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PG&E keeping all energy contracts; Occidental, Anadarko close $57B merger deal


Understanding Loss Given Default A Review of Three Approaches


Insight Weekly: Path to net-zero; US manufacturing momentum; China's lithium M&A frenzy


Insight Weekly: US recession outlook; mortgage activity slowdown; climate disclosure push


Firms Realize the Value of Data Driven Decision Making

PG&E keeping all energy contracts; Occidental, Anadarko close $57B merger deal

Top News

PG&E provides glimpse of restructuring plan, keeping all energy contracts

Embattled California utility Pacific Gas and Electric Co. has provided a glimpse into its forthcoming reorganization plan, which the company intends to file in the coming weeks as part of its Chapter 11 bankruptcy proceeding with parent PG&E Corp.

Federal agencies, unions object to FirstEnergy Solutions reorganization plan

Several federal government agencies, represented by the U.S. Department of Justice, continue to object to the reorganization plan proposed by bankrupt power provider FirstEnergy Solutions Corp.

Anadarko shareholders approve Occidental merger, closing $57B deal

Anadarko Petroleum Corp. ceased to exist Aug. 8, as the company's shareholders voted to approve its $57 billion acquisition by Occidental Petroleum Corp. The vote concluded the merger of the two Houston-area oil and gas producers, but the drama is far from over.

Energy Transfer 'under the gun' to add Gulf Coast NGL processing, company says

Energy Transfer LP is under pressure from customers to expand its Gulf Coast NGL processing capacity regardless of whether that exacerbates a potential overbuild, according to company President Mackie McCrea.

Natural Resource Partners prepared for market decline, says company president

Three of Natural Resource Partners LP's lessees filed for bankruptcy protection in the second quarter, but the company said it was in a much stronger position to weather the market downturn than it was a few years ago.


"We see great value in studying what European countries have learned about transmission and interconnection infrastructure," New York Power Authority President and CEO Gil Quiniones said in an effort to help guide offshore wind development in the U.S.


* Former U.S. Environmental Protection Agency officials and environmental groups are accusing the Trump administration of attempting an end-run around a national policy governing the excessive release of air pollution at power plants and other industrial facilities, according to public comments submitted to the agency Aug. 5.

* Arizona may be in a better position, compared to Florida and Virginia, to succeed in breaking up utility monopolies, Bloomberg News reported. If Arizona wants "to deregulate, they may be more in a place to do it," Glenrock Associates utility analyst Paul Patterson was quoted as saying.

* Battery-backed distributed solar arrays that store energy for later use and provide additional power grid services are a massive, untapped opportunity for "virtual power plants" that could total 9,000 MW in California alone, said Lynn Jurich, CEO of home solar specialist Sunrun Inc.

* Magnum Development LLC and Range Energy Storage Systems are working to tap into rural Utah's salt dome for energy storage, but it would require burning natural gas, the Los Angeles Times reported.

* Two solar inverter suppliers Enphase Energy Inc. and SolarEdge Technologies Inc. have emerged as the most profitable solar companies, recording their highest revenue ever in the second quarter, according to Bloomberg News. "They're better than anything in the industry," Cowen & Co. alternative energy analyst Jeffrey Osborne was quoted as saying.

Natural gas

* Cheniere Energy Inc. executives said trade tensions and concerns about a short-term oversupply of LNG will not hurt their expansion plans or their efforts to land long-term deals with world buyers.

* Kinder Morgan Inc. has been ordered to pay a Texas Hill Country landowner $233,500 in damages in connection with the company's proposed Permian Highway Pipeline project, the Houston Chronicle reported.

* Atmos Energy Corp. said its operating expenses are on the rise as the company deploys new safety technology to parts of its natural gas distribution system, driving up the cost of analyzing a flood of data.

* Louisville Gas and Electric Co. is being accused of hiding information about its proposed Bullitt County pipeline project, according to a report by WFPL.

* Cassandra Energy has received a preliminary approval from the Alaska Department of Natural Resources to start exploring oil and gas near the site of state's first well, the Anchorage Daily News reported.


* Exxon Mobil Corp. has hired Jefferies to assist in the potential $4 billion sale process of its Norwegian assets, according to Reuters.

* Marathon Oil Corp. will stick to its "framework for success" and continue to emphasize shareholder returns and capital discipline ahead of growth, Chairman, President and CEO Lee Tillman said Aug. 8.

* Information on Iranian oil sales has become a prized geopolitical weapon since the Trump administration imposed economic sanctions on the country, The New York Times reported.

* A coalition of environmental, indigenous and citizen groups is urging insurers to drop their policies for the Trans Mountain Pipeline project.

* BP Midstream Partners LP is looking at shipping other products on its Diamondback diluent pipeline, Reuters reported. The partnership is also weighing options for an asset drop down deal with BP PLC in 2020.

* The U.S. Army Corps of Engineers is close to make a decision Enbridge Inc.'s proposal to install supports for its underwater Line 5 oil pipeline, according to The Associated Press.

* Saltstone Capital Management LLC is calling on the Abraxas Petroleum Corp. board to form a special committee to review strategic alternatives to maximize shareholder value.

* A joint venture of Venezuelan Petroleum Corp. and China National Petroleum Corp. has started an expansion project to boost output to 165,000 barrels per day, according to Reuters.


* The auction for Cloud Peak Energy Inc.'s assets has been pushed backed to Aug. 15, the Gillette (Wyo.) News Record reported.

* Total U.S. coal production for the week ended Aug. 3 declined 9.3% year over year to 14.3 million tons from 15.8 million tons, according to data from the U.S. Energy Information Administration.

* Total U.S. coal rail traffic for the week ended Aug. 3 declined 10.3% year over year to 83,676 carloads, according to data from the Association of American Railroads.


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Daily natural gas flows feeding U.S. LNG export plants continued to climb in July as federal regulators cleared the country's fourth major terminal to begin shipping commercial cargoes to world markets.

New from RRA

* The ISO New England forward capacity auction in February used a demand curve with a "shelf," while future capacity auctions will use a curve based on the marginal reliability impact in the region. The new curve is expected to roughly follow curves used in prior auctions but may lead to higher or lower capacity prices depending on how much capacity can bid and clear.

The day ahead

* The Baker-Hughes rig count is due out today.

* 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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