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In This List

Goldman Sachs unit misrepresenting affiliation; Va. coal exports decline 11.2%

Essential Energy Insights - June 11, 2020

Webinar Replay

Deep Dive on Oil & Gas for Financial Institutions

Essential Energy Insights - May 28, 2020

Essential Energy Insights - May 14, 2020


Goldman Sachs unit misrepresenting affiliation; Va. coal exports decline 11.2%

Top News

Public Citizen: Subsidiary of Goldman Sachs is misrepresenting affiliation

Hot on the heels of its successful challenge to a JPMorgan Chase & Co. subsidiary's involvement in the proposed sale of El Paso Electric Co., Public Citizen is now claiming that a subsidiary of The Goldman Sachs Group Inc. is mischaracterizing its relationship with its parent.

Leviathan startup heralds free cash flow era for Noble Energy

Noble Energy Inc. will immediately reap the financial benefits from gas production at the Leviathan field offshore Israel after a long and winding road to development, industry experts said.

Contraction in oil and gas industry activity eases in Q4, Dallas Fed data shows

The pace of oil and gas activity contraction lessened in the fourth quarter of 2019 compared to the prior quarter, as a modest increase in exploration and production activity countered a sharp decline in the oilfield services sector, according to the latest Federal Reserve Bank of Dallas Energy Survey.

Va. coal exports decline 11.2% YOY in November 2019

Coal exports from the Hampton Roads port facilities in Virginia dropped 11.2% year over year to 2.8 million tons in November 2019, according to data released Jan. 2 by the Virginia Maritime Association.

Quoted

"Massachusetts labor unions stand ready to tackle the opportunities and challenges of projects like Vineyard Wind, and can train and develop the local workforce to meet the demands of the offshore wind industry," Sen. Edward Markey, D-Mass., said in a letter to four offshore wind developers encouraging them to "ensure that offshore wind jobs are union jobs."

Power

* Promises of job creation that the emerging offshore wind industry are bringing to the U.S. have helped strengthen government support for a wave of project proposals along the Eastern Seaboard. Now, pressure is mounting on developers to hire union workers.

* The PJM Interconnection's second attempt at power market rule changes that would update its price-responsive demand program to conform to requirements imposed on capacity performance resources received the nod from the Federal Energy Regulatory Commission.

* Renewable resources accounted for 23% of the energy mix in the U.S. in April 2019, surpassing coal-fired power that peaked at 20%, according to U.S. Energy Information Administration.

* A federal advisory panel that provides scientific guidance to the U.S. Environmental Protection Agency raised concerns with some of the Trump administration's efforts to undo or relax environmental regulations affecting the energy sector.

* State utility regulators recently voted to approve about one-quarter of the total electric rate hike proposed by Xcel Energy Inc. unit Public Service Co. of Colorado in the Centennial State, pending a final order expected to be published around mid-January.

* BWX Technologies Inc. subsidiary BWXT Canada Ltd. completed the acquisition of Laker Energy Products Ltd., which provides nuclear-grade materials and precisely machined components to nuclear power utilities.

Natural gas

* The California ISO received the go-ahead to make its maximum gas burn constraint a permanent operational tool to help avoid electricity blackouts in Southern California amid continued limited operations at the Aliso Canyon natural gas storage facility.

* David Khani has left Consol Energy Inc. to join EQT Corp. as CFO, effective Jan. 3. Khani has been executive vice president and CFO of Consol since 2013. EQT interim CFO Kyle Derham will remain with the company in an executive advisory role to ensure a smooth transition and assist in the execution of its strategic initiatives before returning to his role as partner of Rice Investment Group.

* Natural Gas February futures slid 3.1% to $2.122/MMBtu, continuing an ongoing decline as supply keeps exceeding demand, The Wall Street Journal reported.

Oil

* The northeastern coast of South America should remain one of the most hotly watched frontier exploration regions in 2020 following a slew of discoveries and the first flow of oil in Guyana in 2019, analysts said.

* Malaysia's Petroliam Nasional Bhd. is seeking proposals from banks for a potential offering of global bonds for the first time in nearly five years, Bloomberg News reported, citing sources close to the matter.

* Shares of Tullow Oil PLC plunged Jan. 2 after the multinational oil and gas company said the volume of its latest oil discovery in Guyana was lower than forecast.

* Oil prices surged late Jan. 2 after a leading Iranian military commander was killed in a U.S. airstrike in Baghdad. Iran warned of serous retaliation against the air strike and the assassination, CNBC reported. Oil prices could surge to $80 per barrel if the conflict between U.S. and Iran intensifies, analysts told CNBC.

* Exxon Mobil Corp. won a lawsuit against U.S. Treasury Department over a $2 million fine for allegedly violating U.S. sanctions when it entered oil and gas contracts with Russia's PAO Rosneft, The Wall Street Journal reported.

* Russia blocked oil supply to Belarus after both countries failed to find agreeable terms on supply contract for 2020, Bloomberg News reported.

Coal

* Mitesh Thakkar has been appointed interim CFO of CONSOL Coal Resources GP LLC, effective Jan. 1. Thakkar has served as director of finance and investor relations of both Consol Energy and CONSOL Coal Resources LP since November 2017 and as director of finance and investor relations of CONSOL Coal Resources since May 2015, according to a company filing.

* Coal production in the U.S. totaled 181.4 million tons in the third quarter of 2019, 6.9% lower than the same period of 2018, according to an EIA report.

ChartWatch

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Europe's onshore wind sector will only live up to its full potential over the next five years if countries can resolve issues around permitting and grid investment.

New from RRA

* After the 2019 legislation reduced the renewable portfolio standard and removed solar carve-out, Ohio will have an easy path to meet its goal by 2026.

The day ahead

* The Baker-Hughes rig count and the U.S. Energy Information Administration natural gas storage and petroleum status reports are 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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