Germany, Poland take over natural gas firms tied to Russia
Germany and Poland announced separate takeovers of natural gas companies linked to Russian energy giant...
Germany and Poland announced separate takeovers of natural gas companies linked to Russian energy giant Gazprom, saying the moves were aimed at securing supply as Europe struggles with an energy crisis tied to the war in Ukraine.
Germany said it is nationalizing the former German subsidiary of Gazprom months after it was put under the control of a government agency, its latest nationalization in the energy industry since Russia's invasion.
Poland’s government, meanwhile, said it has taken “temporary compulsory management” of Gazprom’s share in the Yamal gas pipeline system in Polish territory. It said the takeover was needed for the country’s energy security and to ensure smooth decision-making in a company vital for gas flows.
The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.835...
The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.835 million barrels—more than undoing last week’s build. U.S. crude inventories have grown by roughly 25 million barrels so far this year, according to API data, but U.S. Strategic Petroleum Reserves fell by more than eight times that figure, at 201 million barrels.
The build in crude oil inventories was partially due to the Department of Energy’s release of 4.1 million barrels from the Strategic Petroleum Reserves in the week ending November 11, leaving the SPR with 392.1 million barrels.
In the week prior, the API reported a large build in crude oil inventories of 5.618 million barrels.
Distillate stocks saw a build this week of 850,000 barrels, compared to last week’s 1.773-barrel decrease.
Cushing inventories fell 842,000 barrels in the week to Nov 11. In the week prior, the API saw a Cushing decrease of 1.848 million barrels.
Hess Completes Libya Asset Sale to TotalEnergies, ConocoPhillips
Hess Corp. completed the sale of its interests in Libya, the...
Hess Corp. completed the sale of its interests in Libya, the U.S.-based independent E&P company said Nov. 15.
TotalEnergies SE and ConocoPhillips Co. acquired Hess’ 8.16% interest in the Waha Concession in Libya in equal shares, according to the company’s release. Terms of the transaction, which was initially announced in November 2021, were not disclosed.
Industry doing its part to solve abandoned wells problem
Oil companies such as Chevron and Diversified Energy are helping address the nation's abandoned well...
Oil companies such as Chevron and Diversified Energy are helping address the nation's abandoned well problem, with programs in place to plug old wells across several US states. Chevron is focused on Colorado, where it's sealed 3,400 wells since 2016 and is planning to tackle another 2,200 in the coming years, while Diversified has set up a commercial well-plugging business to plug its own wells as well as those left behind by other companies.
Jeff Bezos, the world’s fourth richest man, told CNN that he will ...
Jeff Bezos, the world’s fourth richest man, told CNN that he will give away the majority of his $124 billion fortune in his lifetime. It’s the first time the former Amazon CEO has made this kind of commitment.
Bezos’s announcement comes after years of criticism that his ex-wife, MacKenzie Scott, has lapped him in charitable donations.
Scott is worth an estimated $24 billion and gave away over half of her net worth in less than three and a half years.
Bezos’s most notable charitable donations so far include his promise to distribute $10 billion over 10 years (~8% of his net worth) through the Bezos Earth Fund to fight climate change.
Bezos has also caught flak for not signing the Giving Pledge, a promise made by the world’s richest people to give away most of their wealth.
But now that Bezos has come around, how will he disburse the funds? Not sure yet. A “lifetime” for a megabillionaire could be pretty long, and he hasn’t revealed a plan.
