Proceeds from a sale of 4.32 million crude oil barrels from the Strategic Petroleum Reserve topped $285.7 million, with Phillips 66 and Marathon Petroleum the top buyers. The oil will be delivered by May via pipeline and vessel.
Former Rice Energy executives Toby and Derek Rice, who are brothers, nominated nine people including Toby to EQT's 12-member board of directors after months of blaming the company's management for its weak performance. EQT said it has considered the brothers' proposal, and a shareholder vote on the nominations will take place July 10.
Murphy Oil has agreed to sell its Malaysia oil and natural gas assets to Thailand's PTTEP for $2.13 billion and will use the proceeds for share buybacks, debt repayments and opportunities offshore and onshore in the US. The company will be focusing primarily on the Gulf of Mexico and the Eagle Ford Shale in Texas.
As the oil industry struggles to stay relevant in a changing world, oil giant BP is hoping young employees will help it attain the elusive cool factor and accelerate its transition to a smart, modern and tech-oriented business. To this end, senior BP executives have started holding regular meetings with recruits in their 20s to better understand how to address the industry's labor shortage, what employees want and how to keep up with climate-conscious consumers.
Seventeen Senate Democrats have written to acting Interior Secretary David Bernhardt, requesting that he give them a copy of the Interior Department's proposed five-year offshore drilling plan before the Senate considers his nomination to serve as the department's permanent head at a confirmation hearing next week. "We strongly urge you to indicate which States will or will not be included in the next draft of the five-year plan prior to your nomination hearing before the Senate Energy and Natural Resources Committee," they wrote.
Clearway Energy has secured a 20-year power purchase agreement with utility Avista for 50 megawatts of output from its 144-MW Rattlesnake Flat Wind project underway in Washington state. "Recent market changes, including reductions in the cost of wind power facilities and tax incentives that remain in effect, have combined to make this an excellent time to acquire long-term output from a cost-effective wind resource," says Avista Senior Vice President of Energy Resources Jason Thackston.
New Xcel Energy wind farms are underway in North Dakota, bringing in millions worth of lease payments for landowners and divesting from carbon generation while maintaining grid reliability, writes Mark Nisbet, principal manager of Xcel Energy North Dakota. "At Xcel Energy, we're working hard to ensure that all North Dakotans benefit from wind energy: good jobs and economic advantages, plus decades of affordable electricity thanks to free, clean fuel," he writes.
Texas is a wind energy powerhouse, writes Krier Consulting Principal Joe Krier, praising the industry for its ability to attract investments, create jobs and infuse revenue into schools, rural communities and small towns. "Today, our wind energy industry is a model for other states, an example of how to make the most of a resource in a way that respects the land and creates broad economic benefit," he writes.
The Navy is expected to release site-specific recommendations for floating offshore wind development off the Californian coast soon. The report is expected to recommend against projects off of San Luis Obispo County's coastline, but local leaders say they remain hopeful they'll be able to negotiate a compromise for the Morro Bay area.
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