Daily GPI

Post-Bankruptcy, PG&E Seeking to Reinvent, Shed Debt

Post-Bankruptcy, PG&E Seeking to Reinvent, Shed Debt

PG&E Corp. and Pacific Gas and Electric Co. executives during the second quarter earnings call, the first in 18 months, illustrated the heavy lifting ahead to reduce debt, withstand another wildfire season and complete a reorganization in the aftermath of Chapter 11 bankruptcy. Interim CEO Bill Smith during the quarterly call touched on wildfire mitigation…

August 4, 2020
Natural Gas Bulls Send September Futures to Fresh High; Cash Strength Continues

Natural Gas Bulls Send September Futures to Fresh High; Cash Strength Continues

One day after posting the largest single-day gain in the last year and a half, natural gas futures moved another leg higher, surging past the long-term high established earlier this year. September Nymex gas settled Tuesday at $2.193, up 9.2 cents from Monday’s close. October rose 9.5 cents to $2.334. Spot gas prices also continued…

August 4, 2020
Oil, Natural Gas Industry Continues Efforts to Aid Customers Hit Hard by Pandemic

Oil, Natural Gas Industry Continues Efforts to Aid Customers Hit Hard by Pandemic

As the original expiration date has expired for most moratoriums on utility shut-offs for nonpayment, several companies within the oil and gas industry continue to support their customers during the Covid-19 pandemic. Since March, NGI has reported on the efforts of more than 57 domestic and international corporations, foundations and utilities as they responded to…

August 4, 2020
BP Looking Beyond Petroleum — Again — as Low-Carbon Opportunities Beckon

BP Looking Beyond Petroleum — Again — as Low-Carbon Opportunities Beckon

BP plc turned the investor world on its head Tuesday with a revamped strategy to slash oil and natural gas production while pouring billions into low-carbon investments. CEO Bernard Looney, during a lengthy conference call with top executives, further outlined the strategy that he had first unveiled in February, to put the company on a…

August 4, 2020
Williams Says Natural Gas Demand Durable with Positive Signs for LNG Exports

Williams Says Natural Gas Demand Durable with Positive Signs for LNG Exports

Williams, which owns one of largest gas pipeline systems in the United States, continues to see increasing demand, including robust flows of natural gas to Mexico, despite the persistent coronavirus pandemic and shaky economy. The Tulsa-based pipeline operator, which operates more than 30,000 miles of pipelines led by the Transcontinental Gas Pipe Line, aka Transco,…

August 4, 2020
Natural Gas Prices Reach ‘Turning Point,’ with Possible Rally into 2021, Says BofA

Natural Gas Prices Reach ‘Turning Point,’ with Possible Rally into 2021, Says BofA

Lofty summer heat in July, with forecasts for more by mid-August, should further ease pressure on storage injection levels as industrial energy demand shows signs of increasing and global economies emerge from coronavirus-imposed lockdowns, BofA Global Research analysts said. Analysts including Peter Helles said gas had reached a “turning point,” and they also anticipate European…

August 4, 2020
September Natural Gas Futures Continue Advance as Market’s Storage Fears Ease

September Natural Gas Futures Continue Advance as Market’s Storage Fears Ease

Coming off a roaring advance in the previous session, natural gas futures continued to climb near the front of the curve in early trading Tuesday as analysts pointed to easing storage availability fears. The September Nymex contract was up 3.2 cents to $2.133/MMBtu at around 8:45 a.m. ET. Monday’s stunning 30.2-cent rally for the September…

August 4, 2020
Natural Gas Futures Post Jaw-Dropping 30-Cent Gain; Cash Strong Too

Natural Gas Futures Post Jaw-Dropping 30-Cent Gain; Cash Strong Too

In a shocking move that appears to be based on more than pure fundamentals, natural gas futures surged as much as 35.5 cents on Monday, busting out of their previous trading range and closing nearly 17% higher than Friday. The September contract reached a $2.154/MMBtu intraday high before going on to settle at $2.101, up…

August 3, 2020
Offshore Driller Noble Files for Chapter 11 as Covid Claims Yet Another Energy Operator

Offshore Driller Noble Files for Chapter 11 as Covid Claims Yet Another Energy Operator

Noble Corp. plc, one of the top offshore drilling rig experts in the world, has secured a restructuring support agreement to eliminate all bond debt and reorganize via Chapter 11. Subsidiaries of the London-based operator filed Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas in Houston. The company expects…

August 3, 2020
California Cap-and-Trade Providing Billions to Utilities

California Cap-and-Trade Providing Billions to Utilities

San Diego Gas and Electric Co. (SDG&E) last month distributed $64 in credits to all residential customers, similar to actions earlier this year by the state’s other investor owned utilities (IOU) as part of the annual payoff from the quarterly cap-and-trade auctions. Since the program kicked off in 2012-2013, the IOUs have received $7.36 billion…

August 3, 2020
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