AI's hunger for energy fuels geothermal startup but rivalry over natgas clouds the future
The number of geothermal energy startups is on the rise, as Big Tech companies look to power their AI data centers with natural gas. However, long-term investment remains uncertain because oil majors are doubling down on natural gases. Meta and Alphabet’s Google are two of the tech companies that have partnered with startups to create geothermal energy to power their data centres. The energy demands of artificial intelligence are being met by large datacenter operators, who are also accelerating the adoption of a variety of clean technologies.
Trump Energy Pick writes ESG report praising oil and gas, while downplaying climate worries
According to a report that he wrote as the CEO of oilfield service company Liberty Energy, Donald Trump's nominee to head the Energy Department believes fossil fuels will end world poverty. He says this is a bigger problem than the "distant threat" of climate change. Chris Wright stated in a February report entitled "Bettering Human Lives" that the energy transformation has not yet begun, and that while climate change is a problem, it's not the biggest threat to humanity. Wright, who founded a foundation to expand propane cook stoves for developing countries…
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions. The National Hurricane Center reported that winds could reach up to 100 miles per hour (161 km/h) on Tuesday. Earth Science Associates, an energy analytics firm, estimated that U.S.
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions. The National Hurricane Center reported that winds could reach up to 100 miles per hour (161 km/h) on Tuesday. Earth Science Associates, an energy analytics firm, estimated that U.S.
Meyer Burger talks to bondholders about injecting new capital
Meyer Burger, a Swiss solar panel manufacturer, said that it had entered into advanced negotiations on Thursday with a group holders of its convertible bond maturing in the years 2027 and 2029. The aim is to inject new capital into their business and restructure liabilities under some convertible bonds. The company said that it expects to achieve annual sales between CHF 350 and CHF 400 millions and EBITDA of approximately CHF 70millions by 2026. In its report for the first half of the year…
US energy deals fall to $12 billion in Q3 after a year-long frenzy
Enverus, a leading analytics firm, said that U.S. oil deals slowed dramatically in the last quarter as a result of fewer firms being offered and a consolidation wave lasting ten months. Andrew Dittmar, principal analyst at Enverus Intelligence research, reported that the quarter ending Sept. 30 saw the lowest number of deals in six quarters. After 2023, when $192 billion was spent on deals in West Texas and New Mexico's Permian Basin, the biggest shale formation in the U.S. He added that these mega deals are causing acquirers to review their portfolios in order to eliminate unwanted assets.
Kansas Fed reports that drilling activity in the US Rockies and Midwest has fallen for the seventh consecutive quarter.
According to survey results released by Federal Reserve Bank of Kansas City on Friday, oil and gas activity in U.S. Midwest Rockies and Midwest declined in the third quarter. This is the seventh consecutive quarterly decline. The survey was conducted in mid-September and covered companies drilling in Kansas as well as Colorado, Nebraska, Oklahoma, and the northern half New Mexico. Chad Wilkerson is the senior vice-president of the Federal Reserve Bank of Kansas. He said that the activity in the region will not be rebounding in the next few months.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
Meyer Burger's CFO and CEO have left the company
Meyer Burger announced on Wednesday that its CEO and CFO will be leaving the company. This is part of a restructuring program which will see the company lose nearly 20% of their global workforce. Meyer Burger announced that Gunter Erfurt, the company's CEO, will step down and be replaced by Franz Richter, its chairman. The company also announced that CFO Markus Nikles will be leaving. The company announced that it would reduce its workforce by 850 employees at the end of 2025. The majority of jobs in Europe are going to be lost.
Rural towns in New Mexico's arid region are looking to treated oil wastewater for a drought solution.
Stephen Aldridge, a pilot of a four-seater helicopter, could see a dozen lagoons filled with toxic waste glistening in the distance between drill rigs. The mayor of Jal, a tiny town nestled in the middle of U.S. Oil Country near the Texas border, saw the scene as a chance to find water for the state that is suffering from a worsening drought. Aldridge belongs to a growing number of New Mexico politicians that want to see the state develop regulations to allow the millions of gallons per day of produced water…
Meyer Burger to halt solar plant in Colorado and plans restructuring
Meyer Burger, a Swiss solar panel manufacturer, announced on Monday that it had suspended plans for an upcoming plant in Colorado. The company said it would take restructuring measures to improve profitability and also suggested the profits might be lower than expected. The company said that its board had requested management to develop a "comprehensive cost-cutting and restructuring program", and board member Mark Kerekes would be stepping down. Meyer Burger announced that it would focus on its already installed module production facility in Goodyear (Arizona) following the Colorado decision.
