The $3.8 billion Dakota Access crude oil pipeline may start operating June 1, assuming no new obstacles prevent it, according to a person familiar with the matter. Energy Transfer Partners LP, the developer of the pipeline, will begin filling it with oil around Feb. 15, barring complaints or legal action to stop it, said the person, who asked not to be identified because the plan isn’t public.
Category: Energy
Dakota Access Pipeline Seen Operational in Second Quarter
The $3.8 billion Dakota Access crude oil pipeline won’t start up until the second quarter of this year, according to stakeholder Phillips 66. Energy Transfer Partners LP, the developer of the pipeline, had previously said the project would be in service in the first quarter, which was delayed from its original projection of the fourth quarter of 2016. Vicki Granado, a spokeswoman for Energy Transfer, didn’t immediately respond to request for comment.
3 Reasons Phillips 66’s Earnings Were Such a Disappointment
Not only did those problems grow worse during the fourth quarter, but a range of items across several of the company’s other business segments caused its earnings to deteriorate even further. As a result, the company did not even come close to meeting expectations when it reported fourth-quarter results on Friday morning, as adjusted earnings were just $0.16 per share, which was $0.24 less than analysts’ expectations.
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Last quarter was its worst yet, with revenue sliding another 5% sequentially while its net loss widened. However, oil prices have improved significantly over the past several months, causing some green shoots to start appearing.
Resolution to Scrap Oil and Gas Anti-Bribery Rule Is Moving Swiftly Through Congress
A resolution to scrap an anti-bribery rule that affects oil, gas and mining companies is quickly making its way through Congress. A resolution to scrap an anti-bribery rule that affects oil, gas and mining companies is quickly making its way through Congress.
Valero Energy Headed for Correction
Let’s examine the charts and indicators for clues. In this one-year daily bar chart of VLO, below, we can see that VLO recently closed below the rising 50-day moving average line.
ConocoPhillips Reports Smaller Quarterly Loss
ConocoPhillips, the largest U.S. independent oil producer, posted a much smaller quarterly loss from a year earlier, when it recorded a $2.7 billion charge. The company’s net loss narrowed to $35 million, or 3 cents per share, in the fourth quarter, from $3.45 billion, or $2.78 per share.
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Secretary of State-designate Rex Tillerson testifies on Capitol Hill in Washington, Wednesday, Jan. 11, 2017, at his confirmation hearing before the Senate Foreign Relations Committee. CEO’s confirmation hearing, as the new Secretary of State presented a tougher stance on Russia and pledged greater support for Israel.
Weatherford International Shares Soar on Fourth-Quarter Results
Shares of Weatherford International jumped higher in extended trading Wednesday after the oilfield services company reported a smaller-than-expected loss for the final quarter of 2016. Weatherford posted a net loss of $549 million for the fourth quarter.
ExxonMobil’s Earnings Slip on a Rare Writedown
That changed this past quarter when the company took a $2 billion hit to the bottom line. Despite that large asset charge, ExxonMobil’s results weren’t all that bad.
Nasty Year’ Leaves Oil Investors Wary as Profits Fall Short
Investors eliminated about $53 billion in market value for producers over three days as the twin titans of U.S. oil posted their worst annual financial outcomes in decades. With Royal Dutch Shell Plc, Total SA and BP Plc due to announce 2016 results in coming days, the grim headlines may not yet be over.
Dakota Access Oil Pipeline Seen Gaining U.S. Approval Soon
The U.S. Army Corps of Engineers plans to issue Energy Transfer Partners LP the last permit it needs to finish the controversial Dakota Access oil pipeline, two North Dakota lawmakers said. Acting Army Secretary Robert Speer directed the Army Corps to move forward with the easement necessary to build the final leg of the $3.8 billion crude line under North Dakota’s Lake Oahe, North Dakota Senator John Hoeven said in an e-mailed statement Tuesday, citing a conversation he had with Speer.
1 Thing Vanguard Natural Resources, LLC Has to Prove in 2017
That is after its banks had reduced the borrowing base under its credit facility for the second time that year resulting in another deficiency. This situation caused the upstream MLP to caution that: [It] anticipates that its forecasted excess cash flow will not be sufficient to pay the remaining borrowing base deficiency.
Exxon’s Profit Miss Shows No One Immune From Market Ravages
Exxon Mobil Corp.’s biggest profit miss in at least a decade is the starkest sign yet that major oil explorers remain mired in the deepest market slump in a generation. After resisting the industry trend of discounting the value of oil and natural gas fields that turned into money-losers amid the 2 1/2-year market slump, Exxon capitulated on Tuesday and took a $2 billion hit on the value of some Rocky Mountain gas.
