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USA Compression Partners Adds Horsepower in Q1 with J-W Power Acquisition, Usage Intensity Slips

USA Compression Partners (USAC) said Tuesday its Q1 average horsepower utilization stood at 91.9%, down from 94.4% for Q1 2025, when total active horsepower was a smaller 3.56 million.The company said its acquisition of J-W Power and parent J-W Energy added 800,000 active horsepower across the Northeast, Midcontinent, Rockies, Gulf Coast and the Permian Basin, taking its total to 4.4 million active horsepower.CEO Clint Green said that the acquisition was particularly timely given the fact that new engine procurement lead times have recently begun to exceed two years.USA Compression Partners is one of the largest independent natural gas compression services in the country in terms of compression fleet horsepower.The company's customer base comprises producers, processors, gatherers and transports of natural gas and crude oil.

$USAC

Commodities138d ago

Thailand Reportedly Scraps 25-Year Energy Pact With Cambodia

Thailand's cabinet on Tuesday formally terminated MOU 44, a 25-year-old framework with Cambodia intended for joint energy exploration in the Gulf of Thailand, several media outlets reported.Thailand's Prime Minister Anutin Charnvirakul confirmed the decision following a recommendation from the National Security Council, stating that the 2001 pact had failed to deliver results after decades of stalled negotiations.This unilateral withdrawal fulfills a key election pledge and marks a pivot away from bilateral joint-development talks toward international legal frameworks, specifically the United Nations Convention on the Law of the Sea.The move effectively freezes the development of the 27,000-square-kilometer Overlapping Claims Area, a region believed to harbor significant natural gas reserves, as per the reports.In response, Cambodian Foreign Minister Prak Sokhonn expressed deep regret, reportedly noting that Cambodia now has no option but to pursue compulsory conciliation under UNCLOS.

Commodities138d ago

Marathon Petroleum Q1 Refining Inputs Flat, Midstream Throughputs Down

US downstream and midstream energy company Marathon Petroleum (MPC) Tuesday reported its Q1 results, showing relatively steady refining inputs and a decline in pipeline and terminal throughputs.For the quarter ended March 31, net refinery throughputs were largely unchanged from a year earlier at around 2.9 million barrels per day. Crude oil capacity utilization also remained flat at 89%, with crude oil refining capacity little changed at about 3.0 million barrels per calendar day.On the Gulf Coast, net refinery throughput rose year over year to 1.21 mmbbls/d from 1.16 mmbbls/d. On the West Coast, throughput also climbed to 529,000 barrels per day from 504,000 b/d.However, lower refinery inputs in Mid-Continent offset these increases. Net refinery throughput in the region dropped to 1.1 mmbbls/d from 1.2 mmbbls/d.During the period, the company's refining segment processed 48% sour crude oil and 52% sweet crude oil. This compares with the previous year's mix of 46% sour and 54% sweet crude.The company projects refinery throughputs will increase to about 3 mmbbls/d in Q2.In the midstream segment, the company saw pipeline throughputs declining year over year to 5.8 mmbbls/d from 6.0 mmbbls/d. Terminal throughputs also dropped to 3.0 mmbbls/d from 3.1 mmbbls/d.At the same time, gathering system throughputs eased to 6.49 million cubic feet per day from 6.52 mcf/d, and natural gas processed fell to 9.4 mcf/d from 9.8 mcf/d.The company also said its renewable diesel business posted a lower utilization level due to planned downtime at the Martinez Renewables joint venture facility, which weighed on the segment margin.

$MPC

Commodities138d ago

Norway's Energy Ministry Latest Oil, Gas Licensing Round Adds 70 New Blocks

Norway's Ministry of Energy said Tuesday it has initiated its 2026 annual licensing round for petroleum resources on its continental shelf with 70 new blocks added in the North, Norwegian and Barents seas.Minister of Energy Terje Aasland said it was important that industry look at opportunities new, larger opportunities and not only those available close to existing infrastructure, as Europe seeks more hydrocarbons away from the volatility of the Middle East.The expansion of available area in latest round follows a public consultation that has enabled the addition of 70 blocks.The application deadline for companies wishing to take part is Sept. 1 and the energy ministry aims to grant new associated production licenses early in 2027, its statement said.It has published an updated map of the available blocks on the Norwegian Offshore Directorate's website.

