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PM Edition: DC Circuit tosses US EPA's interstate smog rule; Exxon warns on Q3

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PM Edition: DC Circuit tosses US EPA's interstate smog rule; Exxon warns on Q3

S&P Global Market Intelligence is excited to announce the launch of an afternoon edition of our Daily Dose feature for energy. This new offering will highlight the best of our energy news, data and research. It is available by email and on the Market Intelligence platform.

Top News

DC Circuit tosses US EPA's 'close-out' interstate smog rule

The U.S. Environmental Protection Agency's interstate smog pollution rule was tossed out by a federal appeals court on Oct. 1 after the court found that the regulation rested on an already rejected legal interpretation of the Clean Air Act. However, the U.S. Court of Appeals for the District of Columbia Circuit left the door open for the EPA to justify the rule upon remand.

Exxon warns Q3 earnings will likely be hit by weak oil prices

Between the loss of a previous tax benefit and softer oil prices, Exxon Mobil Corp. cautioned analysts and investors that Q3 earnings are likely to take a hit from lower crude oil prices. Exxon's upstream earnings could sink about $800 million on the quarter to $2.4 billion, which is down almost 45% from the $4.23 billion reported a year earlier.

Solo GOP FERC nomination threatens precedent of bipartisan pairings, critics say

The Trump administration's plan to nominate Republican James Danly as a Federal Energy Regulatory Commission member without also announcing a Democratic pick for the agency will threaten "decades of precedent" on paired nominations, environmental groups and U.S. Senate Democrats said.

Decline in frack activity straining US services companies, analysts say

U.S. oil and gas production growth continues to be undercut by an ongoing decline in drilling and completion work. "Oversupply of hydraulic fracturing capacity and reduced activity by customers have put extreme pressure on pricing. Most hydraulic fracturing providers feel that the current pricing is unsustainable over the medium to long term," said a respondent in the Federal Reserve Bank survey.

Other energy headlines

* Buybacks by Appalachian shale gas drillers have failed to halt their collapsing stock prices in the face of declining natural gas prices. Five of the six drillers that initiated stock buybacks over the last two years have lost more than half their stock value over the same period, demonstrating the powerful influence of negative gas commodity pricing.

* The U.S. Interior Department filed objections to Blackjewel LLC's proposal to sell six of its Kentucky coal mines to Black Mountain Resources LLC, citing concerns about transferring the federal leases and liabilities. Blackjewel, as part of its bankruptcy proceeding, recently asked the court for approval to sell the assets in a private sale.

* Fear of protests, such as the "yellow vests" in France, kept German Chancellor Angela Merkel's climate cabinet from agreeing to a higher emissions price in a much-maligned compromise announced last month, according to a government official.

ChartWatch

SNL Image

Cabot Oil & Gas Corp. has repurchased the most shares of Appalachian shale drillers since 2017, more than $1.3 billion, and has pledged to return at least half its free cash to shareholders. Nonetheless, Cabot shares lost 19% since the start of 2017 and the end of the third quarter.

Research and Data

Data Dispatch: Texas power prices extend impressive YOY gains into September

Financial Focus: Nevada RPS to drive more than 5 GW of renewables development by 2030

Data Dispatch: 12 of the top 25 mining stocks trading below analyst targets by at least 10%

RRA Regulatory Focus: Plant prudence matter resolved in case settlement for Oklahoma Gas and Electric

Financial Focus: US coal production holds steady despite lower demand

Top pick of the day

Securitization, cross-border M&A critical for green investment: bank group

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