Top News

In settlement, Colo. co-op to leave Tri-State

Colorado cooperative Delta Montrose Electric Association will withdraw from the Tri-State Generation and Transmission Association Inc. in 2020 under a settlement that puts an end to a contentious legal battle.

Gas pipeline industry faces uncertain future after Permian, LNG growth spurt

Natural gas transportation companies may face a leaner environment for growing business through new interstate pipeline and storage projects as developers catch up to shale supplies and the nation reviews other energy options.

Icahn hammers Occidental's 'abysmal' leadership in open letter

The war of words between the leadership of Occidental Petroleum Corp. and activist investor Carl Icahn escalated July 22, with Icahn releasing an open letter on his website accusing Occidental CEO Vicki Hollub and the company's board of "reprehensible" conduct in their pursuit of Anadarko Petroleum Corp.

H1'19 'wasn't pretty for most' US coal producers heading into earnings season

U.S. coal producers head into the second-quarter earnings season in the wake of a new round of industry bankruptcies, weakening seaborne prices, logistical challenges and tough domestic sales prospects.

Quoted

"There's no doubt that these markets are attractive. But there's a reason why Ikea doesn't go into high-end furniture as well," Michael Simmelsgaard, Vattenfall AB's head of offshore wind, said on why it is not following main rivals in branching out of the European market.

Power

* A bipartisan group of senators are calling on the U.S. Environmental Protection Agency to reconsider a new rule that allows political appointees to hold back requested information.

* The New Orleans City Council will hire outside legal help to appeal a judge's decision voiding a 2018 meeting and subsequent vote to approve a controversial Entergy New Orleans LLC natural gas-fired power plant, though the city's approval for construction still stands.

* West Virginia House lawmakers advanced a bill that would exempt the struggling 1,300-MW Pleasants coal plant from the state's business and occupation tax in a bid to save plant from shutting down within the next few years, according to The Associated Press.

* Canada's government, utility owner Fortis Inc. and a First Nations group signed off on C$1.6 billion in federal funding for an electric transmission project to extend Ontario's grid to remote areas of the province to reduce reliance on diesel-generated electricity.

* New York City Mayor Bill de Blasio said the city may consider a takeover of Consolidated Edison Inc.'s local electric distribution assets, following recent blackouts, Bloomberg News reported.

* In an op-ed published in the Portland Press Herald, the Maine Public Utilities Commission said they will factor in customer service, including inaccurate billing, when deciding on Central Maine Power Co.'s rate increase application.

* While the Bonneville Power Administration is set to play a key role in helping the Northwest move toward clean energy, it also faces financial challenges due to rising expenses and the expiration of its contracts in 2028, The Seattle Times reported.

Natural gas

* Competition to build another natural gas pipeline from the Permian Basin to the Gulf Coast is ramping up as shale production in West Texas and New Mexico continues to break records and a second wave of LNG export facilities under development creates even more demand for gas transportation capacity.

* China is likely to replace Japan as the world's top liquefied natural gas importer as early as 2022, according to a new report by Wood Mackenzie.

* Blackstone Group Inc. is working with an adviser on a possible sale of its stake in Cheniere Energy Partners LP after getting unsolicited offers from potential buyers, Bloomberg News reported, citing people familiar with the matter.

* Sempra Energy's Cameron LNG LLC is seeking the Federal Energy Regulatory Commission approval to place the first train of its liquefaction project in service.

* In a split decision, a Pennsylvania Court ruled that drillers are not required to restore their sites within nine months after ending operations, while siding with state regulators on some rules over liquid impoundment ponds, the AP reported.

* Kinder Morgan Inc. filed a lawsuit against the city of Kyle, Texas, for passing an ordinance which, the company said, would disrupt the approved route of its planned $2 billion Permian Highway Pipeline, the Houston Chronicle reported.

* The Puget Sound Clean Air Agency has given the preliminary approval to Puget Sound Energy Inc.'s planned Tacoma LNG facility.

* Switchback Energy Acquisition Corp. commenced an initial public offering of 30 million units at $10 apiece. The company, which was formed for effecting M&A activity, intends to focus its search for a target business in the energy industry in North America.

Oil

* While most forecasts for the remainder of 2019 indicate a gloomy outlook for oil demand, at least one investment banking firm is seeing signs of hope on the horizon.

* Faced with a tough but stable pricing environment in the North American land market, oilfield services major Halliburton Co. said it remains committed to fiscal discipline, investor returns and growth in the international markets, as the company's second-quarter earnings beat market expectations.

* Saudi Arabian Oil Co.'s potential purchase of a minority stake in Reliance Industries Ltd.'s refinery business hit a snag after the Indian company proposed to move some of its debt to the refinery business, according to Bloomberg News.

* Colony Capital Inc. has committed to invest $320 million for the development of California Resources Corp.'s flagship Elk Hills field, located in the San Joaquin Basin, under a strategic joint venture. Colony may increase the total investment to $500 million, subject to a mutual agreement between both parties.

* The office of Texas attorney general filed a lawsuit against Valero Energy Corp. for allegedly violating air pollution rules at its Port Arthur refinery, the Houston Chronicle reported.

* The U.S. is imposing sanctions on Chinese firm Zhuhai Zhenrong Co. Ltd. and its chief executive for purchasing Iranian oil in violation of its economic sanctions against Iran.

* Saudi Arabian Oil Co. will hold its first investor earnings call in August, according to Reuters.

* Petroteq Energy Inc. completed its acquisition of additional 50% of the operating rights and interests relating to oil sands under U.S. federal oil and gas leases encompassing approximately 8,480 gross acres in Utah.

* South Africa's Public Investment Corp. cited "poor investment" in the U.S. oil explorer Erin Energy Corp. for losing $333 million, Bloomberg News reported.

Coal

* A federal bankruptcy court authorized coal producer Blackjewel LLC to obtain new debtor in possession financing totaling $2.9 million from Highbridge Capital Management LLC and Whitebox Advisors LLC in a July 19 order following an emergency hearing.

* Coal exports from the Hampton Roads port facilities in Virginia dropped 20.7% year over year to 2.8 million tons in June, according to data the Virginia Maritime Association initially provided July 19 and revised July 22.

ChartWatch

A June order by the Illinois Pollution Control Board directed Vistra Energy Corp. to shut 2,000 MW of its nearly 7,000 MW of coal-fired generating capacity in the state by year-end.

The day ahead

* Early morning futures indicators pointed to a higher opening for the U.S. equity markets. To view more SNL equity market indexes, click here. To view more SNL Energy commodities prices, click here.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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