Energy

Bloomberg Canadian Natural Resources Ltd has evacuated its Pelican Lake and Woodenhouse operations in northern Alberta in the first major shut-in of oil production triggered by wildfires this year. The producer removed all 240 people working in the two sites, halting a combined 65,000 barrels a day of heavy crude, according to a statement. Three years ago, blazes razed entire …

Bloomberg India’s largest green energy company, ReNew Power Ltd, is considering raising funds through asset sales, after shelving plans for an initial public offering. Backed by Goldman Sachs Group Inc., the company has renewable assets of over 7 gigawatts, of which more than 4 gigawatts are operational. It makes sense to sell some assets when “the ability to execute and …

Bloomberg Malaysia is in discussions with China-based contractors for compensation relating to pipeline projects worth 9.4 billion ringgit ($2.24 billion). The government is negotiating with China Petroleum Pipeline Engineering Co. and Huanqiu Project Management Beijing Co. on the total compensation to be paid by Suria Strategic Energy Resources Sdn., which was overseeing the projects, for the termination of the work, …

Bloomberg A global shortage of heavy crude will create hurdles for America’s key refining belts just as they ramp up gasoline production for summer driving season. In the Gulf Coast, dwindling heavy oil supplies have suppressed refining margins, while Midwest refiners may not reach the high run rates seen last summer. Gulf Coast profits from coking — a process where …

Bloomberg Schlumberger Ltd had its debt rating lowered by S&P Global Inc as belt-tightening in the US shale patch translates into less drilling and fracking work for the world’s top oilfield services provider. The rating was cut a notch to A+, the fifth-highest invest grade, from AA-, S&P said. Its biggest rival, Halliburton Co., had its outlook revised to negative …

Bloomberg Xcel Energy Inc plans to shutter its last two coal-fired power plants in the Upper Midwest a decade ahead of schedule as part of a pledge to phase out carbon-dioxide emissions. The Minneapolis-based company expects to close the Allen S. King power plant in 2028 and its Sherco 3 facility in 2030, according to a statement. Both plants are …

Bloomberg Centrica Plc kept its full-year outlook and said the rate of customers leaving the UK’s biggest energy supplier is slowing. Shares rose the most since September. The utility still sees adjusted operating cash flow for the full year of between 1.8 billion pounds ($1.38 billion) and 2 billion pounds, it said in a trading statement. Centrica lost 234,000 energy …

Bloomberg Xinyi Energy Holdings Ltd., a Chinese solar farm operator, raised $465 million after pricing its Hong Kong initial public offering near the bottom of a marketed range, people with knowledge of the matter said. The unit of Xinyi Solar Holdings Ltd. sold 1.88 billion shares at HK$1.94 apiece, the people said, asking not to be identified because the information …

Bloomberg In the Netherlands, once Europe’s largest natural gas supplier, one of the big questions is how to deal with declining production and incre- asing reliance on imports. For hundreds of energy traders, utility executives and analysts gathering in Amsterdam for the Flame Conference, the Netherlands epit- omises the European energy security situation. Whether through pipelines from Russia or northern …

Bloomberg Canadian National Railway Co. is open to transferring the crude-by-rail contracts that it signed with Alberta to private companies or to striking other arrangements that put its spare shipping capacity to use, Chief Executive Officer Jean-Jacques Ruest said. The company shipped about 125,000 to 150,000 barrels a day last month, but could “easily” ramp that up to 200,000 if …