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Energy News

Weatherford exits bankruptcy, names new board

Weatherford International PLC, which has its main U.S. office in Houston, has emerged from Chapter 11 bankruptcy protection.

The company’s restructuring process eliminated about $6.2 billion of outstanding funded debt, according to a Dec. 13 press release. When the initial bankruptcy petition was filed in July, the company listed total debts of nearly $8.34 billion and total assets of nearly $6.52 billion.

Now, Weatherford has emerged with $2.6 billion in exit financing facilities, including a…

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Energy News

McDermott receives delisting warning from NYSE

Houston-based McDermott International Inc. (NYSE: MDR) is the latest energy-related company to receive a delisting warning from the New York Stock Exchange.

The NYSE informed McDermott on Dec. 13 that the average closing price of the company’s shares of common stock over 30 consecutive trading days had fallen below $1 per share, the minimum required.

McDermott said it will notify the NYSE of its intent to regain compliance. The company has six months to fix the issue by ending the last trading…

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Energy News

McDermott warned of delisting from NYSE

Houston-based McDermott International Inc. (NYSE: MDR) is the latest energy-related company to receive a delisting warning from the New York Stock Exchange.

The NYSE informed McDermott on Dec. 13 that the average closing price of the company’s shares of common stock over 30 consecutive trading days had fallen below $1 per share, the minimum required.

McDermott said it will notify the NYSE of its intent to regain compliance. The company has six months to fix the issue by ending the last trading…

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Energy News

Cities explore electricity options that don’t include PG&E

Local cities are positioning for a future where Pacific Gas & Electric Co. may not be their electricity provider.

The Davis City Council on Tuesday will vote on whether to formally support transforming bankrupt PG&E (NYSE: PCG) into a customer-owned utility.

The cities of Rocklin and Lincoln this week decided to consider and review alternatives to the San Francisco-based utility, perhaps with the neighboring city-operated Roseville Electric Utility.

In October, Davis-based Valley Clean Energy,…

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Energy News

Portland still a top city for urban sustainability, report says

With a long history of policies and business oriented toward sustainability, one would expect Portland to rank at the high but other cities have been making bigger strides according to a new report.

The Rose City ranks No. 10 among the top 50 U.S. cities that have made the most progress in urban sustainability, according to CommercialCafe, a nationwide commercial real estate listings platform.

CommercialCafe’s rankings are based on six metrics, including its score on the American Council for an…

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Energy News

World Petroleum Congress organizers prepare to shift focus to attendees

The World Petroleum Congress, which is coming to Houston in late 2020, is preparing to shift its focus toward drawing an audience despite general troubles in the energy business.

With continued weak oil prices, flagging investor confidence in the sector and a wave of bankruptcies among upstream businesses, there are plenty of reasons why companies and their representatives might decide not to travel to conferences like WPC. Even with all that, there’s a lot of interest in the event, said Jeff…

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Energy News

Universities team up on effort to improve grid for Duke Energy

UNC Charlotte’s Energy Production and Infrastructure Center is working through three years of power-outage data from Duke Energy Corp. as part of a $300,000 federal grant to improve resiliency of the electric grid.

The U.S. Department of Energy grant is administered by the N.C. Department of Environmental Quality.

“We are partnering on a project that will examine storm-related impacts and the costs and benefits of investments in grid resiliency as recommended in the NC Clean Energy Plan,”…

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Energy News

As JEA meets with bidders, controversy mounts — here’s what you need to know

While JEA’s talks with bidders may have been happening in Atlanta, controversy over the deal is building in Jacksonville.

City Council’s role will likely grow after Mayor Lenny Curry asked the body to step and evaluate the bidders, instead of JEA doing so.

Meanwhile, both members of City Council and the Jacksonville Civic Council have called for negotiations to be scrapped altogether. More conversations swirled around conflicts of interest amongst JEA’s senior management after CEO Aaron Zahn also…

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