EXXON INCREASES COMPETITIVENESS
BLOOMBERG - Exxon Mobil Corp. is drilling shale wells that stretch farther than the length of New York's Central Park.
The world's biggest oil explorer by market value recently finished four wells in North Dakota's Bakken region that extend sideways for 3 miles (4.8 kilometers), Barclays Plc analyst Paul Cheng said in a research note after meeting Exxon executives, and it's closing in on the 4-mile mark.
That would be "a game changer that could potentially allow the company to leap frog the competition in unit cost and return metrics," Cheng wrote.
In the Permian Basin that stretches beneath Texas and New Mexico, the company's horizontal wells are approaching the 2 1/2-mile threshold, Cheng wrote, about the length of Central Park in Manhattan from north to south.
Although famously late to the shale revolution that's disrupted the global oil industry, Exxon now appears to be transferring breakthroughs it made in the icy Russian Far East a decade ago to its North American fields. In 2007, from a perch on remote Sakhalin Island, the company drilled a total of 7 miles down and then sideways to reach a cluster of oil fields beneath the Sea of Okhotsk.
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AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.