A look back at successes and setbacks in the energy industry.
Highs
NEXTERA/XCEL ENERGY — NextEra Energy and Xcel Energy Inc. topped S&P Global Market Intelligence's renewable energy capital expenditure outlook, with the companies on track to deploy $4.56 billion and $2.31 billion in 2019, respectively.
BP — BP PLC was the sole outperformer among top oil and gas majors during the second quarter earnings season, with executives citing capital expenditures, share buybacks and planned divestitures as key drivers.
MOUNTAIN VALLEY PIPELINE — Mountain Valley Pipeline LLC received a positive environmental assessment from the Federal Energy Regulatory Commission for its Greene Interconnect natural gas project in West Virginia. The project would open the Columbia Gas Transmission LLC system up to Mountain Valley's customers.
Between
PATTERN — Potential bidders are taking a look at Pattern Energy Group Inc., which confirmed that a sale is being considered. Though serious bidders have taken an interest, CreditSights analyst Andy DeVries told S&P Global Market Intelligence that it "looks more like [Pattern Energy] owners looking for an exit than a sign of corporate-level M&A starting a new trend."
TAX INCENTIVES — The U.S. Senate Committee on Finance plans to craft new legislation on energy tax credits, which could include expired or soon-to-lapse incentives; however, the final shape that the potential policy will take is far from clear.
Lows
PG&E — California state regulators ordered beleaguered Pacific Gas and Electric Co. return a total of $563 million to ratepayers to reflect the benefit it received from the federal tax overhaul of 2017.
TEXAS — The Electric Reliability Council Of Texas issued an emergency alert urging consumers to conserve energy as near-record demand for electricity continues to strain the grid.
SHALE STOCKS — Stocks of Appalachian shale gas producers were clobbered in the second quarter earnings season as the region's gas production volumes met with a swell in production in Louisiana and the Southwest.
