60 billion, with the combined operations making it the […]
Hurricane Beryl Impact to the Port of Corpus Christi
(Port of Corpus Christi, 8.Jul.2024) — In response to the impacts of Hurricane Beryl, the Port of Corpus Christi Authority has now fully transitioned to Post-Storm Recovery in accordance with the 2024 Hurricane Readiness Plan. Port personnel are continuing to assess impacts; however no significant impacts have been reported. Port facilities, […]
Devon Announces $5bn Strategic Acquisition in the Williston
(Devon Energy, 8.Jul.2024) — Devon Energy has entered into a definitive purchase agreement to acquire the Williston Basin business of Grayson Mill Energy in a transaction valued at $5bn, consisting of $3.25bn of cash and $1.75bn of stock to the sellers. The transaction is subject to customary terms and conditions, […]
ExxonMobil Shuts Hoover Platform as Beryl Approaches
(ExxonMobil, 7.Jul.2024) — As we prepare for severe weather that may impact our Gulf of Mexico operations, our primary focus is the safety of our workforce and communities in the affected areas. We continue to meet customer commitments. For the latest developments on Beryl, please visit the National Hurricane Center website. […]
Corpus Christi Port Readies for Arrival of Beryl Impact
(Port of Corpus Christi, 5.Jul.2024) — Anticipating the landfall of Hurricane Beryl on the Texas Gulf Coast, the Port of Corpus Christi has increased its Hurricane Readiness Status to Hurricane Readiness Level 2 (High Readiness), in accordance with its 2024 Hurricane Readiness Plan. The Port continues to monitor possible impact scenarios for Hurricane […]
Kosmos Announces First Oil Production at Winterfell in the U.S. GOM
(Kosmos, 3.Jul.2024) — Kosmos Energy Ltd. announced the successful start-up of oil production at the Winterfell development in the Green Canyon area of the U.S. Gulf of Mexico. Winterfell (Kosmos 25.04% working interest) is a phased development with the initial two production wells of the first phase now online and ramping up production. A […]
Kosmos Starts Oil Production at Winterfell in the U.S. GOM
(Kosmos Energy, 3.Jul.2024) — Kosmos Energy Ltd. announced the successful start-up of oil production at the Winterfell development in the Green Canyon area of the U.S. Gulf of Mexico. Winterfell (Kosmos 25.04% working interest) is a phased development with the initial two production wells of the first phase now online and ramping up production. […]
SLB updates on planned ChampionX acquisition
HOUSTON, TEXAS (By Ian Silverman, Energy Analytics Institiute, 2.Jul.2024, Words: 108) — SLB and ChampionX have each received a request for additional information, a second request, from the U.S. Department of Justice (DoJ) in connection with the agency’s review of SLB’s earlier announced plans to acquired ChampionX. SLB expects the […]
New Fortress to Sell Miami Liquefaction and Storage Facility
(New Fortress, 1.Jul.2024) — New Fortress Energy Inc. has entered into a definitive agreement to sell its liquefaction and storage facility in Miami, Florida to a U.S. middle-market infrastructure fund. The transaction is expected to close in the third quarter of 2024 subject to customary terms and conditions. The Miami […]
US judge halts Biden administration’s pause on LNG permits
WASHINGTON, DC (By Reuters, 1.Jul.2024, Words: 350) — A federal judge on Monday dealt President Joe Biden’s climate agenda a setback by blocking the Democrat’s administration from continuing to pause the approval of applications to export liquefied natural gas (LNG). U.S. District Judge James Cain in Lake Charles, Louisiana, sided with 16 Republican-led […]
NextDecade Subsidiary RGLNG Issues $1.1bn Senior Notes Due 2047
(NextDecade, 1.Jul.2024) — NextDecade Corporation’s subsidiary Rio Grande LNG, LLC issued $1.115bn of senior secured notes in a private placement. These senior secured notes will accrue interest at a fixed rate of 6.58%. Proceeds from the notes will be used to reduce outstanding borrowings and commitments under Rio Grande LNG’s […]
Tellurian Closes $260mn Asset Sale, Retires Senior Secured Debt
(Tellurian, 1.Jul.2024) — Tellurian Inc. closed the previously reported sale of its integrated upstream assets for $260mn to affiliates of Aethon Energy Management LLC, fulfilling a key objective outlined in May and substantially strengthening its balance sheet as it advances the Driftwood liquefied natural gas (LNG) project. The company utilized […]
Aethon Completes Purchase of Tellurian Upstream, Midstream Assets
(Aethon, 1.Jul.2024) — Aethon Energy Management LLC successfully closed on the acquisition of Tellurian’s integrated upstream assets. Aethon’s footprint across its Fund II and Fund III assets in the Haynesville Shale now includes approximately 375,000 net acres with gathering and treating capacity of over 3 Bcf/d. Concurrent with the acquisition, […]
EAI’s NRGBriefs: June 2024
(Energy Analytics Institute, 30.Jun.2024) — Energy briefs as well as others related to finance and projects during June 2024 including Wintershall Dea and its partners from TotalEnergies and Pan American Energy have started development drilling at the Fenix field in Argentina; Trendsetter Engineering has been awarded a significant contract by […]
Eni Inks Deal to Sell Upstream Assets in Alaska
(Eni, 27.Jun.2024) — Eni inked a binding agreement with Hilcorp, one of the largest US private company with extensive experience operating in Alaska, for the sale of 100% of the Nikaitchuq and Oooguruk assets owned by Eni in Alaska. This transaction is consistent with Eni’s strategy focused on the rationalization of […]
FERC Approves Venture Global’s CP2 LNG
(Venture Global, 27.Jun.2024) — Venture Global issued the following statement on the Federal Energy Regulatory Commission’s (FERC) approval of CP2 LNG, the company’s third export facility. “Venture Global applauds the Commission and FERC staff for their independent and thorough review and approval of CP2 LNG,” said Mike Sabel, CEO of Venture Global […]
Oceaneering Awarded Multiple Contracts for Vessel Services in the US GOM
(Oceaneering, 27.Jun.2024) — Oceaneering International, Inc. announced that its Offshore Projects Group (OPG) segment has been awarded multiple contractual agreements for vessel services with global energy companies, covering operations in the Gulf of Mexico. The scope of work under the first contract includes a mix of basic and heavy inspection, maintenance, […]
JordProxa and Zelandez Partnership Set to Accelerate Lithium Carbonate Supply
(JordProxa, 27.Jun.2024) — JordProxa and Zelandez announced the signing of a partnership designed to speed up the supply of lithium from lithium brine mining companies in North and South America. The collaboration links the world’s leading lithium brinefield technology provider with one of the most respected names in modular plant […]