Energy news in brief

** Petroleos Mexicanos discovered what’s expected to be a billion-barrel oil field in Tabasco as it aims to reverse a decade and a half of sinking production. The new field is at the southern part of the Gulf of Mexico.

** The United States overtook Saudi Arabia as India’s second biggest oil supplier after Iraq last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed.

**  Michigan Gov. Gretchen Whitmer’s administration released a plan Friday to make sure Michigan will have enough propane if a controversial pipeline is shut down. The strategy addresses a frequent objection to the Democratic governor’s demand that Enbridge Inc. decommission its Line 5, a leading carrier of natural gas liquids that are refined into propane to heat many Michigan homes.

** Current oil prices are high enough to warrant increased U.S. shale activity in the second half of the year if prices hold around these levels, according to JP Morgan.

** Honda is revealing more about its first EVs for the US — and not surprisingly, they’ll be decidedly larger than the Honda E. US sales chief Dave Gardner told the AP and others that Honda would sell two electric SUVS in the US for the 2024 model year.

** Chairman and CEO of Phillips 66 sold 158,500 shares of PSX on 03/11/2021 at an average price of $88.5 a share. The total sale was $14 million.

** A stalled 12-mile pipeline proposed by Louisville Gas & Electric would be built at ratepayers’ expense but nearly all its benefits would go to one customer — the distiller that produces Jim Beam bourbon, according to company documents revealed during court proceedings.

** Southern California electric vehicle start-up Mullen Technologies eyes Memphis, Tennessee, as a possible spot for an SUV factory.

** A research firm claims Ohio electric vehicle startup Lordstown Motors misled investors about the strengths of its vehicle pre-orders and production progress. 

** The Electric Reliability Council of Texas has held preliminary talks with financial institutions like Goldman Sachs Group Inc. about the state’s financing options to cover the nearly $3.1 billion that electricity buyers have not paid in the aftermath of February’s electricity crisis, according to people familiar with the discussions.

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