-The U.S. will achieve energy independence by 2025, according to a new forecast by Wood Mackenzie. Higher output driven by tight oil and shale gas drilling and decreased domestic demand will help the U.S. become a net exporter of energy, Wood Mackenzie said. Lifting the longstanding ban on most crude oil exports would likely shorten the energy independence timetable as upstream producers gain access to higher-priced international markets.
-Meanwhile, U.S. crude oil exports reached their highest level in 57 years in July, according to the Energy Information Administration. Most U.S. crude oil exports go to Canada, but since April some Canadian-produced barrels have been re-exported by the U.S. to Switzerland, Spain, Italy and Singapore. Canadian producers have begun to test the viability of sending their oil produced in areas with limited rail and pipeline infrastructure to the Gulf Coast for re-export.
-Public and private pension plans hold 46.8% of all the shares of U.S. oil and gas companies, according to a new report commissioned by the American Petroleum Institute. Individual investors own 18.7%, asset management companies hold 24.7% and insurance companies, foundations and endowments hold 6.9% of shares. Company officers and board members own less than 3% of total shares.
-ExxonMobil CEO Rex Tillerson today quashed rumors that his company is considering moving its headquarters from Irving, Texas, to Houston. Via FuelFix, Tillerson said ExxonMobil intends to keep its executives and its operations separate, in keeping with the company’s “foundational principles.” ExxonMobil is building a huge campus in The Woodlands, Texas, that will accommodate 10,000 employees when it is finished next year.
-Southern Co. subsidiary Southern Power acquired the 150-megawatt Solar Gen 2 solar facility in Imperial County, Calif. The facility includes three 50-megawatt solar photovoltaic systems across 1,451 acres. First Solar is building the facility and will operate and maintain it after completion in the fourth quarter of this year. Southern Co. said the facility would generate enough electricity to power 60,000 homes.
