Energy news in brief

** Royal Dutch Shell avoided its first quarterly loss in recent history, helped by a booming trading business, but announced nearly $17 billion in impairment charges reflecting a pessimistic outlook for oil and gas prices. Shell had warned last month it was set to slash the value of its oil and gas assets by up to $22 billion as the coronavirus crisis hollowed out energy demand.

** The Bank of San Antonio disclosed Wednesday that it uncovered a $13.2 million “Ponzi-style fraud scheme” involving a former employee of a subsidiary who’s accused of inducing the bank to purchase worthless receivables from various businesses.

** San Antonio-based CPS Energy is embarking on two major green energy initiatives — one to increase the amount of energy generated by solar power and other sources and the second to allow large companies to buy power from clean energy sources.

** Vermont regulators fine the developer of the state’s largest solar project $57,500 for violations of its permit during construction of the facility.

** Solaris Water Midstream, LLC  announced  the company has expanded its existing joint venture with Concho Resources Inc.  The agreement covers all of Concho’s acreage in Eddy County, New Mexico. and gives Solaris Water management of 2.3 million acres in Eddy and Lea counties in New Mexico.

** Valero Energy Corporation reported net income attributable to Valero stockholders of $1.3 billion, or $3.07 per share, for the second quarter of 2020 compared to net income of $612 million, or $1.47 per share, for the second quarter of 2019.

** Michigan’s attorney general will not appeal a court ruling that an agreement to build a tunnel for Line 5 in the Straits of Mackinac was constitutional. 

** The Minnesota Court of Appeals overturns a county’s rejection of two proposed solar gardens, saying permit denials were not issued within 120 days.

** Enbridge reports that its crude volumes and finances rebounded more quickly than expected from the pandemic but that they may not fully recover until late 2021.

** General Motors unveils more details about its Hummer electric pickup truck, which is set to start production in fall 2021.

** A coalition of Southeast environmental groups sue the Trump administration over its revamping of the National Environmental Policy Act to fast-track pipeline projects. 

** Nearly 600,000 electric customers in Florida are behind in monthly payments since the coronavirus pandemic began.

** A natural gas storage facility exploded at Energy Transfer’s Lone Star NGL facility on Wednesday afternoon in Mont Belvieu, Texas. A contractor struck an underground pipeline but no injuries were reported.

** Bank of America and Citi separately announced Wednesday they’re joining the Partnership for Carbon Accounting, a global consortium of financial companies that agrees to count the heat-trapping emissions stemming from their investments.

** Wyoming officials say there has been no response from Occidental Petroleum on the state’s bid on a large package of land and minerals in Wyoming and Colorado owned by the company.

** A new report indicates flaring could increase in the Permian Basin in coming years if new pipeline projects are delayed because of the coronavirus pandemic.

 

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