NextEra Energy to sell equity units

NextEra Energy Inc. announced this week it intends to sell $2.5 billion of equity units in the Florida-based electric utility parent, Kallanish Energy reports. Each equity unit will be issued at $50. Each unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5% undivided beneficial ownership interest in a

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North Dakota regulators approve DAPL expansion

The North Dakota Public Service Commission this week voted 3-0 to approve the proposed expansion of the Dakota Access Pipeline (DAPL), which involves building a pump station in Emmons County to help push up to twice as much crude oil through the line daily. Pipeline owner-developer Energy Transfer plans to begin construction on the facility this

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LNG demand will double by 2040: Shell

Worldwide liquefied natural gas demand is expected to double by 2040 to 700 million tonnes, according to third party forecasts, Royal Dutch Shell reports in its Fourth Annual LNG Outlook, Kallanish Energy reports. LNG in 2019 rose a robust 12.5%, to 359 million tonnes, Shell stated. “The global LNG market continued to evolve in 2019,

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Crude gains on smaller-than-expected inventory build

Crude oil prices rose Thursday after the U.S. government reported a much smaller-than-anticipated rise in crude inventories, Kallanish Energy reports. Gains, however, were held down by continuing worries about the spread of the Coronavirus outside China. The Energy Information Administration reported yesterday crude inventories rose only 414,000 barrels for the week ended Feb. 14, compared

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US solar jobs up 167% since 2010: survey

U.S. solar industry jobs have jumped 167% in the last decade, from just over 93,000 jobs in 2010, to 249,983 jobs in 2019, according to the 10th annual “National Solar Jobs Census,” Kallanish Energy reports. The latest census, produced yearly by the nonprofit The Solar Foundation, found last year’s nearly 250,000-worker total was an increase

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Study finds no evidence fracking waste has harmed streams in Pa.

A new federal study concluded there’s no evidence that suggests oil and gas production in northern Pennsylvania has contaminated the state forest service’s rivers and streams, according to Kallanish Energy. The study was published earlier this month in the scientific journal Proceedings of the National Academy of Sciences (PNAS). It found no signs wastewater from fracked wells had

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Dominion buys 5% stake in Atlantic Coast Pipeline

Dominion Energy is buying a 5% share in the Atlantic Coast Pipeline from Southern Co. for $175 million, according to Kallanish Energy. The deal makes Dominion, based in Richmond, Virginia, the majority partner in the project with a 53% stake. Duke Energy Corp., based in Charlotte, North Carolina, is now a minority partner with a

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EQT to sell 1% royalty interest from natural gas production

EQT Corp is considering selling a 1% royalty interest in its revenue from natural gas production, according to ShaleOhio. EQT’s new management team has been working to cut drilling costs and improve its financial outlook as domestic shale has experienced sharp price declines. During a third-quarter conference call, EQT evaluated ways to monetize its interest in

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Low natural gas prices cause wave of impairments

As a result of continued low natural gas prices, oil and gas companies have had to recalculate and reduce the value of their assets to reflect the down market, according to ShaleOhio. Last month, Chevron Corp. recorded a $10 billion impairment last month and more than half of it was attributed to assets in the

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Montage Resources will cut capital spending by 44% in 2020

Montage Resources will cut capital spending by 44% this year in the Appalachian Basin, according to Kallanish Energy. The company plans on spending between $190 million and $210 million on capital spending. That estimate is down from the $357.5 million it recorded spending in the midpoint of 2019’s capital spending guidance. Montage Resources will be

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US crude inventories jump in new EIA survey

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) for the week ended Feb. 7, increased by 7.46 million barrels (Mmbbl) from the previous week, the Energy Information Administration reported Wednesday. At 442.47 Mmbbl, U.S. crude oil inventories are roughly 2% below the five-year average for early February, Kallanish Energy reports. U.S.

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Woodside writing-down Western Canada investments

A partner in the proposed Kitimat LNG project on the British Columbia coast said it will record a $720 million after-tax writedown on its investments in Western Canada, Kallanish Energy learns. Australia-based Woodside Petroleum said the charge against 2019 earnings reflects uncertainty in timing of when it will be able to develop its natural gas fields

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CNX announces 7% increase in proved reserves

On Monday, CNX Resources Corporation announced total proved reserves of 8.43 Tcfe, as of December 31, 2019, seeing a 7% increase compared to the year before, according to PR Newswire. As a result of continued development within the Marcellus and Utica Shale plays, CNX organically added 1,648 Bcfe of proved reserves. Furthermore, the company replaced over

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Ohio business owner ordered to pay $200K for ‘mishandling oil field waste’

Judge Thomas Harris of Ashtabula common pleas court ordered Richard Morrow, who owns RWC Properties and Circle M Oilfield Transportation, to pay $200,000 for polluting the environment by illegally burning and mishandling oil field waste, according to Farm and Dairy. In 2017, the Ohio Environmental Protection Agency reported seeing Morrow burning waste in large storage

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N.Y. governor announces permanent fracking ban

New York Governor Andrew M. Cuomo recently announced intentions to incorporate legislation in the Fiscal Year 2021 Executive Budget permanently banning fracking within the state, according to Buffalo Rising. Cuomo backed his stance by stating that the currently-in-place temporary ban has not only been prudent, it has also proven there are cleaner and more sustainable

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