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DuPont and Dow Chemical Set Closing Date for Merger

DuPont and The Dow Chemical Company announced that all required regulatory approvals and clearances have been received, that all conditions to closing of their merger of equals have been satisfied, and that their merger of equals will close after the market closes on August 31, 2017.

“The companies, with a combined market value approaching $150 billion, would surpass BASF SE as the world’s largest chemical company. Within 18 months of closing, DowDuPont has said it will split into three separate companies focused on agriculture, specialty products and materials,” Bloomberg reports. “Shares of DowDuPont Inc. will begin trading Sept. 1 under the ticker DWDP.” 


U.S. to Become a Net Exporter of Natural Gas This Year

EIA’s latest Short-Term Energy Outlook projects that the U.S. will export more natural gas than it imports in 2017. The U.S. has been a net exporter for three of the past four months and is expected to continue to export more natural gas than it imports for the rest of 2017 and throughout 2018. U.S. status as a net exporter is expected to continue past 2018 because of growing U.S. natural gas exports to Mexico, declining pipeline imports from Canada, and increasing exports of LNG.

The U.S. is currently the world's largest natural gas producer, having surpassed Russia in 2009. Natural gas production in the U.S. increased from 55 billion cubic feet per day (Bcf/d) in 2008 to 72.5 Bcf/d in 2016. Most of this natural gas—about 96% in 2016—is consumed domestically. Abundant natural gas resources and large production increases have created opportunities for U.S. natural gas exports. 

Andeavor Plans $225 Million Pipeline Project in NM, TX

Andeavor has received sufficient commitments from third party shippers to warrant construction of the Conan Crude Oil Gathering Pipeline system in the Delaware Basin. The Conan Crude Oil Gathering Pipeline system will be approximately 130 miles in length and transport crude oil from origins in Lea County, NM and Loving County, TX to a terminal to be constructed in Loving County where the gathering system interconnects with long-haul pipeline carriers.

The system is under construction and is expected to begin commercial service in mid-2018. The estimated capital investment for the first phase of the gathering system is approximately $225 million of which $75 million is expected to be spent in 2017. 

U.S. Shale Output Set to Rise

“Shale production in the largest U.S. oilfield should rise by as much as 300,000 barrels per day by December, according to updated forecasts following the industry's latest quarterly results,” Reuters reports.

“The higher outlooks, amid worries the recent breakneck pace of gains may not be sustained, come on the heels of one high-profile Permian Basin producer's oil output miss last quarter and decisions by several other energy companies to trim annual budgets.” 

Coal Production Fell, Gas Up Globally in 2016

Global coal production fell significantly in 2016, while global trade in natural gas was up. These data are drawn from official national data submissions to the International Energy Agency (IEA) from around 150 countries and regions globally.

Coal production fell sharply in China in 2016 by around 320 million tons or 9%. Coal production also fell elsewhere, such as the U.S. and Australia, leading to global output falling by 458 million tons.

The greater demand for gas led to increases in trade, with growth in pipeline gas trade going into the OECD and LNG trade going to Asia. Together the increases saw total global gas imports increase by about 47 billion cubic meters (bcm) in 2016 – around 4.5% higher than 2015. 

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