Learning to lead well requires a combination of "learning and doing," writes Wally Bock. Accept that mistakes are a part of growth and commit to the work that gets less fanfare, such as working side-by-side with teams to model the behavior and performance you expect, he writes.
The first shipment of US liquefied natural gas since China imposed a 10% tariff in September arrived at the Chinese Zhejiang Ningbo LNG terminal on Sunday. Traders say it's increasingly difficult for China to divert US LNG cargoes, as a warmer-than-expected winter in other Asian countries is weakening LNG demand, leaving some vessels without an alternative.
American pipeline operators reported record earnings last quarter as steep West Texas shale oil price discounts allowed companies to buy cheap crude at the wellhead and sell it at a premium at ports on the Gulf Coast. Occidental Petroleum saw profits from its marketing and logistics unit skyrocket to $796 million last quarter from $4 million a year earlier; Plains All American posted a $75 million profit, compared with a $56 million loss last year; and Energy Transfer reported an increase of $108 million in quarterly profit from the same period last year.
Energy Transfer plans to build a seventh, 150,000-barrel-per-day natural gas liquids fractionator in Mont Belvieu, Texas, as well as a 352-mile NGL pipeline expansion from the Permian Basin to the Fort Worth, Texas, area by the end of 2020. Separately, Targa Resources announced it will build two fractionators in Mont Belvieu with the capacity to process 110,000 barrels of NGLs a day each.
Chevron and ExxonMobil are reportedly considering bidding in a preliminary sale round for Endeavor Energy Resources, which could fetch around $15 billion. The company, which operates 329,000 net acres in the Permian Basin, is exploring additional strategies, including an initial public offering.
President Donald Trump took to Twitter on Monday to urge Saudi Arabia and OPEC not to reduce oil production, arguing that oil prices aren't low enough considering supply. Trump's comments came soon after Saudi Arabia said it will cut December oil output by 500,000 barrels daily and that OPEC members might slash oil supply by even more next year if needed to balance the market.
American Electric Power in Ohio will invest $33 billion in various energy projects and infrastructure upgrades, including $2.7 billion worth of renewables, between 2019 and 2023. Chairman, President and CEO Nicholas Akins says AEP plans to add 8,300 megawatts of new installed wind and solar capacity.
Forty percent of the world's generating capacity will likely come from renewables by 2040, up from the current 25%, according to the International Energy Agency's annual World Energy Outlook. The report says that while wind and solar costs will continue to fall and drive the industry forward, more government policies are needed to counteract climate change.
The Brayton Point Power Station, formerly the largest coal-burning power plant in Massachusetts, has changed its name to the Brayton Point Commerce Center to reflect its growing role as a regional offshore wind hub.
LafargeHolcim, a multinational building materials manufacturer, will add three turbines at its cement facility in Ohio. "Investing in new ways to operate our plants that provide a benefit for the environment is very important to us and the communities where we work," says US Cement CEO Jamie Gentoso.
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