Energy news in brief

** Texas-based Fieldwood Energy LLC filed for Chapter 11 bankruptcy on Aug. 4, making it the second time for the Houston-based offshore producer to enter bankruptcy in the past two years. The bankruptcy also follows the departure of Fieldwood’s founder, Matt McCarroll, in early July.

** One of the world’s largest oil companies just announced it would cut 40% of its oil production. During an investor presentation on Aug. 4, BP announced it would roll out the dramatic cuts over the next decade, while limiting future exploration for new sources of petroleum.

** U.S. glass manufacturer O-I Glass Inc is seeking to seize an oil tanker owned by Venezuela to collect part of a $500 million arbitration award it won after the 2010 expropriation of two manufacturing plants, according to a summons filed with a Singapore court seen by Reuters.

**  About 1 million Fiat Chrysler vehicles with four-cylinder engines in the U.S. may spew too much pollution, and the company is working with government officials on a recall. Fiat Chrysler says in a quarterly filing with securities regulators that it found the excess pollution during internal testing of vehicles with 2.4-liter “Tigershark” engines.

** Houston’s Nine Energy Service, Inc. reported second quarter 2020 revenues of $52.7 million, net loss of $(24.2) million and adjusted EBITDA of $(11.0) million. For the second quarter 2020, adjusted net lossB was $(33.7) million, or $(1.13) adjusted basic earnings per share.

** Energy Transfer is cutting spending this year on growth projects by an additional $200 million amid a decline in volumes of associated gas on its interstate pipelines due primarily to shut-ins of crude production and lower demand for LNG exports.

** The governors of New York and Connecticut call for investigations into whether utilities were prepared for Tropical Storm Isaias, which spawned the worst string of power outages since Superstorm Sandy.

** New regulations in Pennsylvania have increased the price of a shale gas drilling permit by 150%.

** Enbridge completes replacement work on a section of the Line 5 pipeline that travels beneath the St. Clair River in eastern Michigan.

** A Minnesota agency announces a pilot program that will deploy electric school buses by 2022 using Volkswagen settlement funds.

** Peabody announces it is writing down the value of a Wyoming mine by $1.42 billion due to anticipated continued low demand for Powder River Basin coal.

** A California bill that would require oil and gas buffer zones near schools, playgrounds, homes, and health care facilities fails to advance.

** FERC plans to decide on Marathon Petroleum Corp’s plan to convert an Alaska  natural gas export plant by the end of this year.

 

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