Fast reads of energy stories

** The U.S. Department of Energy on Friday announced that projects in Texas and Louisiana to remove more than 2 million metric tons of carbon emissions per year will get over $1 billion in federal grants, a key step in scaling up direct air capture (DAC) technology. The Department of Energy (DOE) selected Project Cypress in Louisiana, run by Battelle, Climeworks Corporation and Heirloom Carbon Technologies, Inc.; and the South Texas DAC Hub in Kleberg County, Texas, proposed by Occidental Petroleum’s (Oxy) subsidiary 1PointFive and partners Carbon Engineering Ltd. and Worley.

** A proposed rule from the Biden administration would add an increase of up to 20 percentage points to the tax credit for solar and wind facilities in low-income areas.

** After failing to find any opportunities worth acquiring in the first quarter, Sitio Royalties bounced back in a major way in the second, reporting the closure of numerous acquisitions in the Permian Basin during second-quarter earnings.

** General Motors shares dipped as the carmaker once again warned that production of its electric vehicle lineup is being slowed by issues assembling updated battery modules.

** Occidental Petroleum Corp. (NYSE: OXY) is moving its CFO, Robert Peterson, to its chemicals business to assist in its growing efforts related to direct air capture.

** Chicago is committing $15 million to help lower-income residents decarbonize their buildings, through grants for electric stoves, heat pumps and energy-efficiency measures.

** Phillips 66 PSX is in discussion with grain trader Archer-Daniels Midland ADM regarding a biofuel joint venture (JV), which is intended to produce low-carbon jet fuel. The companies are planning to incorporate Archer Daniels’ dry corn mill operations into the JV to convert grain-based alcohol into jet fuel.

** Proterra Inc., the electric bus maker touted by President  that filed for bankruptcy this week, was the recipient of millions of dollars in US Covid-relief government aid.


** Through the first five months of 2023, Iraq’s oil exports to the United States jumped by 30.5%, according to Shafaq news site, citing data from the US Energy Information Administration.

** OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday.

** Natural gas prices have spiked again this week, just as Europe prepares for the heating season. The price of Dutch natural gas, the European benchmark, has jumped 24% to €40 ($44) per megawatt hour since Tuesday on news of potential industrial action at liquefied natural gas (LNG) plants in Australia. US natural gas prices have climbed 18% so far this month.

** Global refiners are raking in hefty gains, fuelled by a rebound from second-quarter lows in margins on making oil products such as diesel, jet fuel and gasoline, a trend that oil companies and experts expect will continue for the rest of 2023.

** Global oil demand has surged to a record amid robust consumption in China and elsewhere, threatening to push prices higher, the International Energy Agency said.

** Canada on Thursday released long-awaited draft clean electricity regulations designed to create a net-zero emissions power grid by 2035, and said some continued use of fossil fuels would be allowed.