Commodities138d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Tuesday Amid Corporate Earnings Rush

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.6% in Tuesday's premarket activity amid a rush of corporate earnings.US stock futures were also higher, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 0.6% before the start of regular trading.International trade data for March will be released at 8:30 am ET, followed by S&P global services data for April at 9:45 am ET.ISM manufacturing data for April, job openings data for March, and new home sales data for March are all due at 10 am ET.Federal Reserve Vice Chair for Supervision Michelle Bowman and Fed Governor Michael Barr are slated to speak on Tuesday.In premarket activity, bitcoin was up by 1.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.3% higher, Ether ETF (EETH) advanced 1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, while the Vanguard Industrials Index Fund (VIS) rose 1.7%, and the iShares US Industrials ETF (IYJ) was inactive.Sterling Infrastructure's (STRL) stock was up more than 25% before the opening bell after the company overnight reported a stronger-than-expected rise in Q1 earnings and sales, and guided fiscal 2026 sales above analyst expectations.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) gained 0.01% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.6%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced 0.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.7% higher.Anheuser-Busch InBev (BUD) shares were up more than 6% pre-bell after the company reported higher fiscal Q1 underlying earnings and revenue.EnergyThe iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.1%.Kosmos Energy (KOS) stock was down more than 1% before the opening bell after the company reported a Q1 adjusted loss versus analysts' expectations of earnings.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) gained 0.5%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.2% higher.IDEXX Laboratories (IDXX) stock was up more than 3% premarket after the company reported higher Q1 comparable earnings and revenue.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.HSBC (HSBC) shares were down more than 3% pre-bell after the company reported lower-than-expected Q1 earnings.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained 0.8%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was up 0.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 1.9% higher, while the iShares Semiconductor ETF (SOXX) rose by 1.4%.Leidos Holdings (LDOS) shares were up more than 2% in Tuesday's premarket activity after the company reported higher Q1 non-GAAP earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 2.4% to $103.92 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.3% at $2.83 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 1.1%, while the United States Natural Gas Fund (UNG) was 0.8% lower.Gold futures for May gained by 0.9% to reach $4,573.50 an ounce on the Comex. Silver futures advanced by 0.9% to $74.20 an ounce. SPDR Gold Shares (GLD) was 1% higher, and the iShares Silver Trust (SLV) rose by 1.1%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BUD$EEM$EETH$EXI$FAS$FAZ$GLD$HSBC$IBB$IDXX$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$KOS$LDOS$PMR$QQQ$RTH$SLV$SOXX$SPY$STRL$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities138d ago

INEOS Energy and Shell Expand Gulf of Mexico Exploration Partnership

INEOS Energy said on Tuesday that it has acquired a 21% stake in Gulf of Mexico assets operated by Shell (SHEL), partnering on three key exploration projects near the Appomattox platform to drive disciplined offshore growth.This stake adds to INEOS's existing assets in the Appomattox and Rydberg fields, the Nashville discovery, and the Mattox pipeline, the company said.The partnership initially targets three high-priority projects including the pre-FID Fort Sumter discovery, the drilling of the Sisco exploration well, and a third exploration well slated for completion by 2030, it added."We are focusing on areas close to existing infrastructure where we can move quickly, control costs and unlock new production," said David Bucknall, INEOS CEO.

$SHEL

Commodities138d ago

NWS Warns of Severe Storms in Midwest, Potentially Reaching into Central, Southern Plains

The US National Weather Service said severe storms would reach the Midwest on Tuesday afternoon or evening, potentially threatening the central and southern plains also.Thunderstorms were also expected on Tuesday and Wednesday across Texas and the mid-South with potentially damaging winds, large hail, tornadoes and floods.There were freeze warnings in Idaho covering Rexburg, Rigby, Idaho Falls and Pocatello.The main power providers in the state are Idacorp (IDA) unit Idaho Power, Avista Utilities (AVA) and PacifiCorp unit Rocky Mountain Power.There was also a freeze warning for Riverton, Casper, Buffalo, Worland, Grey Bull, Cody and Lander in Wyoming where the main electricity provider is Rocky Mountain Power.In New York state, there was a red flag warning for potential thunderstorms covering Poughkeepsie, Montecello and Albany.The main power provider in the affected areas is Eversource Energy (ES).

