** During an internal town hall meeting last week, roughly 40,000 Chevron employees were shown a video touting the oil giant’s success in Colorado as the largest oil and gas producer in the state. Less than 30 minutes later, executives announced plans to cut up to 20% of the global workforce, reported Reuters.
** Experts say the U.S. oil industry’s current record-breaking production and maturation of the fracking industry could undermine Trump’s promise to further increase production to reduce prices.
** New York Gov. Kathy Hochul has approved permits to expand capacity on a major bi-state pipeline despite years of pushing green policies like bans on natural gas use in new construction. The Hochul administration signed off on permits to expand capacity in the Iroquois Pipeline.
** Activist investor Ancora Holdings is demanding access to records from U.S. Steel, ranging from board minutes to financial documents, as it ratchets up a campaign to replace some of the company’s board members and chief executive, according to a letter seen by Reuters.
** Meta plans a multibillion-dollar global underwater cable project spanning 31,000 miles. The project will ramp up data transmission and connect the US to India, Brazil, and South Africa.
** Federal officials give West Virginia the authority to regulate carbon capture projects, as it joins Louisiana, North Dakota and Wyoming as states with regulatory primacy over the industry.
** American Electric Power projects 8.6% annual growth in power demand across its 11-state service area, driven largely by data centers in Virginia and elsewhere.
World
** Privately-run terminals in China have taken deliveries from US-sanctioned oil tankers, suggesting that a region that is home to the country’s largest buyers of Iranian and Russian crude is finding ways to circumvent the reluctance of larger port operators.
** China’s electric vehicles are around three to five years ahead of the competition in terms of products, technology and the industrial chain, BYD’s CEO Wang Chuanfu said in an interview with China’s national television broadcaster.
** A lawyer for an Indian unit of German carmaker Volkswagen said on Monday the country’s $1.4 billion tax demand could become a matter of survival for its business in the country, as it continues to contest the order.
** China has completed what it says is the world’s first floating production, storage, and offloading (FPSO) vessel equipped with a carbon capture system, marking a significant step toward reducing emissions in offshore oil production. According to Science and Technology Daily, the 330-meter FPSO was built in Shanghai and will be delivered by the end of this month.
