Energy briefs

** Chevron Corp posted its biggest quarterly earnings ever on Friday, built on strong fuel margins and high prices for natural gas and oil, and boosted its share buyback target. The oil major posted second-quarter net profit of $11.6 billion, or $5.95 per diluted share, more than triple the $3.1 billion, or $1.60 per share, in the same period last year.

** U.S. President Joe Biden vowed during his 2020 election campaign to end federal oil and gas drilling as a major step in his strategy to fight climate change. The U.S. Senate Democrats’ $430 billion spending bill agreed this week could kill that pledge. If it passes, it would effectively guarantee continued drilling rights auctions on federal lands and waters for at least another decade.

** The city of Las Vegas has declared an emergency over its water supply after the Calf Canyon-Hermits Peak Fire, the largest wildfire in New Mexico history, contaminated the Gallinas River. The city relies solely on water from the river, which has been tainted with large amounts of fire-related debris and ash, according to city officials.

** Antero Resources the fifth-largest U.S. natural gas producer and second-biggest exporter of liquified natural gas based in Denver, ended a string of regular quarterly losses Thursday with a very profitable quarter benefitting from high natural gas prices. It reversed its losses with a $765 million quarterly profit.

** U.S. farm equipment maker Deere & Co will be moving production of mower conditioners, which are tractor attachments with rolling discs to cut and crush hay, from a factory in Ottumwa, Iowa, to an existing plant in Mexico over the next 18 months, the company said.

** The Eugene City Council on Wednesday voted to draft an ordinance banning natural gas in most new residential construction. A ban would follow a growing national trend but be a first in Oregon

 

World

** Delivery of a Nord Stream 1 gas turbine to Germany from Canada after maintenance was not in line with the contract, Gazprom’s senior manager said on Friday, stepping up criticism of manufacturer Siemens Energy.

** Electric vehicles made in Canada will qualify for expanded tax credits in the United States, a move that is being welcomed by the Canadian government and automotive industry.

** Enbridge Inc. will jointly invest in the construction and operation of the Woodfibre LNG project, marking the pipeline giant’s first investment in a liquified natural gas terminal, the company said on Friday.

** U.S.-based energy utility AES Corp plans to develop a major offshore wind farm in Vietnam, the Southeast Asian country said on Friday, that could potentially double the country’s wind power capacity.

%d bloggers like this: