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U.S. Crude Stocks Fall, Gasoline and Distillate Inventories Rise – EIA

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

U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration said on Thursday. Crude inventories fell by 4.2 million barrels to 454.7 million barrels in the week ending May 24, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel draw. Crude stocks at …

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Oil Prices Steady as Solid U.S. Crude Demand Offsets Rate Concerns

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

Summary EIA stocks data due later Thursday US, eurozone inflation due Friday OPEC+ meets June 2 to discuss supply cuts (Reuters) – Oil prices were broadly steady as pressure from U.S. data pointing to higher-for-longer rates was offset by inventory numbers showing strong demand for crude in the United States. Ahead of U.S. crude oil …

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New Big Nuclear Reactors Get Support From Biden Administration

Conventional Energy, Latest, Nuclear, US News / By

White House forms panel to aid construction, prevent delays Construction of the power plants has been hit by cost overruns The White House is throwing its weight behind building large-scale nuclear reactors to help mitigate industry risk associated with the construction of power plants that can cost tens of billions of dollars. During a White …

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Exxon Vows to Be ‘Forceful Advocate’ for Shareholder Democracy

Energy Topics & Technology, Exploration & Production, Latest, US News / By

Opponents say lawsuit is attempt to silence dissenting voices Investors vote with board on all proposals at virtual meeting Exxon Mobil Corp. pledged to be a “forceful advocate” for shareholder rights as it confronts activist investors that the oil giant accuses of abusing the US proxy voting system. Chief Executive Officer Darren Woods vowed to “safeguard” annual meetings …

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Chevron Shareholders Re-elect All Directors, CEO Confident on Hess Deal

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Chevron shareholders on Wednesday voted to re-elect all 12 sitting directors to its board, in a sign of support for the oil major. CEO Michael Wirth said the company was moving ahead on the U.S. Federal Trade Commission’s review of its proposed buyout of oil producer Hess Corp in the coming weeks, and was confident …

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Conoco’s Marathon Deal is Cheap and Cheerful

Energy Topics & Technology, Latest, Mergers and Acquisitions, US News / By

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Robert Cyran NEW YORK, May 29 (Reuters Breakingviews) – While rivals are going big and risky, ConocoPhillips is taking a cheerful boogie board ride on oil’s merger wave. The $139 billion oil driller said on Wednesday that it has agreed to buy rival Marathon …

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Double Eagle Explores $6.5 Billion Sale of Shale Oil Producer, Sources Say

Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, Oil, Shale, US News / By

Prolific oil and gas developer Double Eagle is exploring a sale of its latest Permian Basin-based producer in a deal that could be worth more than $6.5 billion, including debt, according to people familiar with the matter. The Double Eagle team is expected to launch a sale process for the producer in the second half …

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Exxon Shareholders Re-Elect Two Directors Targeted by Activists

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Exxon Mobil shareholders on Wednesday overwhelmingly voted to re-elect Chairman Darren Woods and lead director Joseph Hooley, who were targeted by activist shareholders. The two had faced a “vote no” campaign by shareholder rights activists over the top U.S. oil company’s lawsuit seeking to bar climate-focused investors from bringing future resolutions. The company’s slate of all …

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Data Centers Could Use 9% of U.S. Electricity by 2030, Research Institute Says

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

Data centers could use up to 9% of total electricity generated in the United States by the end of the decade, more than doubling their current consumption, as technology companies pour funds into expanding their computing hubs, the Electric Power Research Institute said on Wednesday. Depending on the adoption pace of technology such as generative …

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Biden Administration Expands Tax Credits Beyond Wind, Solar

Latest, Renewable Energy, Solar, US News, Wind / By

(Reuters) – The Biden administration on Wednesday proposed expanding tax credits that have for years boosted U.S. solar and wind energy projects to cover a wider range of clean energy technologies including nuclear fission and fusion. The Treasury Department announced its guidance for Clean Electricity Production Credits and Clean Electricity Investment Credits, created under the …

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