Meyer Burger shuts down US solar panel manufacturing in Arizona
Meyer Burger, a Swiss manufacturer of solar panels, has closed a U.S. plant in Arizona because of financial problems, laying off all 282 workers, the company announced on Thursday. This is a blow to the solar industry's efforts to create a domestic supply network and reduce its dependence on China, which is the top manufacturer of solar panels in the world. Meyer Burger announced that it would build a plant in Goodyear, Arizona by 2021 to take advantage of clean energy incentives offered during the tenure of former U.S.
The US claims that there are significant oil and gas reserves in Wyoming.
The U.S. Interior Department announced on Wednesday that a new federal assessment identified significant oil and gas reserves in Wyoming, Utah, and Colorado which are technically recoverable but have not yet been discovered. Interior Department announced on Wednesday. The U.S. Geological Survey's Mowry Composite Total Petroleum System, which is also known as the Mowry Composite Total Petroleum System, could boost domestic energy supplies and align with the Trump Administration's plan to increase drilling and mining on federal lands.
Republican US lawmakers support IRA energy tax credit
Republican U.S. legislators sent a letter on Thursday to the chair of the House Ways and Means Committee expressing their support for the tax credits that were boosted by former president Joe Biden's Inflation Reduction Act. This legislation was not voted for by Republicans. The letter was signed by a dozen Republican U.S. The letter from a dozen Republican U.S. Representatives highlights the importance of incentives known as Investment Tax Credits, or ITC, as well as Production Tax Credits…
Atmos Energy reports quarterly profit rise, raises full-year forecast
Atmos Energy has reported an increase in its second-quarter profits, thanks to higher natural gas prices and increased customer numbers. The average natural gas price has risen in the last few quarters. It reached a two-year peak on 10 March, driven by a strong demand for LNG export facilities as well as supply concerns heading into summer. The company reported that the operating income of its distribution segment increased 13.5% year-over-year to $483.7 millions in the second quarter. Rate hikes contributed $86.4 million, while residential customer growth as well as other factors contributed $8.3million.
Xcel Energy's first-quarter profit misses estimates due to higher costs
Xcel Energy, a U.S. utility, missed Wall Street expectations for the first-quarter profits on Thursday due to higher operating and interest costs. The high interest rates have made it difficult for utility companies to build and maintain vital infrastructure at a time of increasing electricity demand. Data centers are booming due to AI. Xcel Energy reported that its total operating costs increased 8.7% to $3.23 Billion, while its interest expense climbed over 11,6% to $309 M in the first quarter.
US no longer requires green analyses for oil and gas leases in Western States
The Trump Administration announced on Thursday that they will no longer be requiring environmental impact statements (EIS) for oil and natural gas leases in the U.S. West. This is a move to remove green barriers that will likely be challenged in court by environmental groups. Interior Department released a statement saying that its Bureau of Land Management will no longer be required to prepare environmental impact assessments for approximately 3,244 oil-and-gas leases in Colorado, Montana and New Mexico.
Chevron will triple-frac half of Permian wells by 2025 in order to reduce costs and time
HOUSTON, 9 April - U.S. Oil Major Chevron plans on increasing the use of a method that allows it fracture subterranean rocks in three wells simultaneously in the Permian Basin, according to the company. This is in an attempt to reduce the time and costs of oil production. Chevron, the second largest U.S. producer of oil, is expanding the triple-frac technique as it expects to increase production in the Permian oilfield - the largest U.S. field - even though the company has begun to reduce spending. The United States' shale revolution has been driven by technology.
Forecasters predict a higher-than-average Atlantic hurricane season in 2025
Colorado State University forecasters announced on Thursday that the 2025 hurricane season in the Atlantic basin is expected to be above average with 17 named tropical systems, nine hurricanes and four major hurricanes. Researchers of the closely followed forecast have said that warm sea surface temperatures are likely to fuel storms again in the tropical Atlantic Ocean and Caribbean. The season runs from June 1, to November 30, and winds in the south of the United States are favorable for storm formation.