ExxonMobil’s $2 Billion Impairment Charge Weighs on Fourth-Quarter Results
Earnings, assuming dilution, were 41 cents a share, falling short of analysts’ expectations of 70 cents per share. Revenue of $61.02 billion for the period was also below forecasts calling for $61.5 billion.
Oil Set for Monthly Loss as OPEC Cuts Seen Spurring U.S. Supply
Oil is set for its first monthly decline since October as signs that U.S. supply is expanding offset OPEC’s production curbs. Futures lost 0.5 percent in New York and are down 2.3 percent in January.
Shell’s Divestment Push Reaches Thailand in $900 Million Sale
Royal Dutch Shell Plc will sell its stake in an offshore Thai gas field to a unit of Kuwait Petroleum Corp. for $900 million as the international energy giant continues hawking assets for cash in the midst of a years-long energy slump. Shell reached an agreement to sell two subsidiaries that own a combined 22.2 percent interest in the Bongkot field and adjoining offshore acreage to a subsidiary of Kuwait Foreign Petroleum Exploration Co., the unit known as Kufpec, Shell said in a statement Tuesday.
High end survival
Larry Hall leads the way out of the elevator and into an apartment, one of several in a new development that he has recently built. The space is elegantly furnished.
Claims coal-fired plant polluted river: Utility on trial
Environmental groups said in court Monday that the Tennessee Valley Authority is essentially storing toxic ash from an aging Tennessee coal-fired power plant in a colander, letting pollutants seep into a major river in violation of the Clean Water Act. In the bench trial that began Monday in federal court in Nashville, TVA responded that the Tennessee Clean Water Network and Tennessee Scenic Rivers Association can’t prove the federal utility is polluting the water supply in violation of the law or its permits at the Gallatin Fossil Plant, 40 miles outside Nashville.
Will ConocoPhillips Raise Its Dividend in 2017?
Early last year, ConocoPhillips slashed its dividend, doing an about-face after having reassured investors that it remained committed to sustaining its payout. Now that crude oil has rebounded, some hope that ConocoPhillips will be able to return to its upward trajectory with its quarterly dividends.
XLE, SVXY: Big ETF Outflows
Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Energy Select Sector SPDR Fund , where 1,750,000 units were destroyed, or a 0.7% decrease week over week. Among the largest underlying components of XLE, in morning trading today Exxon Mobil is down about 0.6%, and Chevron is lower by about 1.5%.
Saudi Aramco Said to Weigh Up to $5 Billion of Renewable Deals
Saudi Aramco, the world’s largest oil company, is considering as much as $5 billion of investments in renewable energy firms as part of plans to diversify from crude production, according to people with knowledge of the matter. Banks including HSBC Holdings Plc, JPMorgan Chase & Co.
Here’s why Elon Musk is changing his tune on Trump
During the 2016 presidential election, Elon Musk was no fan of Donald Trump – the Tesla and SpaceX CEO didn’t think the celebrity businessman was the right guy for the job. But now that President Trump has the job, Musk has shifted his views.
Saudi Aramco Said to Weigh Up to $5 Billion Renewable Deals
Saudi Aramco , the world’s largest oil company, is considering as much as $5 billion of investments in renewable energy firms as part of plans to diversify from crude production, according to people with knowledge of the matter. Credit Suisse Group AG have been invited to pitch for a role helping Aramco identify potential acquisition targets and advising on deals, the people said, asking not to be identified as the information is private.
This Week in Solar
In 2011, then Secretary of the U.S. Department of Energy Steven Chu launched the SunShot initiative with a goal of cutting the cost of installing a utility-scale solar system for $1 per watt by 2020. At the time, I called the 74% reduction in the cost of solar in a decade ” an audacious goal .”
Shares of Enbridge Energy Partners Plunge After Acquisition Announcement
For some time now, Enbridge Energy Partners’ management has been talking about a strategic review of Midcoast. As oil and gas activity in the U.S. started to decline, Midcoast’s business was hit particularly hard.
Shares of Enbridge Energy Partners Plunge After Acquisition Announcement
For some time now, Enbridge Energy Partners’ management has been talking about a strategic review of Midcoast. As oil and gas activity in the U.S. started to decline, Midcoast’s business was hit particularly hard.
