** Shell USA Inc. agreed on July 25 to acquire Shell Midstream Partners LP in a buyout transaction worth nearly $2 billion. The transaction marks the latest MLP roll-up in the midstream space largely seen as being driven by the elimination of incentive distribution rights.
** The Biden administration on Monday outlined plans to plant 1 billion trees as part of efforts to address an extensive reforestation backlog. The effort, spearheaded by the Department of Agriculture, will build on existing reforestation efforts using funds from the bipartisan infrastructure law and the bipartisan Repairing Existing Public Land by Adding Necessary Trees Act.
** The U.S. Department of Energy is reviving an old loan program and its first recipient is the joint battery venture between General Motors and LG Energy Solution. The $2.5 billion loan issued to GM and LG Energy will be used to help finance the construction of new lithium-ion battery cell manufacturing facilities.
** California Gov. Gavin Newsom announced a new set of plans to achieve his state’s goal of reducing climate change by achieving carbon neutrality by 2045, including asking the California Energy Commission to plan to create at least 20 gigawatts of annual energy from offshore wind by 2045.
** The record-high release of crude oil from the U.S. Strategic Petroleum Reserve will end as scheduled this fall, the White House’s Special Presidential Coordinator for International Energy Affairs Amos Hochstein told Yahoo Finance.
** Winston-Salem-based Reynolds American announced Monday it plans to transition its approximately 1,800 fleet of trade and operations cars and trucks to either hybrid or all electric in the next three years.
World
** China’s biggest oil refiner has cut its purchases of Russian crude, according to Reuters. India among other buyers outbid China as countries compete for cheap Russian energy.
** Natural gas prices have jumped 17% over the last two days after Russia’s Gazprom said it would slash supplies. Gazprom will cut supplies through the Nord Stream 1 pipeline to 20% of capacity, having already cut them to 40% of normal levels.
** Russia is once again sharply reducing the flow of piped gas to Germany, reminding Europe of the daunting challenge the continent faces to build up its energy stockpiles before winter.
** European Union countries expect to reach a political agreement on emergency regulation that could force 15% cuts in gas consumption through the winter if Russia halts deliveries.
** Russian oil exports have fallen for five weeks straight as customers in Asia pull back on purchases despite getting steep discounts.
** Porsche expects that, within two years, its electric cars will be as profitable as its conventional cars, and that within five years, its electric cars will prove even more profitable.
** Libyan crude oil production has risen to 860,000 bpd, the country’s National Oil Corporation has said, which is up from 560,000 bpd earlier this month amid continuing disruptions.