$AVA$ES$IDA

Commodities138d ago

International Petroleum Reports Lower Hydrocarbon Output, Higher Sales in Q1

Canadian upstream energy company International Petroleum Tuesday reported a year-over-year decline in its hydrocarbon production in Q1, although corresponding sales rose due to higher commodity prices.Oil and gas output averaged at 43.0 million barrels of oil equivalent per day in the quarter ended March 31, down from 44.4 mboe/d in the year-ago period.Due to lower output from the company's southern assets in Canada, crude oil production dropped to 28.7 mboe/d from 29.7 mboe/d, and gas production fell to 14.3 mboe/d from 14.7 mboe/d.Of this year's Q1 production, heavy crude oil accounted for 52%, light and medium crude 15%, and natural gas 33%, the company said.During the same period, net sales of oil and gas grew to $206.5 million from the prior year's $202.0 million, due to higher sales in Malaysia and France.International Petroleum said that it was "very well-placed" to benefit from the price increases brought about by the conflict in the Middle East, citing its strong operational performance and cost discipline.It expects oil and gas net production for this year to range from 44 mboe/d to 47 mboe/d, in line with the original guidance.Improved commodity pricing outlook also prompted the company to expand its 2026 capital expenditure program by an additional $41 million, it said.The company also reported that the Blackrod Phase 1 development project in Canada achieved first steam injection in December 2025 and is targeted for first oil in Q3.

Commodities138d ago

One Gas Q1 Sales Volume Down Despite Higher Customers, Warmer Weather

US natural gas utility One Gas (OGS) Monday reported a decline in gas sales volume, despite a growth in customer base and a warmer weather, resulting in lower Q1 revenue.For the quarter ended March 31, natural gas volumes delivered across all sectors dropped year over year to 119.0 billion cubic feet from 144.6 Bcf, while the number of customers grew to 2.32 million from 2.31 million.Volumes sold mainly to the residential, commercial, and industrial customers fell to 59.9 Bcf from 79.3 Bcf. Corresponding revenue weakened to $769.9 million from $870.4 million.Gas delivered to the transportation sector also decreased to 59.1 Bcf from 65.3 Bcf. The segment revenue eased to $40.1 million from $43.8 million.The company saw weaker demand and revenue despite a warmer weather. During the period, weather across the company's service areas was 21% warmer than normal. In the same quarter of 2025, weather was 5% colder than average.The impact of warmer weather on demand and financial results was "tempered by weather normalization mechanisms," the company said.Oklahoma, Kansas, and Texas all experienced warmer weather during the quarter, with the number of customers also increasing versus a year earlier, data showed.

$OGS

Commodities138d ago

Parex Resources to Provide $250 Million Capital for 50% Share in 2 Ecopetrol Colombian Blocks

Canada-based Parex Resources and strategic partner Ecopetrol (EC) have executed an agreement under which Parex will earn a 50% participating share in the Casabe and Llanito blocks in Colombia's Magdalena Basin, in exchange for $250 million of capital investments over five years, Parex said Monday.The two blocks produce a combined 14,900 barrels of medium crude oil and have an estimated original oil in place of more than 3 million barrels with average recovery of less than 15%.Parex, a Colombia-focused company, will commit the stipulated $250 million of capital of which $125 million will be carry capital, Parex said in a statement, once regulatory approval has been obtained.Parex's base production participation starts upon spudding the first well on each block, something that it expects to happen in the second half of this year. The company will be executor of all future drilling and capital activities while Ecopetrol will remain operator of current and future production.Priority development work will be infill drilling, waterflood optimization and enhanced oil recovery initiatives, areas in which Parex has demonstrated expertise in the Llanos and Magdalena Basins.Upon completion of the first phase under which Parex receives its 50% share of the projects and provides committed capital, all capital thereafter will be shared on a 50:50 basis, Parex's statement said.Parex described the fields as mature, with recently reprocessed 3D seismic that provides a path to raise production. The fields also have potential for horizontal drilling, the statement said.The company said a direct pipeline connection to Ecopetrol's Barrancabermeja refinery already exists, to maximize netbacks.

