US producers idled five oil rigs and deployed two new natural gas rigs last week, bringing the total US rig count down by three to 936 units, according to Baker Hughes. Six oil rigs were added in the Permian Basin, while the Eagle Ford and Barnett shale plays lost three and two rigs, respectively.
Corporations worldwide accounted for 5.4 gigawatts worth of long-term power purchase agreements signed with renewable energy projects in 2017, up from 4.3 GW in 2016, according to Bloomberg New Energy Finance. Of that total, 2.8 GW were signed in the US, up 19% year-over-year.
Coca-Cola has teamed up with the World Wildlife Fund, Ocean Conservancy, Trash Free Seas Alliance and other plastics recycling initiatives to recycle the equivalent of 100% of its plastic packaging by 2030. The World Wildlife Fund's Cascading Materials Vision, whose members include the American Chemistry Council, promotes reusing materials instead of sourcing virgin stock.
Decision-making is often hampered by a complicated organizational structure where no one feels they can make the call, among other factors, say Aaron De Smet and Leigh Weiss of McKinsey. They identify and discuss the four types of decisions and what organizational actions need to happen with each.
The International Energy Agency expects "explosive" growth in US oil production this year while oil prices remain high, putting the country on track to top Saudi Arabia and approach Russia as the world's No. 1 crude producer. The IEA said non-OPEC oil production should increase by 1.7 million barrels per day in 2018 -- the largest rise since the peak of the first shale boom -- driven by the US, Canada and Brazil.
Alaskan oil producers shouldn't count on oil prices staying high for too long and instead should focus on becoming more efficient and competitive to survive the shifting energy landscape, BP Alaska President Janet Weiss said at an industry conference. "When you look at the fundamentals -- and you take a look at supply and demand out in time and what is going on with renewables and what is going on with electric cars -- and yes, there's a demand for oil, but there's a whole lot more of it out there," Weiss said, adding that she believes oil prices will stabilize around $50 per barrel for the long haul.
The Ohio Environmental Protection Agency last week urged the Federal Energy Regulatory Commission to order Energy Transfer Partners to stop drilling work on the Rover natural gas pipeline after finding out that 146,000 gallons of drilling fluid leaked near the Tuscarawas River.
Philadelphia Energy Solutions, owner of the biggest refinery on the US East Coast, announced in an internal memo that it will file for Chapter 11 bankruptcy protection and said it secured $260 million in new financing. The company, which owns the Girard Point and Point Breeze refineries, partly blames the Renewable Fuel Standard for its financial woes, as the program forced it to spend more than $800 million since 2012 to buy renewable fuel credits to comply with the law.
The Public Service Co. of New Mexico asked the New Mexico Public Regulation Commission to approve two new long-term power purchase agreements with wind farms that would ultimately power Facebook's Los Lunas data center. Avangrid Renewables and NextEra Energy would build and operate the projects, selling the power to PNM for Facebook's use.
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