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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
EARNINGS
Valero Warns of Bigger First-Quarter Loss Due to Texas Deep Freeze - U.S. refiner Valero Energy Corporation (NYSE:VLO) on Thursday warned of a bigger first-quarter loss compared to the previous three months due to higher costs related to the severe winter weather in Texas in February. Freezing weather in U.S. central and southern states in mid-February had led to power outages and gas-supply disruptions that knocked oil refineries and chemical plants out of commission for up to two weeks. Valero expects net loss attributable to its stockholders in the range of $2.05 to $1.81 per share for the first quarter, compared with an 88 cents per share loss in the fourth quarter. (Reuters)
PIPELINES
Fate of Dakota Access Pipeline at Stake at Friday Court Hearing - The fate of the Dakota Access crude oil pipeline could be decided at a U.S. court hearing Friday, where federal regulators could set in motion a months-long shutdown of the line while the Biden Administration completes an environmental review. Energy Transfer's (NYSE:ET) Dakota Access Pipeline ships up to 570,000 barrels per day of North Dakota's crude production to the U.S. Midwest and Gulf Coast. It has been in danger of shutting down since a D.C. court threw out a key permit last summer that allowed it to operate under a water source used by Native American tribes. (Reuters)
PRODUCTION
U.S. Could Face Sixth Year of Above-Average Atlantic Storms - The U.S. should prepare for a sixth year of above-average number of Atlantic hurricanes, Colorado State University forecasters said in the first official 2021 outlook on Thursday. The forecasters estimated 17 named storms and eight hurricanes will form this year, above the historical average of 12 storms and six hurricanes. The season begins June 1 and ends November 30. Louisiana has a 23% probability of a major hurricane coming within 50 miles, and Texas has a 21% probability. Offshore Gulf of Mexico oil production accounts for 17% of U.S. crude production and about 5% of natural gas production. Over 45% of total U.S. petroleum refining capacity as well as 51% of total U.S. natural gas processing plant capacity lie along the Gulf Coast.
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
EARNINGS
Valero Warns of Bigger First-Quarter Loss Due to Texas Deep Freeze - U.S. refiner Valero Energy Corporation (NYSE:VLO) on Thursday warned of a bigger first-quarter loss compared to the previous three months due to higher costs related to the severe winter weather in Texas in February. Freezing weather in U.S. central and southern states in mid-February had led to power outages and gas-supply disruptions that knocked oil refineries and chemical plants out of commission for up to two weeks. Valero expects net loss attributable to its stockholders in the range of $2.05 to $1.81 per share for the first quarter, compared with an 88 cents per share loss in the fourth quarter. (Reuters)
PIPELINES
Fate of Dakota Access Pipeline at Stake at Friday Court Hearing - The fate of the Dakota Access crude oil pipeline could be decided at a U.S. court hearing Friday, where federal regulators could set in motion a months-long shutdown of the line while the Biden Administration completes an environmental review. Energy Transfer's (NYSE:ET) Dakota Access Pipeline ships up to 570,000 barrels per day of North Dakota's crude production to the U.S. Midwest and Gulf Coast. It has been in danger of shutting down since a D.C. court threw out a key permit last summer that allowed it to operate under a water source used by Native American tribes. (Reuters)
PRODUCTION
U.S. Could Face Sixth Year of Above-Average Atlantic Storms - The U.S. should prepare for a sixth year of above-average number of Atlantic hurricanes, Colorado State University forecasters said in the first official 2021 outlook on Thursday. The forecasters estimated 17 named storms and eight hurricanes will form this year, above the historical average of 12 storms and six hurricanes. The season begins June 1 and ends November 30. Louisiana has a 23% probability of a major hurricane coming within 50 miles, and Texas has a 21% probability. Offshore Gulf of Mexico oil production accounts for 17% of U.S. crude production and about 5% of natural gas production. Over 45% of total U.S. petroleum refining capacity as well as 51% of total U.S. natural gas processing plant capacity lie along the Gulf Coast.
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
