J.P. Morgan, Capital One Commit $260MM to Arizona Solar Project
Arizona’s Box Canyon solar project secured a $260 million tax-equity financing commitment from Capital One and an affiliate of J.P. Morgan.
Nabors Industries to Buy Parker Wellbore for $370MM
Nabors Industries Ltd. will buy Parker Wellbore for 4.8 million shares of Nabors common stock and assume an additional $100 million in debt as OFS companies continue to consolidate following a massive wave of E&P M&A since 2023.
Cove Point LNG in Maryland Returns to Production
Berkshire Hathaway Energy’s 0.8-bcfd Cove Point LNG export plant in Lusby, Maryland, returned to production on Saturday, three weeks after it shut down for annual maintenance, according to data from financial firm LSEG. The plant is one of the smallest U.S. LNG export facilities, but with low gas prices since March this year, any loss …
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US Natgas Prices Hold Near 3-Week Low on Mild Weather Forecasts
U.S. natural gas futures held near a three-week low on Tuesday on expectations mild weather over the next two weeks will keep demand low. Front-month gas futures for November delivery on the New York Mercantile Exchange remained unchanged at $2.490 per million British thermal units (mmBtu) at 8:11 a.m. EDT (1211 GMT). On Monday, the …
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Oilfield Services Firm Nabors Industries to Buy Parker Wellbore
Nabors Industries on Tuesday agreed to buy drilling services provider Parker Wellbore as the oilfield services company aims to expand its global drilling business. The company would acquire Parker Wellbore for 4.8 million shares of Nabors’ common stock, subject to a share price collar, and the assumption of net debt of about $100 million. As …
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Google Backs Buildout of Small Nuclear Reactors in Kairos Deal
Alphabet Inc.’s Google is investing in the development of the next generation of nuclear power, backing a company that’s building small modular reactors and agreeing to purchase energy once the sites start supplying US grids. Google signed an agreement with Kairos Power to construct a series of so-called SMRs that use molten-salt cooling technology. The move …
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IEA Sees Oil Surplus Looming, Reassures on Iran Supply Risk
Summary IEA cuts 2024 demand growth forecast by 40,000 bpd Projection for 2025 raised by 50,000 bpd Oil drops as Iran supply disruption concerns ease (Reuters) – The world oil market is heading for a sizeable surplus in the new year, the International Energy Agency said on Tuesday as it reassured markets that the agency …
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Middle East Supply Disruption Potential Could Send Oil above $100/bbl, Citi Says
(Reuters) – Citi Research on Monday raised its bull case scenario for oil prices for this quarter and the next one, citing heightened potential of the market to fear or realize supply losses during these months due to growing Middle East conflict. The bank upgraded its bull case for the fourth quarter of 2024 and …
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OPEC Trims Its China Crude Demand Forecast, but Nowhere Near Enough
(Reuters) – OPEC cut its estimate for China’s crude oil demand growth in 2024 for a third straight month in October, but the producer group is still massively optimistic given the reality of falling imports. The latest monthly report by Organization of the Petroleum Exporting Countries (OPEC) said China’s crude oil demand will expand by …
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Russia Seeks Over $1 Billion in Damages From Shell, Report Says
(Reuters) – The Russian General Prosecutor’s office was seeking to collect more than 1 billion euro ($1.09 billion) in damages from international energy major Shell the RIA news agency reported on Tuesday, citing the Moscow Arbitration court. Russia’s Prosecutor General earlier this month filed a lawsuit against eight units of Shell, which quit Russia following the start …
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