$EC

Commodities138d ago

Viper Energy Reports Surge in Q1 Output Amid Sharp Rise in Well Activity

Texas-based Viper Energy (VNOM) reported Monday average output of 130,711 barrels of oil equivalent per day in Q1, more than double from 57,378 boe/d during the same period a year ago.The company turned 655 total gross horizontal wells to production during the quarter, with an average lateral length of 11,583 feet, up from 260 gross wells last year.Of these, 541 wells were operated by third parties, with Viper receiving a relatively modest average royalty interest of 1.2%. Diamondback Energy (FANG) operated 114 wells, with an average royalty yield of 7.5%.For Q2 2026, the company guided total output in the range of 124,000 and 126,000 barrels of oil equivalent per day, and between 126,000 and 130,000 boe per day for the full year.

$FANG$VNOM

Commodities138d ago

New England Utility Unitil's Electricity Sales Slip in Q1, Gas Sales Rise

Electricity sales by New England utility Unitil (UTL) fell to 424.4 gigawatt-hours in Q1 2026, it said in its latest earnings report, down from 438.2 GWh in the same period of 2026.Gas thermal sales also slipped, up 13.4% to 128.3 million therms from 113.1 million therms, it said.Operation and maintenance expenses in Q1 were up by 0.8% to $23.4 million, the company said.

$UTL

Commodities138d ago

Meralco Q1 Revenue Rise 5% Despite Softening Power Demand

Manila Electric, doing business as Meralco, the Philippines' largest power distributor, on Monday reported a 5% increase in consolidated revenues to 120.8 billion Philippine peso ($1.96 billion) for Q1, mainly due to drop in residential and industrial sectors.The company noted that despite a drop in these sectors, strong performance from its power generation arm sustained the utility giant's financial growth.Residential sales dropped by 3.4% as unusually cooler weather reduced the need for cooling appliances. Commercial sales also saw a marginal 0.8% decline.Similarly, industrial sales slipped by 1% as the sector grappled with steel raw material constraints and operational disruptions.The company powers a vast network encompassing 39 cities and 72 municipalities.

Commodities138d ago

Otter Tail Higher Electricity Sales Volume Boosts Q1 Revenue

US holding company Otter Tail (OTTR) Monday reported a rise in Q1 retail electricity sales volume, resulting in higher revenue for the electric segment.For the quarter ended March 31, retail electricity sales grew to 1.716 terawatt-hours from the previous year's 1.673 TWh, boosting segment revenue to $165.9 million from $149.7 million.The company said that higher rates also contributed to revenue increase. In Minnesota and South Dakota, interim rates became effective in January 2026 and December 2025, respectively. In North Dakota, updated base rates took effect in March 2025.Higher fuel recovery revenue due to increased generation from natural gas and coal-fired facilities, as well as improved investment recovery, also served as tailwinds, according to Otter Tail.The company's manufacturing segment also logged a 4% increase in sales volume in Q1, with revenue rising year over year to $89.6 million from $81.7 million."Demand improved in certain markets we serve, including the construction and recreational vehicle markets, compared to softer demand and tighter inventory management efforts during the same period last year," the firm said.Otter Tail's plastics business also posted a 7% growth in sales volume, but a 19% decrease in average sales prices dragged revenue down to $91.6 million from the prior year's $105.9 million.

