** U.S. oil and gas companies generated profits worth $73.7 billion last year on the back of improving prices, with capital expenditure reaching $144.1 billion.
** A state of Michigan lawsuit that aims to force Enbridge Inc to stop operating the Line 5 oil pipeline underneath the Straits of Mackinac in the Great Lakes will be heard in federal court, a judge ruled.
** The developer of a proposed $4.5 billion carbon capture pipeline in Iowa must release the names of landowners who could be impacted along its roughly 680-mile route, a district judge ruled.
** CenterPoint Energy Inc. is delaying retirement of a coal-fired power plant in Indiana as a surge in wholesale electricity prices and uncertainty about some renewable projects undermines President Joe Biden’s push to decarbonize the grid.
** General Motors Co. is reinstating its dividend — at a sharply reduced level — and resuming share buybacks more than two years after they were suspended to preserve cash in the early days of the pandemic.
** Gazprom PJSC will stop delivering natural gas to Europe through its main pipeline for three days, further squeezing energy supplies just as Germany is trying to build up stocks for the winter.
** The European Commission approved on Friday a 27.5 billion euro ($27.66 billion) German scheme to help energy-intensive companies deal with higher electricity costs resulting from having to buy permits on the EU carbon market.
** Europe’s industrial heartland faces a potential exodus as manufacturers of German car parts, chemicals and steel struggle to absorb power prices that rocket to new highs almost every day.
** Policymakers, lawmakers and insufficient oil and gas sector investments are to blame for high energy prices, not OPEC, the producer group’s new Secretary General Haitham Al Ghais told Reuters.
** Venezuela halts Oil shipments to Europe and at the same time demands new concessions.