Energy quick reads

** BP’s sprawling oil refinery in northwest Indiana has resumed normal operations more than six weeks after a power outage prompted the energy giant to temporarily shut down the complex and evacuate workers.

** The chief of the largest US producer of natural gas has warned that a lack of pipelines and storage facilities will trigger dramatic price swings in the years ahead, causing them to surge as much 350%. Gas demand in the US has jumped 50% since 2010, while pipeline and storage capacity have increased just 25% and 10% respectively, EQT Corp. Chief Executive Officer Toby Rice said during an interview at the CERAWeek by S&P Global energy conference in Houston.

** Warren Buffett’s favorite oil company, Occidental Petroleum (OXY), will taper stock buybacks for the next couple of years as it focuses on reducing its debt from the acquisition of oil and gas producer CrownRock.

** When New York’s deteriorating and unloved Indian Point nuclear plant finally shuttered in 2021, its demise was met with delight from environmentalists who had long demanded it be scrapped. But there has been a sting in the tail – since the closure, New York’s greenhouse gas emissions have gone up.

** ZeaKal Inc. said it has developed a new variety of corn with higher levels of oil as the San Diego-based startup seeks to capitalize on a boom in demand for renewable energy.

** TerraPower, which Bill Gates founded, plans to build its first nuclear power plant in the US. CEO Chris Levesque told the Financial Times it wants to start work on a site in Wyoming in June.

**  Freeport LNG will increase its production of liquefied natural gas following repairs that are due to be concluded in early May, the company’s chief executive officer said in an interview. Maintenance will increase the Texas facility’s capacity to 16.5 million metric tons a year.

** Occidental Petroleum Corp’s first direct-air, carbon capture project is 70% complete, CEO Vicki Hollub said on Tuesday. The first phase of the startup is expected in mid-2025. When complete, the Stratos project will be able to remove 500,000 tons of carbon from the atmosphere per year, she said in remarks at the CERAWeek energy conference.


** A South Korean chemical tanker capsized off an island in southwestern Japan on Wednesday, authorities said, killing eight people on board. One crew member survived, and the fate of two others was unknown. Officials said the tanker was carrying 980 tons of acrylic acid, a corrosive organic compound that is used in adhesives, paints and polishes.

** A coal billionaire in India is planning the world’s biggest clean energy plant and it is five times the size of the city of Paris.Adani Green Energy Limited is building the sprawling solar and wind power plant in the western Indian state of Gujarat at a cost of about $20 billion.

** China’s Sinochem Group has purchased one of the first crude cargoes shipped through a new pipeline in Canada, which is designed to move oil from landlocked Alberta to the Pacific Coast for export.

** Exxon Mobil Corporation XOM has made a groundbreaking announcement, revealing a significant oil and gas discovery in the prolific Stabroek block offshore Guyana. The new find, dubbed Bluefin, marks the company’s first announced discovery in the South American country for 2024, promising to further boost its oil production capabilities.