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Energy

Reuters | Equities.com |

Investment in energy is on track to recover by nearly 10% in 2021 as the world emerges from the COVID-19 pandemic, the International Energy Agency (IEA) said on Wednesday, but spending will fall far short of meeting urgent climate goals.

More of the $1.9 trillion in investment is projected to shift toward electricity than ever, with more than $820 billion due to earmarked for power - the sixth year in a row it will outstrip investment in traditional oil and gas.


Reuters | Equities.com |

Colonial Pipeline ramped up deliveries to fuel-starved markets up and down the East Coast on Friday following a nearly week-long outage caused by hackers, as Washington sought to reassure motorists that supplies would return to normal soon.

The strike on the nation's largest fuel pipeline was most disruptive cyberattack on record, triggering days of widespread panic buying that led filling stations across the U.S. Southeast to run out of gasoline, and pushing pump prices to their highest in years.


Kimberly Redmond | Equities.com |

The Walt Disney Company (NYSE: DIS) announced a major upgrade to its Walt Disney World Resort in Orlando, Florida, that will enable the property to obtain nearly half of its power from solar energy within two years.

Disney and Reedy Creek Improvement District are partnering with local utility companies to develop two new 75 megawatt solar facilities, the company announced Thursday.


AP News | Equities.com |

FirstEnergy Corp. is cooperating with the U.S. Department of Justice while negotiating a deferred prosecution agreement over its role in secretly funding a $60 million bribery scheme to secure a $1 billion bailout for two Ohio nuclear power plants, company officials said Friday during an earnings call.

Such an agreement generally involves requiring a company to admit to wrongdoing, agree to initiate reforms, cooperate with prosecutors, pay a fine and promise not to commit additional crimes.


AP News | Equities.com |

World leaders joined President Joe Biden at the virtual climate summit Friday to share their stories how nations can break free of climate-damaging fossil fuels — from Kenyans leapfrogging from kerosene lamps to geothermal power and Israeli start-ups scrambling to improve battery storage.

“We cannot win this fight against climate change unless we go globally to fight it together,” declared President Uhuru Muigai Kenyatta of Kenya.


Reuters | Equities.com |

Energy group BP said on Tuesday it expects to have hit its $35 billion net debt target in the first quarter of this year, sooner than expected and paving the way for it to deliver on its promise of buying back shares.

“This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter,” Chief Executive Bernard Looney said in a statement.


Reuters | Equities.com |

Three environmental groups filed a false advertising complaint against Chevron with the Federal Trade Commission on Tuesday, alleging that the U.S. oil major has overstated its investment in renewable energy and actions to curb greenhouse gas emissions.

The groups - Global Witness, Greenpeace and Earthworks - said their complaint is the first to petition the FTC to use its “Green Guides” against an oil company for misleading consumers about its actions to combat climate change. The commission’s 2012 guidelines aim to prevent companies from making false environmental claims.


Reuters | Equities.com |

Oil hovered near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year.

Benchmark Brent rose 3 cents, or 0.04%, to $69.66 a barrel by 1058 GMT while U.S. West Texas Intermediate crude was at $66.03 a barrel, up 1 cent, or 0.02%. Both recovered from losses earlier in the session during Asian trade.


Reuters | Equities.com |

Chevron Corp said on Friday it would buy the shares of Noble Midstream Partners LP it does not already own in an all-stock deal that values the pipeline operator at $1.32 billion, a month after making a slightly smaller offer.

Noble Midstream’s unitholders will get 0.1393 Chevron shares for each unit held under the new agreement, Chevron said.


Reuters | Equities.com |

Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.

Brent crude futures were up $1.52, or 2.3%, at $68.26 a barrel by 1008 GMT and U.S. West Texas Intermediate (WTI) crude futures climbed $1.30, or 2%, to $65.13 as both remained on track for weekly gains.