$EE

US, Iraq Ink $60 Billion in Deals, MoUs During Business Summit

US and Iraqi companies, including energy majors and their respective governments have concluded deals and MoUs worth more than $60 billion during a US-Iraq Business Summit on Friday, the US Chamber of Commerce said in a statement.Energy executives from BP (BP), Chevron (CVX), ConocoPhillips (COP), ExxonMobil (XOM), Excelerate Energy (EE), GE Vernova (GEV), HKN Energy and Shell (SHEL) took part along with "top-tier" representation from both governments, the statement said.The event took place during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, DC.BP has agreed to sell a 42% interest in BP Energy Company of Kirkuk to ConocoPhillips to support redevelopment of northern Iraq's Kirkuk oil fields, as last week.ConocoPhillips will thus support redevelopment of four large-scale operational fields in the Kirkuk area of northern Iraq.Chevron will also invest in a pipeline that bypasses the Strait of Hormuz, opening up another export route out of Iraq, Jake Spiering, Chevron president of corporate business development, said during the event, according to a Reuters report.The proposed pipeline could carry Iraqi oil to Syria's west coast on the Mediterranean coast, the report said.Earlier on Thursday, Zaidi visited the company's headquarters in Houston, Texas before Iraq signed deals with the energy giant to advance its possible entry into the West Qurna 2 and Nassiriya oilfields, Reuters reported.

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index increasing 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index was down 0.5%, and the Dow Jones US Utilities Index was fractionally higher.Front-month West Texas Intermediate crude oil shed 0.8% to $78.98 a barrel, and the global benchmark Brent crude contract decreased 0.8% to $84.27 a barrel. Henry Hub natural gas futures fell 1.2% to $2.89 per 1 million BTU.In sector news, US natural gas stocks rose by 41 billion cubic feet in the week ended July 10, above the 39 billion increase expected in a survey compiled by Bloomberg and following an increase of 61 billion cubic feet in the previous week.In corporate news, Excelerate Energy (EE) shares rose 2.2% after Goldman Sachs initiated coverage of the stock with a buy rating and a $49 price target.Chevron (CVX) is expected to sign accords with Iraq on Friday that will further the company's negotiations about investing in large oil fields, Bloomberg reported Thursday, citing a senior company executive. Chevron shares were up 1.1%.Constellation Energy's (CEG) venture arm made an equity investment in Blue Energy, a developer of prefabricated nuclear power plants, for an undisclosed amount. Constellation shares were down 2.9%.TotalEnergies (TTE) expects Q2 hydrocarbon production to be nearly 2.4 million barrels of oil equivalent per day, supported by about 4% organic growth, the company said Thursday. Its shares were shedding 1.9%.

Sector Update: Energy

Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index increasing 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index was down 0.5%, and the Dow Jones US Utilities Index was fractionally higher.Front-month West Texas Intermediate crude oil shed 0.8% to $78.98 a barrel, and the global benchmark Brent crude contract decreased 0.8% to $84.27 a barrel. Henry Hub natural gas futures fell 1.2% to $2.89 per 1 million BTU.In corporate news, Excelerate Energy (EE) shares rose 2.2% after Goldman Sachs initiated coverage of the stock with a buy rating and a $49 price target.

Excelerate Energy Shares Rise After Goldman Sachs Starts Coverage at Buy

Excelerate Energy (EE) shares were up more than 2% in Thursday trading after Goldman Sachs initiated coverage of the stock with a buy rating and a $49 price target.Intraday trading stood at over 150,000 shares against a daily average of 369,000 shares.Price: $39.30, Change: $+0.82, Percent Change: +2.13%

Goldman Sachs Initiates Excelerate Energy at Buy With $49 Price Target

Excelerate Energy (EE) has an average rating of overweight and mean price target of $42.81, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Crude, NGL Firms See Firmer Q2 Outlook on Exports, Pricing Tailwinds, TPH Says

Midstream energy companies focusing on natural gas liquids and crude logistics are heading into Q2 on a constructive note, buoyed by robust volume growth, elevated commodity prices, and soaring exports, TPH Energy Research strategists said in a note on Wednesday.TPH Energy Research strategists said the observations were based on industry interactions at the Energy Infrastructure Council conference.AJ O'Donnell, analyst at TPH Energy, said a key driver for the optimistic outlook is the strengthening of liquefied petroleum gas and NGL export fundamentals.O'Donnell said midstream executives said rising engagement with global buyers, especially from Asia, who are increasingly prioritizing supply diversity and security.The soaring demand comes as the market grapples with the impact of prolonged shipping disruptions in the Strait of Hormuz, a critical global energy chokepoint. The urgent demand for alternative supply routes has shifted the industry's focus toward infrastructure expansions.TPH said while several new export dock projects are already scheduled to come online over the next few years, executives are focused on the "next wave" of capacity expansions and additional brownfield opportunities.Targa Resources (TRGP) is seeing significant optionality at its Galena Park asset, with potential expansions expected to deliver improving economics as fixed costs are spread across a larger throughput base.The energy firm noted that incremental expansions at the site would yield progressively stronger economics as fixed operational costs are distributed across a larger volume base.Optimism also extended into the crude logistics sector, where Plains All American Pipeline (PAA) is re-evaluating its strategic footprint.Following its recent divestiture of certain NGL assets, the energy firm's management is focusing heavily on organic growth opportunities across its extensive pipeline network connecting the Permian Basin to the US Gulf Coast.Meanwhile, US midstream infrastructure firms are witnessing a robust pipeline of natural gas and power-related projects alongside strengthening demand trends across North America.Kinder Morgan (KMI) is advancing its Gulf Coast Express expansion project, which is expected to come online this quarter, while also progressing its Tennessee Gas Pipeline expansion, originally sized at about 500 million cubic feet per day.Trident Energy also continues to scale its development portfolio, targeting 1.5 billion cubic feet per day of capacity in 2027 and a further 0.5 Bcf/d in 2028, with major contract awards expected to begin in late 2027.DT Midstream (DTM) reported rising Northeast US demand, with its management pointing to about 7.5 Bcf/d of largely utility-scale demand, and noting potential upside from emerging modular power requirements.TPH Energy strategists said the energy firm also highlighted the flexibility of its Midwest Incremental Supply Transportation project, which can source gas from both the Northeast and western supply basins via interconnected pipeline networks.Energy Transfer (ET) said it continues to see strong demand across its system, particularly in the Permian Basin and around Abilene, Texas, where it is positioning itself as a key provider of redundancy and integrated gas services.The company also noted uncertainty around uncontracted "behind-the-pipe" gas volumes, though such volumes remain contractually protected in the near term.On the gas distribution side, Kodiak Gas Services (KGS) plans to grow its base business by 3% to 4% while expanding its power build-out ambitions, citing a 2-gigawatt development pipeline, supported by equipment-sourcing capacity and continued inbound interest in additional megawatt-scale projects.Meanwhile, Cheniere Energy (LNG) continues to advance its Corpus Christi and Sabine Pass liquefaction expansions, Van Everen said, with sufficient commercial agreements in place to support much of the two-train development.Once completed, the projects are expected to add about 6 million metric tons per annum of LNG capacity, with the firm targeting long-term contracted levels near historical averages of about 90%.Elsewhere, Excelerate Energy (EE) pointed to project opportunities in Jamaica, Vietnam and India, as the company looks to deploy floating LNG infrastructure to support emerging gas import markets.Price: $33.66, Change: $-0.65, Percent Change: -1.89%

Excelerate Energy Keeps Quarterly Dividend at $0.08 a Share, Payable June 4 to Stockholders of Record May 20