Energy news in brief

** U.S. energy expenditures, or the amount of money spent by consumers to purchase energy, fell to $1.2 trillion in 2019, down 5% in real terms compared with 2018, according to the latest data in the EIA’s State Energy Data System.

** Cabot Oil & Gas Corporation and Cimarex Energy Co.  announced that, in connection with the anticipated merger of Cimarex and a wholly owned subsidiary of Cabot, Cabot has commenced offers to eligible holders to exchange any and all outstanding notes issued by Cimarex.

** Cactus, Inc. , a leading provider of wellhead and pressure control equipment, and National Energy Services Reunited Corp. , a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) region, announced that they have entered into an agreement to provide and deploy Cactus frac rental equipment in the Middle East, as well as other initiatives in the key markets.

** The U.S. Energy Information Administration expects that natural gas prices will remain higher in the coming months following Hurricane Ida. In its September Short-Term Energy Outlook (STEO), EIA forecast fourth-quarter Henry Hub spot prices to average $4.00 per million British thermal units (MMBtu), a 16% increase from its August forecast.

** The Environmental Protection Agency announced on Wednesday that it will propose a rule to set the first-ever limits on the amount of chemicals called PFAS can be discharged. The rule would set limits for PFAS wastewater discharges from facilities that manufacture the substances, as well as from chromium electroplating facilities.

** Gazprom PJSC is planning to start flowing natural gas through one of the world’s most controversial pipelines next month, according to people with direct knowledge of the company’s plan reported Bloomberg.

** French energy giant Total signed mega contracts with Iraq worth $27 billion to develop oil fields, natural gas and a crucial water project that officials said Monday will be key for the oil-rich country to maintain crude output.

** Royal Dutch Shell Plc is weighing whether to mandate COVID-19 vaccines for employees and firing those who refuse to comply, the Financial Times reported.

** President Joe Biden glossed over important details and oversimplified the facts in his boast about support from the United Auto Workers union for his effort to dramatically increase sales of electric vehicles by decade’s end. In his remarks Wednesday, Biden failed to say that UAW did not endorse the EV targets he set in an executive order signed last month.

** Congressional Democrats are poised to advance sweeping legislation to combat climate change that would, if the Senate goes along, block drilling in most U.S. offshore waters and invest tens of billions of dollars in resilience measures.

** Chevron Corporation CVX is attempting to sell its holdings in south Texas’ Eagle Ford Basin, per Reuters’ sources. The company’s divestiture intentions came after it reportedly met activist hedge fund Engine No. 1 to discuss its measures to reduce carbon emissions.

** Ford Motor Co will stop manufacturing in India and take a hit of about $2 billion as it does not see a path to profitability in the country, becoming the latest automaker to leave a major growth market dominated by Asian rivals.

** U.S. Agriculture Secretary Tom Vilsack said on Wednesday he is waiting for a legal opinion before deciding whether to approve Minnesota’s Twin Metals copper mining project, which labor unions support but environmentalists strongly oppose.

** The U.S. Interior Department plans this fall to reopen an Obama-era greater sage grouse management plan, with potential ramifications for oil and gas drilling and wind power development in Western states.

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