-Activist investors continued to make waves at major oil and gas companies this week. Hedge fund Jana Partners, which is one of Cameron International’s largest shareholders, expressed its view that the oil and gas firm should undertake more portfolio optimization efforts. Cameron announced on Monday it would sell its reciprocating compression unit to GE. A hedge fund that took a large stake in the Dow Chemical Co. on Tuesday called on Dow to spin off its petrochemicals unit.
-CONSOL Energy boosted its natural gas production 16% year-over-year in the fourth quarter of 2013. It expects to produce between 215 and 235 billion cubic feet equivalent in 2014, which at the higher end would be a 36% increase over 2013. CONSOL this week announced a $1.5 million capex budget for 2014 and hired a key executive with extensive Marcellus and Utica shale experience away from Chesapeake Energy.
-Thursday’s joint statement by U.S. and Canadian officials urging higher safety standards for rail cars transporting oil bolsters the case for Keystone XL, the pipeline’s backers say. A spokesman for the National Resources Defense Council tried to shoot down that argument, telling the Associated Press that hauling Bakken crude by rail is more economical than heavy oil from Canada. But TransCanada CEO Russ Girling said last week his company would build rail terminals to transport oil sands crude if Keystone XL is not approved.
-Meanwhile, all 45 Republican senators on Friday signed a letter urging President Obama to make a decision on the pipeline. Sen. John Hoeven (R-N.D.), who has been vocal about the need for pipeline infrastructure and safer rail handling of oil, expressed hope that the president would address the issue in his State of the Union address next week.
-The American Chemistry Council reported a slight gain in chemical production in December. It was the second consecutive month in which chemical production increased in all seven regions of the U.S., ACC said.
