Harvest Buys Remaining Interest in Arrowhead Gulf Coast Holdings
Harvest Midstream purchased the remaining interest in Arrowhead Gulf Coast Holdings LLC, making...
Harvest Midstream purchased the remaining interest in Arrowhead Gulf Coast Holdings LLC, making Harvest the sole owner of the company, a press release announced on July 20.
Arrowhead's operations include 300 miles of pipelines and terminal assets in southern Louisiana used for the transport of crude oil and condensate, including the BOA/CAM pipelines that supply crude to the Valero Meraux and PBF Chalmette refineries.
The company's other pipeline and terminal assets include Golden Cocodrie, Atchafalaya, Eugene Island, Erath Tank Farm, Burns dock, Burns terminal and Sabine.
Prior to Harvest signing, funding and closing on the transaction, it held a 62.5% stake in the company, with BlackRock Real Assets owned the remaining 37.5% stake.
MarketWatch: U.S. stocks finish higher; Nasdaq ends up 1.4% as Tesla stock jumps
U.S. stocks closed sharply higher on Thursday as the tech-heavy Nasdaq Composite led all three...
U.S. stocks closed sharply higher on Thursday as the tech-heavy Nasdaq Composite led all three benchmarks to their highest levels in six weeks. Strong earnings from S&P 500 companies --- particularly heavy-hitting tech stocks like Netflix Inc. NFLX, +3.44% and Tesla Inc. TSLA, +9.78% --- have helped to bolster sentiment, prompting wary investors to jump back into the market en masse, market strategists said. The Dow Jones Industrial Average DJIA, +0.51% gained 162.06 points, or 0.5%, to 32,036.90. The Nasdaq Composite COMP, 1.36% closed 161.96 points, or 1.4%, higher at 12,059.61. The S&P 500 SPX, +0.99% climbed 39.05 points, or 1%, to 3,998.95. For the Nasdaq, Thursday marked the first time since late May that the index advanced by 1% or more for three consecutive sessions.
Shell, ConocoPhillips US Gulf of Mexico Assets Reportedly for Sale
Shell Plc and ConocoPhillips Co. are both reportedly exploring the...
Shell Plc and ConocoPhillips Co. are both reportedly exploring the divestiture of assets in the U.S. Gulf of Mexico, according to separate media reports on July 20.
Shell is said to have begun soliciting buyer interest for its stakes in two U.S. Gulf of Mexico oil and gas developments, the Auger hub and the Conger Field. Meanwhile, ConocoPhillips is considering a full exit from its Gulf of Mexico deepwater portfolio through the sale of the Ursa platform and Princess subsea well.
Both companies have been offloading assets—Shell, due to investor pressure to focus on cleaner forms of energy and, ConocoPhillips, to become a major operator in the Permian Basin. Despite the pressure, Shell recently acquired an operating stake in a deepwater development project in the U.S. Gulf of Mexico that France’s TotalEnergies SE had previously abandoned.
The Energy Information Administration on Wednesday reported that U.S. crude inventories fell by 400,000 barrels for the week ended July 15. On average, analysts expected a decline of 200,000 barrels, according to a poll conducted by S&P Global Commodity Insights. The American Petroleum Institute on Tuesday reported a 1.9 million-barrel increase, according to sources. The EIA report showed a supply increase of 3.5 million barrels for gasoline, while distillate stockpiles fell by 1.3 million barrels. The analyst survey called for inventory gains of 400,000 barrels for gasoline and 800,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 1.2 million barrels for the week, the EIA said.
Energy stocks are set to decline, following weaker oil, natural...
Energy stocks are set to decline, following weaker oil, natural gas, gasoline and crack spread prices. This comes despite broader index futures erasing overnight losses and now turning slightly positive.
In earnings news, Kinder Morgan reported a 20.3% rise in quarterly adjusted profit on Wednesday as the U.S pipeline operator received a boost from jet fuel demand, with the company also benefiting from re-contracting some natural gas pipelines at a higher rate. The pipeline operator cashed in on the pent-up travel demand, which resulted in a 19% rise in jet fuel volumes transported in the second quarter. It said adjusted earnings for its natural gas pipelines were up 6% at $1.13 billion. The company also increased its dividend by 3%.
Oil prices fell by more than $5 on Thursday after higher U.S. gasoline stockpiles and an ECB rate hike stoked demand worries and returning oil supply from Libya eased supply concerns. Oil futures trading volumes have been thin and prices volatile as traders have to square weaker energy demand with tighter supply resulting from the loss of Russian barrels after the country's invasion of Ukraine. U.S. gasoline inventories rose by 3.5 million barrels last week, government data showed on Wednesday, far exceeding analyst forecasts. "U.S. gasoline demand is struggling to shift into top gear during the peak summer driving season," said PVM analyst Stephen Brennock.
Natural gas prices are off by 20 cents ahead of weekly inventory data. Analysts expect a build of 46 bcf.
