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CenterPoint Energy Sees up to $1.3 Bln in Restoration Costs After Hurricane Beryl

Electricity Grid, Energy Topics & Technology, Latest, US News / By

(Reuters) – Electric and gas utility CenterPoint Energy (CNP.N) said on Tuesday it expects total costs to restore facilities damaged by Hurricane Beryl to be in the range of $1.2 billion to $1.3 billion. Earlier this month, Hurricane Beryl made landfall near the coastal town of Matagorda, Texas, causing significant damage to CenterPoint electric subsidiary’s delivery system. Nearly …

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BP Raises Dividend as $2.8 Billion Quarterly Profit Beats Forecasts

CDN and International News, Energy Topics & Technology, Exploration & Production, Latest / By

Summary BP boosts dividend by 10%, extends share buybacks Refining profits weighed by weak fuel demand, CEO says BP to develop new Gulf of Mexico oilfield (Reuters) – BP  increased its dividend and extended its share repurchasing programme on Tuesday as it reported a forecast beating second-quarter profit of nearly $2.8 billion, with weak refining offset …

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Middle East Oil Gives U.S. Drillers an Opportunity for Growth

Conventional Energy, Drilling Rigs, Energy Topics & Technology, Latest, Natural Gas, Oil, US News / By

Helmerich & Payne’s planned takeover may be a sign of things to come. US shale drilling activity appears to have peaked. The number of operating onshore oil rigs is the lowest since 2021, a result of industry consolidation and tighter spending as companies return more profits to shareholders. That presents a challenge for the country’s oil-field contractors. …

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Almost 20% of Americans Face Prospect of Higher Electric Bills

Electricity Grid, Energy Topics & Technology, Latest, US News / By

PJM set to release pricing details for securing power supply Baltimore, Virginia are poised to earn premiums in auction More than 65 million Americans are facing the prospect of significantly higher electricity prices next year, thanks to shrinking energy supply and rising demand on the biggest US electric grid. An increase for the year starting …

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U.S. Buys 4.65 Million Barrels for Emergency Oil Stockpile

Conventional Energy, Energy Storage, Energy Topics & Technology, Latest, Oil, US News / By

The U.S. Department of Energy said on Monday it had finalized a contract to purchase 4.65 million barrels of crude oil for the Strategic Petroleum Reserve, for delivery to the Bayou Choctaw site in Louisiana during the last three months of the year. Exxon Mobil will supply 3.9 million barrels of the contract, while Macquarie Commodities …

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Vital Energy, Northern Oil and Gas Buy Point Energy Shale Assets for $1.1 Billion

Energy Topics & Technology, Latest, Mergers and Acquisitions, Shale, Tri-Pinned, US News / By

(Reuters) – Vital Energy and Northern Oil and Gas  will jointly acquire U.S. shale assets from private equity-owned Point Energy Partners for $1.1 billion, the companies said on Sunday. Vital will buy an 80% stake in the Point Energy assets, located in the Delaware patch of the Permian Basin, the heart of the U.S. shale industry that …

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Vital Energy to Expand Delaware Basin Position Through Bolt-on Acquisition

Energy Topics & Technology, Latest, Mergers and Acquisitions, Press Releases / By

Transaction highly accretive to key metrics; adds 68 high-return gross locations TULSA, OK, July 28, 2024 (GLOBE NEWSWIRE) — Vital Energy, Inc. (NYSE: VTLE) (“Vital Energy” or the “Company”) today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Point Energy Partners (“Point”), a Vortus Investments portfolio company. …

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A New Wave of Electric Vehicles Are Ready to Charge at 70 MPH

Electric Vehicles, Energy Topics & Technology, Latest, US News / By

Stellantis and Mazda are among the automakers offering an antidote to range anxiety: onboard generators (the gas kind). Despite a parade of electric vehicles that can travel more than 300 miles on a charge, range anxiety remains a major hurdle to widespread adoption particularly in the US. There is, however, a “no-duh” antidote to allay fears of …

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Harris Backs Off Fracking Ban as GOP Campaigns on Past Position

Conventional Energy, Energy Topics & Technology, Latest, Oil, Pinned Primary, US News, Well Optimization / By

Harris supported ban on extraction method as candidate in 2019 Reversal shows focus on vice president after Biden dropped out Vice President Kamala Harris’ campaign said she doesn’t support a ban on fracking, reversing a stance she took on the hot-button oil and gas extraction technique as a presidential candidate in 2019. Harris’ previous anti-fracking position …

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U.S. Crude Oil Prices Retreat Amid Doubts About Further Stock Draw

Conventional Energy, Energy Storage, Energy Topics & Technology, Latest, Oil, US News / By

By John Kemp (Reuters) – U.S. crude oil inventories have depleted faster than normal over the last four weeks – squeezing hedge funds running short positions, keeping spot prices firm and the futures curve in a steep backwardation. But with most short positions now repurchased this source of support has melted away and both spot prices …

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