Midstream – Oil & Gas 360

TC Energy’s quarterly profit misses on power segment weakness

May 1, 2025

(BOE Report) – Canadian pipeline operator TC Energy on Thursday missed analysts’ estimates for first-quarter profit on weakness in its power and energy solutions business, while higher interest expenses offset gains in its natural gas operations. The company’s U.S.-listed shares were down 4%. With energy demand growing across North America, demand for renewable and lower-emission electricity is also set to rise. TC

EQT to buy Marcellus assets from Olympus Energy for $1.8 billion

April 23, 2025

(Oil Price) – Natural gas producer EQT Corporation has agreed to buy upstream and midstream assets of Olympus Energy for $1.8 billion in a deal that would bolster EQT’s inventory in the Marcellus and Utica shale gas regions. The total consideration of $1.8 billion is composed of approximately 26 million shares of EQT common stock, representing $1.3 billion based on the

Valero announces notice to the California Energy Commission regarding its Benicia, California, refinery

April 17, 2025

(Oil & Gas 360) – SAN ANTONIO–(BUSINESS WIRE)–Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that its subsidiary, Valero Refining Company-California, has submitted notice to the California Energy Commission of its current intent to idle, restructure, or cease refining operations at Valero’s Benicia Refinery by the end of April 2026. Valero continues to evaluate strategic alternatives for its remaining operations

US Army Corps grants emergency status for Enbridge Line 5 tunnel

April 16, 2025

(BOE Report) – The U.S. Army Corps of Engineers on Wednesday granted Enbridge’s proposed tunnel for its Line 5 pipeline national energy emergency status, fast-tracking a key federal permitting process. President Donald Trump had ordered the Army Corps to issue permits enabling the filling of wetlands and dredging or building in waterways as part of the January 20 emergency energy declaration,

Phillips 66 puts up fight against Elliott campaign for changes

April 8, 2025

(Oil Price) – U.S. refiner Phillips 66 told shareholders on Tuesday that Elliott Investment Management’s demands for breaking up the company are misguided, based on inflated and unrealistic assumptions, and would destroy shareholder value. Activist hedge fund Elliott Investment Management has called on Phillips 66 to spin off its midstream business and tighten up operations. Elliott, which has an investment worth more than

Chevron, YPF among oil drillers backing Vaca Muerta pipeline

April 3, 2025

(World Oil) – (Bloomberg) – Chevron Corp., YPF SA and other oil drillers are planning a major Argentine pipeline to handle rising output from the Vaca Muerta shale region. The companies, through the Oldelval SA joint venture, are in talks to increase oil-shipping capacity from Puesto Hernandez, a promising drilling zone more than 100 kilometers (62 miles) distance from the

Greenpeace must pay pipeline company nearly $667 million over Standing Rock protests, jury says

March 20, 2025

(BOE Report) – Greenpeace must pay a Texas-based pipeline company nearly $667 million in damages for the environmental advocacy group’s role in 2016-2017 protests against the Dakota Access Pipeline in North Dakota, a jury said Wednesday. The verdict in North Dakota state court came after two days of deliberations in a trial where pipeline company Energy Transfer accused Greenpeace of

Energy CEOs call on Canada to accelerate new pipeline plans

March 19, 2025

(Oil Price) – The chief executives of some of the largest Canadian energy companies called on Canada’s main political parties to declare a Canadian energy crisis and key projects in the “national interest,” which would speed up reforms, planning, and construction of new oil and gas pipelines and LNG terminals. The open letter from 14 CEOs representing the four largest pipeline companies and 10 largest

Cheniere completes train 1 at Corpus Christi Stage 3 LNG project

March 17, 2025

(World Oil) – Cheniere Energy has announced that substantial completion of Train 1 at the Corpus Christi Stage 3 Liquefaction Project (CCL Stage 3) was achieved on March 16, 2025. Commissioning is complete and Cheniere’s engineering, procurement and construction partner, Bechtel Energy, has turned over care, custody and control of Train 1 and associated systems to Cheniere. “The substantial completion of

Williams says it welcomes Trump’s support for Constitution gas pipeline

March 14, 2025

(Investing) – WASHINGTON -Williams Cos said on Friday it appreciated U.S. President Donald Trump’s support for its cancelled Constitution natural gas pipeline project through New York, and that it was interested in dusting off the project under the right circumstances. Trump had said Thursday he will meet New York Governor Kathy Hochul on Friday morning for talks that may include potentially reviving

Weak refinery, export demand weakens prices for Midland crude along Texas coast

March 6, 2025

(Investing) – HOUSTON – The price spread between WTI Midland crude in West Texas and Houston has narrowed this year as cold weather hurt Permian production, driving up prices, but weaker refinery and export demand on the U.S. Gulf Coast pressured that market lower. The spread between the two pricing points narrowed to 23 cents in March, the lowest since November

Canada’s Enbridge earmarks $2 billion till 2028 for Mainline network upgrade

March 4, 2025

(BOE Report) – Canadian midstream company Enbridge said on Tuesday that it plans to invest $2.5 billion in its liquids and natural gas systems, with $2 billion allocated to its Mainline network through 2028. The Mainline is North America’s largest crude oil pipeline network and transports light and heavy crude oil, natural gas liquids and refined products from Edmonton, Alberta, to various

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