Meyer Burger delays half-year results while it looks for financing
Meyer Burger, a Swiss solar panel manufacturer, announced on Tuesday that it will postpone its 2024 half year results to September 16 in order to secure additional funding and a strategic partnership. Meyer Burger announced that it will postpone publication of the results which were due to be published on Wednesday. The company did not provide any further details. The money will be used to complete the Colorado and Arizona manufacturing plants. Meyer Burger's financial struggles have caused pressure on its shares. They are down more than 90% this year and well below the peaks reached in early 2023.
Occidental delays CrownRock output goals, turns to debt reduction
Occidental Petroleum said on Thursday that it would focus on reducing debt and catching-up with production goals promised before a much anticipated expansion of the cash distribution program. The U.S. Oil Producer posted better than expected second quarter results on Tuesday, thanks to strong production in Colorado and lower operating costs. This, combined with a one-time high midstream earning, sent the shares up by 1.54% during afternoon trading. The company has not been able to produce the 170,000 barrels equivalent per day (boepd), as expected, from newly acquired assets.
Chevron to Buy PDC Energy in $7.6 bln Deal
Chevron Corp said on Monday it would acquire PDC Energy Inc in an all-stock transaction for $7.6 billion, including debt, adding new drilling inventory to its U.S. oil and gas reserves.The company has been under pressure on Wall Street to show it can keep expanding production after 2027 as its main shale holdings in the Permian Basin of West Texas and New Mexico near their peak output. The PDC Energy deal is the second in three years that bulks up Chevron's shale operations in Colorado and Wyoming.
U.S. Natgas Demand, Price Nosedive Continues
U.S. natural gas futures held near a 21-month low on Tuesday, keeping the contract on track for its second-biggest monthly drop in history, as a decline in output from this week's extreme cold offset forecasts for warmer weather and less heating demand next week than previously expected.Gas prices have been depressed for weeks due to a growing belief that the country has more than enough gas in storage for the rest of the winter and expectations that Freeport LNG's liquefied natural gas (LNG)…
Chevron CEO Sees Continued 'Choppy Economic and Price Activity'
The chief executive of U.S. oil giant Chevron Corp on Monday said the uncertainty of the COVID-19 pandemic has it planning for "choppy" oil prices and economic activity globally.Chevron said on Monday it would buy oil and gas producer Noble Energy Inc for about $5 billion in stock, the first big energy deal since the coronavirus crisis started."The crystal ball is cloudy right now," Mike Wirth said in an interview. "There’s so much uncertainty on the trajectory of the pandemic, the rate of development of effective vaccines and government policy interventions to try to manage risk between here and there.
Oil Majors to Raise $27Bln in Selling Spree
Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total of $27.5 billion, according to Rystad Energy’s latest assessment.These companies are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, with the added benefit of pleasing shareholders who are calling for stricter capital discipline.“The expected transactions mean some of the majors are poised to exit certain regions…
Energy Transfer: VLCC Offshore Port to be Ready Early 2023
Energy Transfer LP said on Thursday discussions with potential shippers to build an offshore crude export facility in Texas capable of handling supertankers were progressing on schedule, with the project expected to be in service by late 2022 or early 2023.The company has also made advances on the regulatory and permitting process for the project, Marshall McCrea, Energy Transfer's chief commercial officer, said on the company's quarterly earnings call.Plans call for the facility to be connected to Energy Transfer's Nederland…
Drilling Ban Proposals Divide Democrats
In the southeast corner of New Mexico, new houses, hotels and jobs are sprouting like flowers in the desert. Trucks hauling equipment and laborers jam once-barren highways on the way to thousands of oil rigs.The Democrats who control the state's government have lofty plans for the billions of dollars in projected tax revenues from the drilling industry in the Permian Basin, the world’s biggest oil field, starting with an overhaul of New Mexico's ailing public education system. The biggest threat to those plans…