Stock Market Under Pressure After Weak Data, Earnings
U.S. stocks Friday morning were trading slightly lower as investors weighed disappointing fourth-quarter data on domestic economic growth and a spate of earnings, including disappointing results from Dow component Chevron. Still, the main indexes were on track to book weekly profits during a period marked by the Dow surpassing the psychologically important level of 20,000.
Elon Musk Floated the Idea of a Carbon Tax to Trump, an Official Says
President Donald Trump meets with business leaders including Elon Musk, left, in the Roosevelt Room at the White House in Washington on Jan. 23, 2017. Tesla Motors Inc. founder Elon Musk is pressing the Trump administration to adopt a tax on carbon emissions, raising the issue directly with President Donald Trump and U.S. business leaders at a White House meeting Monday regarding manufacturing.
American Electric Power: Cramer’s Top Takeaways
Did you miss last night’s “Mad Money” on CNBC ? If so, here are some of Jim Cramer’s top takeaways. In his final “Executive Decision” segment, Cramer also spoke with Nick Akins, chairman, president and CEO of American Electric Power , the Action Alerts PLUS holding with a 3.7% dividend yield.
Apple Agrees to Buy Solar Power From Buffett’s Nevada Utility
Apple Inc. agreed to buy the output from a proposed 200-megawatt solar farm in Nevada to help power a data center in Reno. NV Energy Inc., a Las Vegas-based utility owned by Warren Buffett’s Berkshire Hathaway Energy Co., plans to seek approval for the power-purchase agreement from the Public Utilities Commission of Nevada, according to a statement Wednesday.
Trump: Build Keystone XL, Dakota Access Pipelines With American Steel
President Donald Trump signed executive orders Tuesday giving the green light for construction of the Keystone XL and Dakota Access pipelines, two projects that stalled under the Obama administration. TransCanada first sought approval for its Keystone XL pipeline in 2008, but President Obama rejected its permit application in November 2015.
5 Earnings Short-Squeeze Trade Ideas
Short-sellers hate being caught short a stock that reports a blowout quarter. When this happens, we often see a tradable short squeeze develop as the bears rush to cover their positions to avoid big losses.
Halliburton Posts North American Profit on Shale Recovery
Halliburton Co. reported fourth-quarter adjusted profit that beat analysts’ estimates as North American shale producers lead the rest of the world into an oilfield recovery.
ConocoPhillips Dividend History: Can the Energy Giant Bounce Back?
The energy industry has gone through huge upheaval over the past couple of years, with oil prices plunging from triple-digit levels to go below the $30 per barrel mark in early 2016 before recovering somewhat. Before then, ConocoPhillips and producing solid dividend yields for its shareholders.
How Investors Can Get In On an Oil Production Resurgence
Reports suggest that 2017 marks the end of the U.S. oil industry’s trend of declining production. In this clip from Industry Focus: Energy , Motley Fool analysts Sean O’Reilly and Taylor Muckerman talk about a few of the best oil and gas companies for long-term investors and a long list of companies that investors will want to look into.
The Global Solar Boom: How Solar Is Finally Moving Beyond Boom and Bust
The past decade of solar energy has been all about a series of boom and bust cycles. Germany’s generous solar tariffs drove the industry for most of the 2000s before the country cut subsidies to the bone.
Oil Services Company Schlumberger Reports Shrinking Q4 Loss, Down Revenue
Schlumberger Ltd. reported a net loss of $204 million, or a loss of 15 cents per share, for the fourth quarter, after a loss of $1.02 billion, or an 81 cent per-share loss during the same quarter a year ago. Adjusted earnings for the quarter came in at 27 cents per share, in line with FactSet’s 27 cents consensus.
India as Solar Bright Spot Helps Fill Japan, China Slowdown
India may be a bright spot for global solar markets this year as it adds capacity at a record pace, becoming one of the top regions for panel producers struggling with rock-bottom prices. India is expected to add nearly twice as much new solar as last year, outpacing once-booming Japan, according to forecasts by Bloomberg New Energy Finance.
Mallinckrodt Will Pay $100 Million to Settle Price-Hike Suit
Irish drugmaker Mallinckrodt Plc agreed to pay $100 million to settle claims that its U.S. unit illegally boosted the price of a rare autoimmune drug by 85,000 percent and bought the rights to a much-cheaper competitor to keep it out of the American market. The unit monopolized the market for years to increase sales of its H.P. Acthar Gel, typically used to treat multiple sclerosis, infantile spasms and other life-threatening diseases, the Federal Trade Commission said Wednesday in a statement.