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PM Edition: Investors allow Callon-Carrizo merger; Shell writes down $2.3B in Q4


Insight Weekly: Loan-to-deposit ratio rises; inventory turnovers ebb; miners add female leaders


Insight Weekly: Sustainable bonds face hurdles; bad loans among landlords; AI investments up


Insight Weekly: Bank oversight steps up; auto insurers’ dismal year; VC investment slumps


Insight Weekly: Renewables lead capacity additions; bank mergers of equals up; nickel IPOs surge

PM Edition: Investors allow Callon-Carrizo merger; Shell writes down $2.3B in Q4

Top News

Callon-Carrizo merger overcomes obstacles, meets shareholder approval

Carrizo Oil & Gas Inc. shareholders approved the company's $3.2 billion acquisition by Callon Petroleum Co. The dramatic merger was opposed from the start by some of its investors, including major shareholder Paulson & Co. Inc., which fretted that Callon would not be as valuable if it acquired Carrizo's Eagle Ford assets and was no longer a Permian Basin pure-play producer.

FERC OKs 4 more gas pipe expansions amid ongoing greenhouse gas debate

The Federal Energy Regulatory Commission voted 2-1 on Dec. 19 to approve four natural gas pipeline expansions, including the 850-MMcf/d Adelphia Gateway LLC project, which would carry Marcellus Shale gas to the greater Philadelphia industrial region. The action, taken at the agency's monthly open meeting, came as commissioners continued their tug-of-war over the scope of greenhouse gas considerations needed in interstate gas project reviews.

Morgan Stanley: 'Second wave of renewables' to drive 70 GW of coal retirements

Morgan Stanley & Co. LLC forecast that about 70,000 MW to as much as 190,000 MW of coal-fired generation is "economically at risk" from the deployment of a "second wave of renewables" in the U.S. under several more likely scenarios in a recent analysis. The research firm said those projections exclude about 24,000 MW of coal generation already set to shut down.

Shell to write down as much as $2.3B in Q4 due to weak economic forecast

Royal Dutch Shell PLC will write down between $1.7 billion and $2.3 billion in assets during the fourth quarter due to a weak macroeconomic outlook, the Anglo-Dutch oil and gas major cautioned in a Dec. 20 trading update. Shell did not identify the assets to which the posttax impairment charges are tied. The write-down could slow the company's efforts to cut debt and hike returns, analysts said.

Other energy headlines

* An initial proposal for cutting greenhouse gas emissions in Maryland may not get the state to its goals, according to a review conducted on behalf of the Chesapeake Climate Action Network and the Climate XChange. The review concluded that under the draft plan, Maryland is "unlikely to meet state-mandated emissions reductions targets in 2030 or long-term decarbonization pathways needs through 2040 and 2050."

* A voluntary program allowing upstream oil and natural gas producers to audit and disclose Clean Air Act violations from well-site vapor control systems and storage tanks has been expanded to include all existing upstream facilities, the U.S. Environmental Protection Agency announced Dec. 19.


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The top 10 midstream transactions of 2019 captured 88% of the announced deal spending, with the remaining 16 deals totaling $3.1 billion.

Research and data

* RRA Regulatory Focus: Ga. regulators approve rate increase, new requirements for Atlanta Gas Light

* Financial Focus: Midstream M&A company deals fell 75% in 2019 as industry began new chapter

* Financial Focus: Pre-holiday snapshot of utility performance points to solid full year 2019

Top pick of the day

In 'remarkable' reversal, US now a net energy exporter for 1st time in 60 years

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