Oil and Gas – Page 2 – The News Desk

Williams Cos. to Buy Gulf Coast Natural Gas Storage Portfolio for $1.95 Billion

27Dec

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World

Williams Cos. to Buy Gulf Coast Natural Gas Storage Portfolio for $1.95 Billion

Energy infrastructure company Williams Cos.has inked a deal to buy a portfolio of Gulf Coast natural-gas storage assets from an affiliate of commodities-trading company Hartree Partners for $1.95 billion.Williams on Wednesday said the acquisition includes six underground natural gas storage facilities in Louisiana and Mississippi with total capacity of 115 billion cubic feet, along with 230 miles of gas transmission pipeline and connections to Transco, the nation’s largest natural gas transmission pipeline.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

23Dec

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Money

OPEC Is Losing Its Mojo on Wall Street

Throttling back on oil production hasn’t helped OPEC and its allies to push up crude prices lately.At least four times in the past 15 months, members of the alliance known as OPEC+ have slashed oil output, only for prices to soon retreat anyway. A surge near $100 a barrel petered out earlier this year, and crude futures tumbled 10% in the two weeks after the coalition announced a roughly 5% reduction on Nov. 30.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

18Dec

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World

Energy & Utilities Roundup: Market Talk

The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.0702 GMT – Centrica has had an outstanding 2023, outperforming the utility sector by around 50%, but 2024 looks to be a more normalized earnings year, Jefferies analysts write in a research note. “We believe that Centrica’s earnings momentum has started to slow down,” they say. To unlock further value, the U.K. energy company needs more visibility on how it can put its standout balance sheet to work, they say. For them to get positive again on Centrica, it needs to deliver on business KPIs, such as growth in energy services, margins on residential energy supply, and further visibility on capital expenditure returns, the analysts say. Jefferies lowers it rat...

Oklahoma Finds It Hard to Break Up With JPMorgan and BlackRock

14Dec

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Money

Oklahoma Finds It Hard to Break Up With JPMorgan and BlackRock

Cutting ties with the largest U.S. banks and asset managers is easier said than done. In Oklahoma, where a new law requires the state to stop doing business with financial companies that “boycott” the oil-and-gas industry, officials and pension employees are running into hurdles while trying to comply.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Oil-Demand Growth to Weaken Next Year, IEA Says

14Dec

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World

Oil-Demand Growth to Weaken Next Year, IEA Says

Global oil-demand growth is expected to slow next year, reflecting weaker economic growth across major economies in the wake of higher interest rates, the International Energy Agency said.The Paris-based organization said Thursday in its monthly report that demand growth is expected to halve to 1.1 million barrels a day next year, with average demand seen at 102.8 million barrels a day. The outlook for 2024 was raised by 130,000 barrels a day compared with previous estimates.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Credit Agricole to Stop Financing New Fossil Fuel Extraction Projects

14Dec

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World

Credit Agricole to Stop Financing New Fossil Fuel Extraction Projects

Credit Agricole said it aims to achieve carbon neutrality by 2050 and that it won’t finance any new fossil fuel extraction projects.The French lender said Thursday it expects to increase 80% of its exposure to low carbon energies through 2025 totalling 13.3 billion euros ($14.46 billion).Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Former Warburg Pincus Executives’ New Firm Seeks $750 Million for Oil-and-Gas Bets

13Dec

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World

Former Warburg Pincus Executives’ New Firm Seeks $750 Million for Oil-and-Gas Bets

Updated Dec. 13, 2023 2:34 pm ET|WSJ ProCovalence Investment Partners, a new firm founded by two former executives of Warburg Pincus, is seeking $750 million to invest in the oil patch, pitching its debut fund as an opportunity to buy mature fields at bargain prices.David Habachy and David Krieger, who launched Covalence early this year, both previously worked as managing directors at Warburg and led investments in oil and gas for the New York private-equity firm, according to a fund-marketing presentation viewed by WSJ Pro Private Equity. Warburg has sold several of its oil-and-gas holdings in the past year or so, as it retreats from the sector. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

OPEC Leaves Global Oil-Demand Views Unchanged

13Dec

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World

OPEC Leaves Global Oil-Demand Views Unchanged

The Organization of the Petroleum Exporting Countries left its expectations for global oil demand unchanged for this year and next and raised its 2023 global economic growth forecast, against a backdrop of falling oil prices the cartel has been unable to halt.The Vienna-based oil-producers’ cartel said in its monthly oil-market report that it expects oil demand to grow by 2.2 million barrels a day next year, in line with its previous estimates. Its forecast for 2023 was also steady at 2.5 million barrels a day.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Occidental to Acquire CrownRock in $12 Billion Deal

11Dec

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World

Occidental to Acquire CrownRock in $12 Billion Deal

Updated Dec. 11, 2023 7:49 am ETOccidental Petroleum has signed a $12 billion cash-and-stock deal to acquire the oil and gas producer CrownRock.Houston-based Occidental said Monday that it will take on $9.1 billion in new debt and issue $1.7 billion in new shares to finance the transaction, which sees it gaining CrownRock’s 94,000 net acres in the northern part of the Midland Basin in Texas. The acreage is part of the Permian basin, the largest oil producing region in the U.S.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

The Megafactories Are Coming. Will the Workers Show Up?

10Dec

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World

The Megafactories Are Coming. Will the Workers Show Up?

By John Keilman | Photos by Maddie McGarvey for The Wall Street Journal COLUMBUS, Ohio—Enormous factories are sprouting outside of this capital city. Now comes the hard part—finding people to work in them.Manufacturing jobs are tough to fill around Columbus, which has one of Ohio’s lowest unemployment rates and a flourishing logistics industry that competes for the same employees. The region’s plants have thousands of open positions, a shortage that is causing some managers to join their workers on the production line.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8