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Saudi oil output hit by drone attacks; Energy Transfer to acquire SemGroup

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Saudi oil output hit by drone attacks; Energy Transfer to acquire SemGroup

Top News

Attack on Saudi oil facilities puts focus back on geopolitical risk

As Saudi Arabia seeks to reassure customers that their crude supplies would see limited impact from the weekend's drone attacks on its critical crude processing plant, analysts said its significant volumes of oil in storage should help keep exports flowing and mitigate any disruption in the short-term.

Battling to close US coal plants, environmentalists align with utilities

In July 2018, an energy lobbyist emailed three New Mexico state lawmakers to urge them not to give utility companies a free pass to recoup their investments in abandoned coal-fired power plants.

US LNG industry sees curbing emissions as key to its long-term future

The growing U.S. LNG industry can help drive down global carbon emissions by displacing coal with exports to world markets, the head of the International Energy Agency said, but he warned that oil and gas companies could undermine that future if they are "greedy" when it comes to investments to reduce carbon emissions.

Pioneer Natural Resources CEO tempers Permian growth expectations

Pioneer Natural Resources Co. President and CEO Scott Sheffield said Sept. 12 a change in investor mindset is lowering his expectations for oil production growth in the Permian Basin.

Investor, government interest in carbon capture development touted by industry

Though carbon capture technology has not yet been widely commercialized, several speakers at a recent industry event said there is strong investor and governmental interest in its development.

Quoted

"Solar power projects are likely to overtake wind power projects as the primary technology choice for corporate renewable energy procurements within the next couple of years, supported by a more favorable tax credit phaseout schedule and a favorable generation profile as solar irradiation peaks during the day when many companies' electricity demand is highest," Fitch Solutions said in a forecast of wind and solar capacity growth.

Power

* A federal appeals court ordered the U.S. Environmental Protection Agency to revise an interstate smog rule because it failed to require power plants in upwind states to curb emissions by a certain date.

* TransAlta Corp. unveiled a C$2 billion clean energy investment plan, which includes converting its existing Alberta coal assets to natural gas and advancing its position in renewable energy.

* The New York Times looks at wealthy communities on Long Island that have embraced environmental concerns, but are balking at a proposed connection site for a transmission line designed to link an offshore wind facility to land.

* Federal Energy Regulatory Commission member Richard Glick said he was given the wrong interpretation of the Trump administration's ethics pledge when he first joined the agency, causing him to cast votes in proceedings involving a former client from which he otherwise would have otherwise recused himself.

* An Invenergy LLC subsidiary is seeking approval from Indiana regulators to build a 250-MWac solar farm in Sullivan County, the Tribune-Star of Terre Haute, Ind., reported. The project would sell its output in the wholesale market.

* Xcel Energy Inc. is seeking to change how Minnesota regulators calculate the "value of solar" rate, which is set to more than double for projects coming online in 2020, according to The Associated Press.

* Former South Carolina Chief Justice Jean Toal will oversee all cases about the abandoned V.C. Summer nuclear expansion project, the AP reported.

Natural gas

* Energy Transfer LP agreed to acquire SemGroup Corp. in a transaction valued at approximately $5 billion. The deal will increase Energy Transfer's scale across multiple regions and increase connectivity for its crude oil and natural gas liquids transportation businesses.

* A pipeline opponent has already made use of a recent federal court decision that questioned whether FERC should grant eminent domain to developers of natural gas transportation projects that have foreign customers.

* NEXUS Gas Transmission LLC has agreed to settle Federal Trade Commission charges that its acquisition of Generation Pipeline LLC from North Coast Gas Transmission LLC would likely harm competition to provide natural gas pipeline transportation in a three-county area that includes Toledo, Ohio.

* State regulators ordered Columbia Gas of Massachusetts to implement safety measures and threatened millions of dollars in fines after the utility flagged concerns about abandoned natural gas service lines, including one that was decommissioned following the 2018 Merrimack Valley gas explosions and fires.

* The U.K. Advertising Standards Authority warned Equinor ASA for using advertisements that implied natural gas is a "low-carbon energy" source, the Financial Times reported.

* A new study used a new method in calculating natural gas leaks and found that greenhouse gas emissions in Rhode Island were higher than the figure used in the state climate change plan, the Providence (R.I.) Journal reported.

* Amid rumors, U.S. Energy Secretary Rick Perry said he has no plans to leave the Department of Energy, adding that President Donald Trump is "very satisfied" with his work, the Houston Chronicle reported.

* Washington state's Cowlitz County officials approved Northwest Innovation Works' proposed Kalama methanol plant in the Port of Kalama, the Portland Business Journal reported. The project is now subject to approval by state regulators.

Oil

* The benefits of booming shale oil production are increasingly accruing to the oilfield operators at the expense of oilfield services companies, former Schlumberger Ltd. Chairman and CEO Andrew Gould said.

* A judge approved a petition by Standing Rock Sioux Tribe to intervene in a case involving Energy Transfer LP's planned expansion of the Dakota Access pipeline, according to the AP.

* President Trump authorized the release of crude from America's petroleum reserves in the wake of drone attacks on Saudi Arabia's oil facilities.

* India is weighing the potential sale of its controlling stake in Bharat Petroleum Corporation Ltd., the country's second-largest refiner, to a global oil company, Bloomberg News reported, citing people with knowledge of the matter.

* French oil major Total SA is looking to sell 1.3 million barrels of tainted Russian Urals crude oil, Reuters, citing trading sources.

* Industrial Realty Group LLC is reportedly interested in buying the Philadelphia Energy Solutions LLC refinery site, according to StateImpact Pennsylvania.

* LM Energy Holdings LLC, formerly known as Longhorn Midstream Holdings LLC, has completed the phase 1 of its Touchdown crude oil gathering system in the Northern Delaware Basin.

* Research firm Rystad Energy sees U.S. shale supply peaking at approximately 14.5 million barrels per day around 2030.

Coal

* Peabody Energy Corp. plans to sell $900 million of senior secured notes due 2026 to eligible purchasers, subject to market and other conditions. The company intends use all or a portion of the net proceeds of the sale of the notes, together with cash on hand, to purchase approximately $495.3 million of its outstanding 6% senior secured notes due 2022 and approximately $481.0 million of its outstanding 6.375% senior secured notes due 2025.

* EU finance ministers was set to discuss how to use energy taxes to cut fossil fuel demand at an informal meeting on Sept. 14 in Helsinki.

* Exxaro Resources Ltd., which was expected to start producing coal at its Belfast mine in South Africa in 2020, kicked off production six months ahead of schedule.

ChartWatch

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The city of Boston is looking to negotiate more stable electric pricing and boost its renewable energy use through the launch of a community choice aggregation.

New from RRA

* The New Jersey Board of Public Utilities, at its Sept. 11 open meeting, voted to approve settlements in proceedings addressing Public Service Electric and Gas Co.'s Clean Energy Future, Energy Strong 2 and Madison and Marshall initiatives. Each of these relates to investments that are permitted to be reflected in rates outside of comprehensive base rate proceedings.

The day ahead

* Early morning futures indicators pointed to a lower opening for the U.S. equity markets. To view more SNL equity market indexes, click here. To view more SNL Energy commodities prices, click here.

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Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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