Exxon and Chevron Union Would Set Energy Industry Record
Rumblings of a major business deal and fallout from a controversial political decision ranked among the most-viewed articles this past week among Rigzone’s downstream readers. More details below in this week’s recap of some of the most popular downstream-related articles on Rigzone.
One of the more popular articles this week among Rigzone’s downstream audience was this Bloomberg piece citing a report by another news agency – Dow Jones – that the CEOs of ExxonMobil and Chevron last year discussed combining the companies. ExxonMobil CEO Darren Woods and his counterpart at Chevron, Mike Wirth, reportedly broached the topic at the onset of the COVID-19 outbreak in 2020. Though the talks were preliminary, such a merger would be the biggest energy industry deal ever, Bloomberg stated.
President Biden may have revoked a critical cross-border permit for TC Energy’s Keystone XL pipeline, but North Dakota Congressman Kelly Armstrong and – as of Friday afternoon 112 of his fellow GOP colleagues – are pushing a bill that would make the permit unnecessary for the project to proceed. Although no Democrats had signed on as co-sponsors at press time, a key voting bloc in the party – organized labor – has been hit by job losses from Biden’s action. Union bosses went on record opposing the President’s move.
Acknowledging the Biden administration’s apparent opposition to new oil and gas pipeline projects, some U.S. gas pipeline owners are contemplating shipping hydrogen in the conduits as a potential lifeline for their businesses, Bloomberg has reported. Environmental advocates have touted hydrogen as a climate-friendly fuel of the future, and pipeline owners reportedly see transporting hydrogen in bulk – starting with blending it with natural gas – as a way to prevent their infrastructure from becoming obsolete. To be sure, the news agency pointed out that carrying hydrogen in a steel pipeline and via compressor stations demands overcoming significant corrosion risks.
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