$OTTR

Commodities138d ago

Update: Market Chatter: US Defense Department Delays 165 Onshore Wind Projects

(Updates with DoD comments in paragraphs 7, 8 and 9)The US Department of Defense has stalled about 165 onshore wind projects on private lands, with a combined capacity of around 30 gigawatts, due to national security concerns, the Financial Times reported Monday, citing the American Clean Power Association and other sources.The move demonstrates US President Donald Trump's broadening campaign against renewable energy. Trump has described wind projects as the "worst form of energy" and reportedly said his goal was "to not let any windmill be built."In March, Axios reported that at least 30 projects, which had completed negotiations, were awaiting signoff from the department.Developers and consultants cited by the Financial Times said the number of projects facing approval delays has now risen, with another 30 having completed negotiations and received verbal signoffs, about 50 under negotiations, and a further 50 supposed to have been tagged "risk-free" based on previous process that typically takes only a few days to complete.Sources told the newspaper that project developers have faced setbacks since August 2025, including a lack of response from DoD, cancellations of meetings to discuss project status, and the termination of application processes.In early April, the department reportedly sent letters to developers saying it was reviewing its processes for determining the impact of energy projects on national security. The agency needs to approve wind projects to ensure they do not interfere with radar systems and do not pose risks to army facilities and flight paths, the newspaper said.The DoD's Siting Clearinghouse "is actively evaluating land-based wind energy projects to ensure they do not impair national security or military operations," a department official toldin a statement.Congress had directed the DoD to establish the clearinghouse and to develop a comprehensive review strategy, due to the "changing nature of national security considerations involved," the official said.He also highlighted that "the department's role in evaluating energy development proposals, particularly wind turbines, is inherently complex and time-consuming because it involves balancing two critical, and sometimes competing, interests: (1) developing energy sources, (2) while ensuring military operations and readiness are not degraded or impaired to the extent an unacceptable risk to national security is created."has reached out to American Clean Power seeking feedback.Also citing national security concerns, the Trump administration had issued stop work orders on several offshore wind projects and other renewable energy developments on federal lands, although federal courts reversed some of these actions.To increase supply of fossil fuels, the US Department of the Interior in March had agreed with TotalEnergies (TTE) to redirect an almost $1 billion investment in US offshore wind to liquefied natural gas by reimbursing the company's expenses on offshore wind leases.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$TTE

Commodities138d ago

Diamondback Energy Raises 2026 Production Guidance, Output Rises in Q1

Diamondback Energy (FANG) average oil production for the three months to March 31 was 521,000 barrels per day or 979,400 barrels of oil equivalent per day, compared with 475,944 barrels in the same quarter of 2025 or 850,656 barrels of oil equivalent.The company increased its 2026 oil production guidance to upwards of 520,000 from a previous range of 500,000 to 510,000. On a barrels-of-oil-equivalent basis, it increased guidance to upwards of 972,000 from 926,000-962,000.Diamondback achieved an average of $73.47 per barrel of oil sold in the quarter, it said, up from $70.95 in the first three months of 2025, it said.The company said it is bringing incremental barrels of oil to the market immediately in order to capture currently higher prices in the context of conflict in the Middle East and the prolonged closure of the Strait of Hormuz, it said in a letter to shareholders.The company said in a letter to investors

$FANG

Commodities138d ago

Asia Biofuels Update: Malaysian Palm Oil Firms on Biodiesel Push

Malaysian palm oil futures rose further on Tuesday after the country's government announced that it will begin raising its palm-based biodiesel blend to 15% from the current 10% in June.The Bursa Malaysia Derivatives' June crude palm oil contract climbed 1.87% to 4,676 Malaysian ringgit ($1,179.32) per metric ton. The July contract inched up 1.93% to 4,711 ringgit/mt in midday trade.Deputy Prime Minister Seri Ahmad Zahid Hamidi reportedly said that 19 biodiesel plants will start producing B15 from June 1, according to multiple media outlets. The government will also target a shift to B20 and then to B50 over the next two to three years.However, lower exports continued to weigh on prices, with cargo surveyors reportedly estimating a 15.7% to 16.8% month-over-month decline in Malaysian shipments for the April 1-25 period. Malaysia's industry body will release monthly data on May 11.In Indonesia, exports totaled 1.31 million tons in March, a drop versus the previous year's 2.0 mmt. Q1 export volumes also fell year over year to 5.85 mmt from 5.35 mmt.The country's move to raise its biodiesel mandate to 50% from the current 40% beginning July 1 will increase domestic consumption, potentially reducing exports further, particularly with the expected reduction in local supply due to a developing El Nino weather phenomenon and rising fertilizer costs.Exports from both Malaysia and Indonesia weakened due to lower demand from key importer India. A war-driven price rally prompted Indian buyers to cut purchases, with palm oil imports dropping 27% month over month to a one-year low of 505,000 metric tons in April, according to dealers cited by Reuters.As palm oil prices rose and discounts to rival oils narrowed, India's April soybean oil imports reportedly increased from a month earlier by 24% to 355,000 mt. Sunflower oil purchases more than doubled to a 22-month high of 435,000 mt.Declining exports in both Malaysia and Indonesia, as well as the ongoing geopolitical tensions in the Middle East, could influence price movements this week, according to financial services company PhillipCapital.

