US crude oil stockpiles surged by 3.9 million barrels last week, while gasoline and distillate supplies...
US crude oil stockpiles surged by 3.9 million barrels last week, while gasoline and distillate supplies declined less than expected, by 900,000 barrels and 500,000 barrels, respectively, the Energy Information Administration reported. Refineries ran at 92.1% of their capacity, a 1.5-percentage-point increase from the week prior.
Occidental raises cost estimate for CO2 capture project
Occidental Petroleum expects inflation to raise the cost of its direct air capture project under development...
Occidental Petroleum expects inflation to raise the cost of its direct air capture project under development in Ector County, Texas, by around 22% to $1.1 billion, but CEO Vicky Hollub said the company is now planning 100 DAC facilities by 2035, up from 70 previously, incentivized by the Inflation Reduction Act and other federal subsidies. The company has already obtained land for half of the projects and expects to achieve cost efficiencies by starting them one after the other.
Cheniere Energy Seeks 18 Months to Upgrade LNG Turbines
Top U.S. LNG exporter Cheniere Energy Inc. is asking Louisiana...
Top U.S. LNG exporter Cheniere Energy Inc. is asking Louisiana regulators for 18 months to upgrade nearly half of its turbines in the state because they exceeded new air pollution limits, according to a document viewed by Reuters.
The request reveals a potential snag at a critical LNG production facility as U.S. producers try to ramp up exports to meet booming global demand. This year, the U.S. government denied Cheniere a waiver from rules limiting emissions of possible carcinogens. The company had argued that such repairs could slow U.S. shipments to Europe.
The repair work will not have a material impact on the company’s finances or operations, Cheniere spokesperson Eben Burnham-Snyder said in an email. He did not offer a cost estimate for the upgrades, some of which have already been made.
Meta (Facebook) CEO Mark Zuckerberg announced yesterday...
Meta (Facebook) CEO Mark Zuckerberg announced yesterday the tech company is cutting 11,000 jobs this week, a 13% cut amid a broader digital advertising downturn and skepticism of the company's bet on the metaverse. Meta also announced it is extending a hiring freeze through the first quarter of 2023. Read Zuckerberg's letter to employees here.
The major layoffs are the company's first after 18 years of growth ended this summer with its first quarterly decline in revenue. The social media giant's market capitalization peaked last year at $1T (see chart) but has since lost almost 80% of its value as the pandemic-induced tech boom fizzled and video-centric competitor TikTok makes inroads into the market.
Meta is not alone in cutting jobs of late; other tech companies include Lyft, payment processor Stripe, and Twitter, whose workforce was halved last week. Shares of Meta jumped as high as 8% on the layoff news.
Russian troops reportedly began pulling out from Ukraine's southern port city of Kherson yesterday. Kherson was the only regional capital Moscow had seized since its invasion of Ukraine in February. The region provides access to the Black Sea, a vital passageway for incoming arms and exports (see map). Ukrainian officials say they are cautious of the news.
Russian forces withdrew to the eastern bank of the Dnipro River and are reportedly ceding all territory on the western bank. News of the withdrawal came after Russian state media reported a Moscow-installed official in Kherson died in a car crash.