Executives say that AI will lead to cheaper and faster oil production. CORRECTED.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and has prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand. Ann Davies…
Executives say AI will lead to cheaper and faster oil production.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and is prompting companies take a second glance at areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand.
Bloomberg News reports that Civitas Resources is considering selling DJ Basin assets.
Bloomberg News reported Wednesday that oil and gas producer Civitas is considering selling part or all its assets located in the Denver-Julesburg Basin in Colorado. These assets could be worth more than $4 billion. The report cited people who were familiar with the situation as saying that the company was working with a financial advisor to gauge buyer interest. If it received a sufficiently appealing offer, they would be willing to divest fully from the basin. Civitas didn't immediately respond to our request for comment. Gabriele Sorbara is an analyst with Siebert Williams Shank.
AI's hunger for energy fuels geothermal startup but rivalry over natgas clouds the future
The number of geothermal energy startups is on the rise, as Big Tech companies look to power their AI data centers with natural gas. However, long-term investment remains uncertain because oil majors are doubling down on natural gases. Meta and Alphabet’s Google are two of the tech companies that have partnered with startups to create geothermal energy to power their data centres. The energy demands of artificial intelligence are being met by large datacenter operators, who are also accelerating the adoption of a variety of clean technologies.
Trump Energy Pick writes ESG report praising oil and gas, while downplaying climate worries
According to a report that he wrote as the CEO of oilfield service company Liberty Energy, Donald Trump's nominee to head the Energy Department believes fossil fuels will end world poverty. He says this is a bigger problem than the "distant threat" of climate change. Chris Wright stated in a February report entitled "Bettering Human Lives" that the energy transformation has not yet begun, and that while climate change is a problem, it's not the biggest threat to humanity. Wright, who founded a foundation to expand propane cook stoves for developing countries…
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions. The National Hurricane Center reported that winds could reach up to 100 miles per hour (161 km/h) on Tuesday. Earth Science Associates, an energy analytics firm, estimated that U.S.
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions. The National Hurricane Center reported that winds could reach up to 100 miles per hour (161 km/h) on Tuesday. Earth Science Associates, an energy analytics firm, estimated that U.S.
Meyer Burger talks to bondholders about injecting new capital
Meyer Burger, a Swiss solar panel manufacturer, said that it had entered into advanced negotiations on Thursday with a group holders of its convertible bond maturing in the years 2027 and 2029. The aim is to inject new capital into their business and restructure liabilities under some convertible bonds. The company said that it expects to achieve annual sales between CHF 350 and CHF 400 millions and EBITDA of approximately CHF 70millions by 2026. In its report for the first half of the year…
US energy deals fall to $12 billion in Q3 after a year-long frenzy
Enverus, a leading analytics firm, said that U.S. oil deals slowed dramatically in the last quarter as a result of fewer firms being offered and a consolidation wave lasting ten months. Andrew Dittmar, principal analyst at Enverus Intelligence research, reported that the quarter ending Sept. 30 saw the lowest number of deals in six quarters. After 2023, when $192 billion was spent on deals in West Texas and New Mexico's Permian Basin, the biggest shale formation in the U.S. He added that these mega deals are causing acquirers to review their portfolios in order to eliminate unwanted assets.
Kansas Fed reports that drilling activity in the US Rockies and Midwest has fallen for the seventh consecutive quarter.
According to survey results released by Federal Reserve Bank of Kansas City on Friday, oil and gas activity in U.S. Midwest Rockies and Midwest declined in the third quarter. This is the seventh consecutive quarterly decline. The survey was conducted in mid-September and covered companies drilling in Kansas as well as Colorado, Nebraska, Oklahoma, and the northern half New Mexico. Chad Wilkerson is the senior vice-president of the Federal Reserve Bank of Kansas. He said that the activity in the region will not be rebounding in the next few months.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
