At the current rate of work, it would take 30 years to repair and replace utilities’ aging natural gas pipelines around the country, but compressing that to 10 years would create more than 300,000 jobs and slash methane emissions, according to a report from the BlueGreen Alliance, FuelFix reports.
A 20 percent increase in revenue for Noble Energy in the second quarter on higher shale production wasn’t enough to sustain last year's profits, which fell 49 percent compared to the year-ago period, to $192 million, FuelFix reports, noting the company dropped $187 million on commodity derivatives.
HOUSTON (AP) — Breitburn Energy is buying QR Energy LP in a deal worth about $1.46 billion.
QR unitholders will receive approximately 72 million common units of Breitburn Energy Partners LP, or 0.9856 of a Breitburn unit, for each unit of QR Energy that they own. The consideration to be received by QR unitholders is valued at $22.48 per unit, a 19 percent premium to Wednesday's closing price of $18.87.
Shares of Houston's QR Energy were up more than 8 percent Thursday in premarket trading.
TOKYO (AP) — Japan's trade deficit surged to a record 7.6 trillion yen ($74.9 billion) in the first half of the year as exports failed to keep pace with surging imports, the Finance Ministry reported Thursday.
Japan's bulging import bill was partly due to a jump in demand as businesses and consumers stepped up purchases ahead of an April 1 increase in the sales tax to 8 percent from 5 percent.
Imports for the six months jumped 10 percent to 42.6 trillion yen ($420 billion) while exports rose 3.2 percent to 35.1 trillion yen ($346 billion), the preliminary data show.
Despite the concerted efforts of North Carolina lawmakers to create a legal framework to get fracking going, low estimates of the state’s gas reserves mean expectations are “not that high” for attracting the interest of drillers, Mining and Energy Commission Chairman James Womack told E&E.
Federal Energy Regulatory Commission approval for construction of LNG export facilities in Cameron Parish, Louisiana is being challenged by groups including the Sierra Club, which are asking the FERC for more environmental analysis, Platts reports.
On the downside of Pennsylvania’s gas drilling boom, an understaffed, unprepared Department of Environmental Protection has failed to follow up on reports of contamination, hasn’t forced drillers to deal with tainted water, and has used an inspection policy that’s a quarter of a century old, according to a report from the state’s Auditor General Eugene DePasquale, Bloomberg reports.
Just weeks after signing a joint venture agreement, partners working on a natural gas project on Alaska’s North Slope have filed with the Department of Energy for an export license that would give them permission to send up to 20 million metric tons of LNG a year to countries with and without free trade agreements with the U.S., Platts reports.
The price of oil rose more than a $1 for the third time in the last four trading days, and closed above $104 for the first time since July 3.
Benchmark U.S. crude for August delivery rose $1.46 to $104.59 on the New York Mercantile Exchange. On Friday, the Nymex contract fell 6 cents to $103.13. Oil has gained 4.6 percent over the past four trading sessions.
Brent crude for September delivery, a benchmark for international oils, gained 44 cents to $107.68 on the ICE exchange in London.
A battle over the control of gas production east of Homs has claimed more than a hundred lives over two days, opposition activists and government-aligned media in Syria said, The Wall Street Journal reports.
Proposals to tighten safety standards for crude carried by rail were published in the Federal Register Friday by the Pipeline and Hazardous Materials Safety Administration, kicking off a period for public comment that will run for 60 days, The Hill reports.
Environmental groups have submitted a petition to the U.S. Court of Appeals for the District of Columbia Circuit, charging an Environmental Protection Agency rule that sets a new deadline for states to submit plans to reduce fine particle pollution violates the Clean Air Act and asking for a review, E&E reports.
With a glut in the Atlantic basin and weaker demand, crude oil Friday dropped to its lowest settlements in months in New York and London despite continued crises in the Middle East and Ukraine. U.S. benchmark crude for September delivery finished the week more than 4 percent lower, falling 29 cents to close at $97.88 a barrel on the Nymex, its lowest settlement since February, while Brent crude tumbled $1.18 to $104.84, Reuters reports.
Although Libyan ports and oilfields have been reopening, sending oil prices tumbling globally, analysts warn that the worst violence to wrack the country since its 2011 civil war shows little sign of abating and the oil industry there remains at risk, The Wall Street Journal reports.
The three West Coast governors, all Democrats -- Jerry Brown of California, Jay Inslee of Washington and John Kitzhaber of Oregon -- have sent a letter to Interior Secretary Sally Jewell, expressing their opposition to including any oil or gas lease sales from their area in her department’s updated plan for the Outer Continental Shelf, The Associated Press reports.
Opening up more areas to offshore drilling -- including parts of the Pacific -- would generate around $160 billion over a period of less than 20 years, according to more than 160 Republican Congressmen who sent a letter to Interior Secretary Sally Jewell about her department’s updated plan for the Outer Continental Shelf, The Hill reports.
The latest round of sanctions against Russia over its policy in Ukraine, which would require permits for exporting oil technology to Moscow, poses a problem for Exxon Mobil, which has plans to drill for oil in partnership with state-owned Rosneft in the Arctic and elsewhere, National Journal reports.
The cost of battery technology will have to come down by more than half, but Tesla Motors chief Elon Musk – speaking to investors during a week when he announced partnership with Panasonic to build a battery gigafactory -- is confident that will happen and electric vehicles will achieve price parity with those running on gasoline within 10 years, E&E reports.
Kinder Morgan affiliate El Paso Natural Gas Co. has already begun engineering work on $529 million worth of upgrades to its pipeline system in the Southwest which will enable it to deliver promised natural gas to Mexico, agreed in a 21-year deal signed with the country’s electricity commission, FuelFix reports.
The BNSF Railway is some 811,000 short tons behind on coal deliveries to the Sherco power plant northwest of Minneapolis, Xcel Energy has told the Surface Transportation Board, warning that if the plant runs out of coal it will stop producing electricity, Platts reports.