Chubu Electric, Japan, plans to increase its investment in renewable energy and SMR overseas
A company executive revealed that Chubu Electric Power, Japan, plans to invest further in overseas decarbonisation projects, such as renewable energy, small-modular reactors (SMRs), or carbon capture and storage (CCS) to fuel the future growth of the company. Chubu, the major regional electric utility in Japan, announced a long-term plan for 2021. This included a plan to invest 400 billion yen (about $2.7 billion) by the end of this decade on overseas assets…
OPEC rebuts WSJ Article on Saudi Saying Oil Prices Could Drop to $50
OPEC rebutted a Wall Street Journal article on Wednesday. It called it inaccurate and misleading, stating that Saudi Arabia's Energy Minister warned oil prices would drop to $50 if OPEC+ member countries did not adhere to production limits agreed upon. Unidentified delegates of the oil producers' group told the report that they heard Prince Abdulaziz Bin Salman give the warning during a conference last week. According to the WSJ, he singled out Iraq for overproduction.
Wall Street Journal Sept. 27
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. U.S. Antitrust enforcers will bar Hess CEO John Hess joining the board at Chevron in a deal that approves a $53 Billion tie-up between Hess & Chevron. Accident investigators from the National Transportation Safety Board urged Boeing and the Federal Aviation Administration to fix a potential safety hazard in about 350 Boeing 737 models that are currently flying.
TSX reaches record high in anticipation of a larger US rate reduction
Canada's main index of stocks hit another record on Friday, in a rally that was led by mining companies. Investors reacted to the overnight surge in expectations for a large U.S. rate cut next Monday. The Toronto Stock Exchange’s S&P/TSX Composite index rose 143.04 or 0.61% to 23,618.73, and was on track to extend its record-breaking run. As the market anticipated a larger rate cut from the Federal Reserve during its policy meeting on September 18, at least 11 sectors in the index saw gains.
Source: Natron plans to build a $1.4 billion sodium-ion batteries plant in North Carolina
Sources familiar with the situation said that Natron Energy is planning to invest $1.4 Billion in a manufacturing plant for sodium-ion batteries in North Carolina. This could potentially increase the company's capacity by 40 fold. The battery storage facility in Edgecombe County, North Carolina, is capable of producing 24 gigawatts of power at full capacity every year. The company currently produces 600 megawatts of sodium-ion batteries annually at its Holland Michigan facility. U.S.
Exxon in Advanced Talks for $60B Acquisition of Pioneer - Sources
Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday. The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S. oil patch.Pioneer's shares rose nearly 12% to $240.47 in premarket trading on Friday while Exxon slipped 1.7%.Pioneer…
Exxon Considers Pledging Net-zero Carbon Emissions by 2050
Exxon Mobil Corp is considering a pledge to reduce its net carbon emissions to zero by 2050, the Wall Street Journal reported on Thursday, citing people familiar with the matter.The report comes more than two months after the oil major's shareholders cast out three Exxon directors for the nominees of a hedge fund that promised to boost returns and better prepare the company for a low-carbon world.Exxon has not made a final decision on the net-zero pledge, the report said.
Exxon Lowers Oil Price Outlook for Much of the Next Decade
U.S. oil major Exxon has lowered its expectations for oil prices for much of the next decade, the Wall Street Journal reported on Wednesday, citing internal company documents.As part of an internal financial-planning process conducted this fall, the company has cut its outlook for future oil prices for each of the next seven years by 11% to 17%, the report said.(Reporting by Arundhati Sarkar; Editing by Arun Koyyur)
US Crude Futures Plunge to Lowest on Record
U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.While U.S. oil prices are trading in negative territory for the first time ever…
Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal
Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels…
Oil Falls as Coronavirus Hits Demand
Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support.Brent crude was down $1 at $55.62 a barrel by 1434 GMT, its lowest since January last year.U.S. West Texas Intermediate (WTI) crude fell 58 cents to $50.98 after hitting a session low of $50.42, also the lowest since January last year.As the coronavirus outbreak hit fuel demand in China…
McDermott Bankruptcy Filing Imminent -Bloomberg
Oilfield services provider McDermott International Inc is preparing to file for bankruptcy as soon as next week, Bloomberg reported on Friday, citing people with knowledge of the matter.The company did not immediately respond to a request for comment by Reuters.McDermott is discussing a restructuring plan in which its debt could be converted into equity, with its group of lenders getting the majority of the shares…
Trump Administration Sidelines Offshore Drilling Plan
The Trump administration will hold off on issuing its plan to expand offshore drilling as it weighs what to do after a March court ruling that blocked drilling in the Arctic and Atlantic, Interior Secretary David Bernhardt told The Wall Street Journal.The newly confirmed secretary said the agency's five year plan for oil and gas drilling on the Outer Continental Shelf would be sidelined indefinitely as it waits for the case to go through the appeals process.“By the time the court rules, that may be discom
Oil Climbs as OPEC Output Drop Eases Concerns About Glut
Oil prices rose on Friday after an OPEC report showed its production fell sharply last month, easing some concerns about prolonged oversupply.Brent crude was up 48 cents, or 0.78 percent, at $61.66 a barrel at 1450 GMT. Brent has risen around 2 percent this week, its third straight week of gains.U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.63 percent, at $52.40 per barrel.The Organization…
Maritime Rule Change Stirs Fears of Diesel Shortage: Kemp
The International Maritime Organization (IMO) has so far resisted pressure to soften or postpone the implementation of new regulations requiring ships to use bunker fuels with a lower sulphur content from the start of 2020.That has prompted warnings from some analysts that the regulations will squeeze the availability of low-sulphur diesel and jet kerosene required by trucks, trains, aircraft, farmers and industry…
Petrobras to Appeal Dutch Ruling Favorable to Vantage Drilling
Brazil's state-run oil company Petroleo Brasileiro SA said on Wednesday it will appeal an unfavorable Dutch court ruling related to the suspension of a drilling contract with U.S.-based Vantage Drilling Co.Petrobras said it was informed that a Dutch court had granted a request by the U.S.
Preparations for Aramco IPO Listing Stalled - WSJ
Public listing preparations of state-run Saudi Aramco <IPO-ARMO.SE> have stalled, the Wall Street Journal reported on Thursday. Aramco, the world's biggest oil producer, has been expanding its global footprint by signing downstream deals and boosting the capacity of its plants ahead of the eagerly awaited initial public offering. Aramco did not immediately respond to a request for comment.
Exxon, Qatar Mull U.S. Shale Deal - WSJ
Exxon Mobil is in talks with Qatar over a possible deal that could see the country investing in the company's U.S. gas resources, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The deal could take the shape of a joint venture in which Qatar, through state-owned Qatar Petroleum, could partner or invest in future wells with Exxon's unit XTO Energy, the paper said. Exxon…
OPEC Sees Oil Supply Surge From Rivals
OPEC raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more, offsetting an OPEC-led deal to clear a supply glut and a collapse in Venezuelan production. In a monthly report on Wednesday, the Organization of the Petroleum Exporting Countries said non-OPEC producers would boost supply by 1.66 million barrels per day (bpd) this year. That was the fourth consecutive rise from 870,000 bpd forecast in November.
OPEC to Stick to Supply Curbs Despite Oil Rally to $71
OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are starting to worry that high prices may be giving too much stimulus to rival output. OPEC, Russia and several other non-OPEC producers have curbed output since January 2017 to erase a global glut of crude that had built up since 2014. They have extended the pact until the end of 2018, and meet on June 22 to review policy.
