Energy Biz Cheat Sheet: Libya Prepares to Recommence Oil Production, Federal Agents Raid Solyndra
Hess (NYSE:HES) has announced that it will acquire privately held Marquette Exploration, as well as other leases in Ohio’s Utica Shale for around $750 million. In total, the purchases will add 85K acres to Hess’s holdings in the region.
Federal agents have raided solar energy firm Solyndra, which filed for Chapter 11 bankruptcy last week. The company received a $535 federal loan guarantee. White House logs show that Solyndra officials made numerous trips to the West Wing in the days before it received approval for the loan.
Tesoro (NYSE:TSO) says yesterday’s purchase from Supervalu (NYSE:SVU) will increase the size of its network of retail stations by 25%, and strengthen its refining and marketing integration by more than 12%.
Valero Energy (NYSE:VLO) announced plans this morning to boost the amount of Eagle Ford crude oil delivered to two of its Texas refineries by 30% over the next few quarters.
Libya will be reading to restart oil production within two weeks, according to Oil & Finance Minister Ali Tarhouni. Only 10% to 20% of installations were damaged during the conflict, mostly due to vandalism and looting. Foreign companies are being encouraged to recommence production.
A deal between privately owned SolarCity and the U.S. government could double the country’s rooftop solar power. Department of Energy-backed loans will finance the installation of 160,000 rooftop solar panels on military complexes across 34 states. SolarCity is willing to pay much of its own way, saying the deal is nearly “risk-free” for the government.