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U.S. Spot Natgas Prices Hit Record Low in California, Power Prices Remain Negative

U.S. spot gas prices in Southern California fell to a record low for Tuesday, while power in Arizona and California remained negative amid low energy demand over the Memorial Day holiday weekend and ample cheap hydropower and other renewable supplies. Negative prices signal there is too much power or gas being produced in a region. …

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Former Pioneer CEO Urges FTC to Withdraw Ban on His Inclusion in Exxon’s Board

Scott Sheffield, the former CEO of Pioneer Natural Resources, has requested the US Federal Trade Commission to vacate its order that barred his inclusion on Exxon Mobil’s board. Sheffield also sought the dismissal of the proceeding without further action, according to a comment filed by his legal counsel before the regulator on Tuesday. The U.S. antitrust …

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Energy Transfer to Buy WTG Midstream in $3.25 Billion Deal

Pipeline operator Energy Transfer said on Tuesday it would buy WTG Midstream Holdings in a deal valued at about $3.25 billion as the pipeline operator looks to expand its gas transportation and processing network in the Permian Basin. It would acquire WTG from affiliates of Stonepeak, the Davis Estate and Diamondback Energy. The deal will …

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Hess Investors to Vote on Chevron Deal Amid Growing Postponement Calls

Hess Corp shareholders will vote on Tuesday on Chevron’s proposed $53 billion acquisition of the company, after many investors have called for a delay in hopes of obtaining a better offer for their shares. The vote has huge implications for both companies. The deal has been stalled in part by a regulatory review and clouded …

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