Sources: Chevron Looks to Sell D-J Pipeline Assets for $2B
[Reuters] - Chevron is selling a collection...
[Reuters] -Chevron is selling a collection of pipeline assets in the Denver-Julesburg (D-J) Basin that are likely to fetch more than $2 billion, people familiar with the matter said. Chevron is one of the largest producers of oil and gas in the D-J Basin, which predominantly covers Colorado but also parts of Wyoming.
Investment bankers at Bank of America have been working in recent weeks to solicit potential interest in the infrastructure, which was largely inherited from the oil major’s $13 billion acquisition of Noble Energy in 2020 and its subsequent full takeover of Noble’s midstream business a year later, said the sources, who asked not to be named because the talks are private.
Collectively, the assets generate around $200 million EBITDA, some of the people added. Based on sales of similar assets, Chevron can expect to fetch upwards of $2 billion.
A sale is not guaranteed, and Chevron could ultimately retain some or all of the assets, the people cautioned.
Phillips 66 to Pay $100MM in Cleanup as LA Refinery Closes
Phillips 66 (...
Phillips 66 (PSX) will pay about $100 million in the third quarter for clean-up related to the closure of its Los Angeles area refinery and attached pipeline system, the company said Oct. 2.
The facility, attached to offshore production platforms, received its last waterborne crude on September 30. Phillips expects to complete crude processing operations on October 16.
In an update on the company’s refinery, PSX said it expects to pay about $70 million for environmental mitigation at the refinery site and another $30 million for midstream assets that will be shuttered once the refinery closes.
The state had more bad refinery news Oct. 3, after a fire in Chevron’s El Segundo refinery temporarily closed most production at the site. Chevron is relocating its headquarters from San Ramon, California, to Houston, but plans to maintain operations in El Segundo.
Phillips began closing down its unit in September and stated that some operations have already been idled. The company expects closing operations to continue to the end of the year. The refinery has a daily capacity to handle about 139,000 bbl of crude.
US DOE Supports Domestic Lithium with 5% Stakes in Lithium Americas, Thacker Pass JV
The U.S. government on Oct.1 announced...
The U.S. government on Oct.1 announced it is taking a 5% equity ownership stake in Canada-based Lithium Americas Corp. (LAC) and a 5% stake in the company’s flagship Thacker Pass lithium project in Nevada.
The move restructures a $2.26 billion federal loan awarded by the U.S. Department of Energy (DOE) to the project, as the U.S. takes steps to protect what it says is the only domestic source of lithium carbonate in America.
The U.S. is on a mission to boost domestic supplies of lithium—a critical material for batteries, electronics and energy storage systems—to reduce reliance on foreign sources.
Some economic data will be released this week; some probably won’t
As the government shutdown drags into a second week, the data picture...
As the government shutdown drags into a second week, the data picture is only getting muddier. Import and export numbers are supposed to be released on Tuesday, and jobless claims are set for Thursday, but the federal government publishes that data, so it won’t be released during the shutdown. The financial metric environment won’t be completely barren, though. Consumer credit data will be released on Tuesday. The Federal Reserve will release the minutes of its September 17 meeting on Wednesday, and Fed Chair Jerome Powell will deliver remarks at a bank conference on Thursday. Then, the University of Michigan’s consumer sentiment report will be out on Friday.
The US Supreme Court’s new term starts today: The...
The US Supreme Court’s new term starts today: The high court starts its nine-month term with plenty of big cases in the pipeline. During the term, the justices will hear arguments on the legality of many of President Trump’s tariffs, Trump’s attempt to fire Federal Reserve Governor Lisa Cook, and Trump’s removal of Federal Trade Commissioner Rebecca Slaughter. The Supreme Court will also hear cases involving gun rights, campaign finance limits, and, potentially, Trump’s attempt to end birthright citizenship (to name just a few). The term runs through the end of June.
A shooting in Montgomery, AL, on Saturday night left at least 12 wounded and two dead. At least half of the people shot are said to be teenagers.
A federal judge temporarily blocked President Trump from sending federalized National Guardsmen from California or any other state to Portland, OR. California Gov. Gavin Newsom said he will sue the Trump administration after the president sent CA National Guard members out of state.
Eight OPEC+ members, including Saudi Arabia, voted to increase oil production in November.
Bitcoin hit a new high above $125,000, due in part to the US government shutdown.
