Energy news for July 31, 2026
July 31, 2026 · 18 stories
18 stories from across midstream & lng and power. The day led with PJM asks FERC to launch a backstop power procurement by Sept. 30.
Policy
PJM asks FERC to launch a backstop power procurement by Sept. 30
PJM filed a plan with federal regulators to buy new power supply and close a 6,831 MW shortfall from its 2028/2029 capacity auction.
Midstream & LNG
PHMSA confirms August 3 effective date for electronic pipeline response plans
Pipeline operators can store spill response plans electronically starting August 3, 2026, after PHMSA rejected an objection from the Pipeline Safety Trust.
Markets
Phillips 66 boosts share buyback authorization by $10 billion
The board approved a $10 billion increase after the prior repurchase program neared its limit, CEO Mark Lashier said.
Midstream & LNG
PHMSA confirms Jan. 1, 2027 effective date for updated LP-gas plant code
PHMSA confirmed a direct final rule updating the LP-gas plant safety code will take effect Jan. 1, 2027, after no adverse comments were filed.
Midstream & LNG
Convertus closes $135 million financing for Ontario biofuel plant
Power Sustainable Infrastructure Credit financed the York Region plant that will turn organic waste into renewable gas, fertilizer and liquid CO2.
Upstream
ExxonMobil second-quarter profit rises to $14.5 billion
Second-quarter earnings reached $14.5 billion, or $3.48 a share, with adjusted EPS of $3.52 and $9.4 billion returned to shareholders.
Power
TC Energy tops Q2 profit estimates, approves $498 million in gas pipeline expansions
TC Energy beat second-quarter profit estimates and approved $498 million in new natural gas pipeline capacity to meet rising power-generation demand.
Upstream
MOL Group buys Shell's Cyprus gas unit for up to $720 million
MOL Group will pay Shell up to $720 million for BG Cyprus, the unit holding a 35% stake in Cyprus's Aphrodite gas field.
Midstream & LNG
PHMSA confirms 2027 effective date for updated pipeline fitting standard
PHMSA will require the reapproved 2022 edition of ASTM F1055 for polyethylene pipe fittings on gas pipelines starting January 1, 2027.
Markets
Saipem clears US antitrust review for Subsea 7 merger
Saipem's US antitrust waiting period for its Subsea 7 merger has expired, though approvals outside the US are still pending.
Midstream & LNG
PHMSA confirms 2027 effective date for updated pipeline corrosion standard
PHMSA rejected the Pipeline Safety Trust's objection, so operators must adopt the 2016 edition of NACE SP0206 for gas pipelines by January 1, 2027.
Power
PJM opens expedited interconnection track for large power projects
PJM began taking applications July 31 for a temporary process that fast-tracks large generation projects able to start operating within three years.
Power
SLB Capturi selected for carbon capture at Uniper's Deeside power project
SLB Capturi has been picked to license carbon capture technology for Uniper's proposed 1.38-gigawatt gas power project in Deeside, UK.
Midstream & LNG
Phillips 66 boosts share buyback authorization by $10 billion
Phillips 66's board approved a $10 billion increase to its share repurchase authorization after the prior program neared its limit.
Markets
US rig count rises to 588 as Permian, Eagle Ford add rigs
The Baker Hughes count rose by 1 to 588 this week, as the Permian, Eagle Ford and Marcellus gained rigs and the Granite Wash and Utica each lost one.
Geopolitics & Supply
China's crude oil imports drop 32% to 8.1 million barrels a day
China cut crude oil imports 32% in the second quarter after Strait of Hormuz price disruption, easing pressure on global oil markets, the EIA says.
Midstream & LNG
Chevron posts $12.1 billion Q2 profit, signs 20-year Microsoft power deal
Chevron's second-quarter earnings more than quadrupled, and it signed a 20-year deal to power a Microsoft data center in West Texas.
Power
Portland General Electric posts $68 million profit as data center demand climbs
Second-quarter net income rose to $68 million as industrial and data center demand grew 11.2%, and regulators shifted more grid costs onto large customers.
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