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Energy News

Texas energy data wrap: Houston energy jobs still down from peak

Crude oil prices are expected to trend downward in the first part of this year, lending no reprieve to companies whose business plans depended on higher commodity prices. At the same time, the oil and gas rig count bounced off of its lowest point since March 2017 last week, partly due to the tighter capital budgets among companies in the upstream business.

Read more about these and other data points to know in Texas energy this week:

Companies in the energy industry employed more than 260,500…

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Energy News

Fortune lists several local companies among ‘World’s Most Admired’

Seven Charlotte-area corporations — including Nucor Corp., Bank of America Corp., Honeywell International Inc. and Duke Energy Corp. — appear on Fortune magazine’s newly released list of the “World’s Most Admired Companies.”

None of the local companies made the top 50 “All Stars” list. Companies not among the top 50 are not listed by ranking, making it difficult to determine their spots.

But the list ranks each company within its industry. Nucor (NYSE: NUE) ranked first among four companies…

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Energy News

Activist investor issues Evergy an ultimatum

An activist investor known for targeting companies like AT&T Inc. sent a letter to Kansas City-based Evergy Inc. on Tuesday outlining its displeasure with the utility’s stock performance and issued an ultimatum: Restructure, or merge with a partner.

Elliott Management Corp. urged Evergy (NYSE: EVRG) to take steps to boost its stock price, including the addition of new board members and management and the exploration of a stock-for-stock merger. Evergy did not respond to a request for comment.

“A…

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Energy News

Ford earns distinction for environmental efforts

Ford Motor Co. (NYSE:F) has earned an A-list distinction with CDP, a global environmental impact nonprofit, for its green initiatives.

The initiatives include a more than $11.5 billion investment in electric vehicles, including all-electric versions of its Mustang Mach-E and F-150 to be released later this year and into 2021, respectively. The company was additionally recognized for its actions to develop the low carbon economy and its aspiration to power all its manufacturing facilities with…

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Energy News

California city’s attempt to ban fuel cell technology is struck down

The Santa Clara city ordinance passed last summer that effectively banned Bloom Energy’s natural gas-powered fuel cells as an electricity source was struck down Friday by the Santa Clara County Superior Court.

Bloom’s stock, which had been hammered repeatedly since its IPO in July 2018 for failure to achieve profitability promised by CEO KR Sridhar, closed at $9.71 on the New York Stock Exchange, up 4.6 percent from the previous day’s close.

“Officials in the City of Santa Clara made the…

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Energy News

Oops — Bay Area city’s attempt to ban fuel cell technology is struck down

The Santa Clara city ordinance passed last summer that effectively banned Bloom Energy’s natural gas-powered fuel cells as an electricity source was struck down Friday by the Santa Clara County Superior Court.

Bloom’s stock, which had been hammered repeatedly since its IPO in July 2018 for failure to achieve profitability promised by CEO KR Sridhar, closed at $9.71 on the New York Stock Exchange, up 4.6 percent from the previous day’s close.

“Officials in the City of Santa Clara made the…

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Energy News

McDermott will file Chapter 11, finds bidder for Lummus Technology

Houston-based McDermott International Inc. (NYSE: MDR) plans to file for Chapter 11 bankruptcy protection on Jan. 21, now that it has a restructuring plan in place.

The company also announced Jan. 21 that it has found a stalking-horse bidder for its Lummus Technology business, which it will sell as part of the Chapter 11 process.

More than two-thirds of all McDermott’s funded debt creditors have agreed to support the restructuring transaction, which will eliminate more than $4.6 billion of debt.…

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