Commodities139d ago

Crescent Energy Posts Q1 Earnings, Boosted by Oil, Gas Volume Gains

Crescent Energy Company (CRGY) reported Q1 earnings Monday, showing average daily net sales volumes of 341,000 barrels of oil equivalent per day, up from 258,000 boe/d a year earlier.Crescent reported that it had outperformed average daily net sales volume estimates of 328,000 boe/d by about 4%.The company reported average daily net oil sales volumes of 140,000 barrels per day for the quarter ended March 31, up from 102,000 b/d a year earlier.Average daily net sales volumes for natural gas rose to 743 million cubic feet per day for the quarter, up from 655 MMcf/d, the company said.The company reported average daily net sales for natural gas liquids at 77,000 b/d, up from 47,000 b/d a year earlier, it added.Crescent Energy said it has achieved about $120 million in cost savings to date from its Permian integration, ahead of its original target.The company drilled 38 operated wells in Q1 and brought 37 wells online, while capital expenditures reached $385 million for the quarter, it said.Crescent Energy completed two Eagle Ford mineral acquisitions totaling about $355 million in Q1 2026, expanding its portfolio with additional exposure to undeveloped resources.

$CRGY

Commodities139d ago

Correction: New Jersey Resources Reports Q2, Reaffirms 7-9% Growth Target

(Corrects headline and paragraphs 1-4 to reflect Q2 earnings and updates figures.)New Jersey Resources (NJR) reported Q2 earnings Monday, reaffirming its Q1 multi-year growth plan targeting 7% to 9% earnings expansion, supported by a capital program of $4.8 billion to $5.2 billion through 2030.The company is expanding its utility footprint with 594,227 customers across six New Jersey counties, NJR said.NJR is advancing its solar platform with about 513 megawatts of installed capacity and a development pipeline of roughly 1.2 gigawatts, while it has already placed about 33 MW in service year to date in fiscal 2026, the company added.The company reaffirmed its fiscal 2026 capital spending plans of $775 million to $930 million and fiscal 2027 plans of $870 million to $1 billion.NJR said it is expanding storage and transportation capacity through projects such as Leaf River, which aims to increase working gas capacity by over 70% from about 32 Bcf to more than 55 Bcf, the company said.The company is also growing midstream and infrastructure assets, including Adelphia Gateway and Steckman Ridge, while targeting long-term demand growth supported by energy services, solar expansion, and pipeline investments, it said.

$NJR

Commodities139d ago

US Delays Creditor Actions on Venezuelan Bond Tied to Citgo Assets

The US has extended restrictions tied to a key Venezuelan bond, delaying creditors' ability to pursue collateral linked to the country's overseas assets, the Treasury Department said on Monday.The Treasury's Office of Foreign Assets Control said it had issued General License 5W, which authorizes certain transactions related to Venezuela's PdVSA 2020 bond only from June 19, prolonging a freeze on enforcement actions tied to the debt.The agency said transactions involving the sale or transfer of shares pledged as collateral, notably those tied to US-based refiner Citgo Petroleum, remain prohibited until June 19 unless approved by OFAC.The previous license, issued in March and continuing a series of extensions dating back to 2019, was set to expire May 5.Though the new license ultimately allows transactions related to the bond after June 19, it does not override other sanctions restrictions, meaning additional approvals may still be required.OFAC said that if creditors and Venezuela reach agreements to restructure or refinance the PdVSA 2020 bond, parties may need to seek specific licenses, adding that it would adopt a favorable licensing policy toward such arrangements.Elsewhere, the US has in recent months eased some restrictions on Venezuela's energy sector, allowing limited business with PdVSA even as core financial sanctions remain in place.

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Commodities138d ago