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Biden moves fast on US oil and gas campaign pledges
US President Joe Biden has halted a major pipeline project and curbed leasing and permitting on federal lands. The US oil and gas sector now faces a waiting game to see how the administration’s energy policy will evolve, writes Jordan Blum.
As a Democratic presidential candidate, Joe Biden pledged to cancel the decade-in-the-making Keystone XL Pipeline and, not so shockingly, he followed through on his first day as US president by revoking the Canadian heavy oil pipeline’s permitting.
That was just the beginning.
Since then, he’s imposed a broad moratorium on leases for federal lands and waters, indefinitely delaying scheduled lease sales in March and April for the deepwater Gulf of Mexico, New Mexico and a number of western states. And his Interior Department has a 60-day pause on most permits for oil and gas wells, only allowing approvals from senior-level staffers.
Author Bio
Rekha Khandelwal, CFA, is a long-term investor with a special focus on energy stocks. Rekha holds a master s in finance and has worked as a financial consultant. When she isn t writing, she can be found traveling to a new city or country.
In overvalued markets, finding bargain-priced stocks can be particularly difficult. But there are many hidden gems right now if you know where to look. Energy sector stocks, in particular, look attractive. Rising prices for crude oil over the last three months have given a boost to some of those companies stock prices, but despite that, these three are still trading at attractive levels. And that s not the only reason they might appear appealing to you.
Enterprise Products Weathers 2020, Ramps Down Capex in 2021, 2022
Industry Segment: Pipelines | Word Count: 838 Words
SUGAR LAND February 4, 2021 Researched by Industrial Info Resources (Sugar Land, Texas) Midstream company Enterprise Products Partners LP (NYSE:EPD) (Houston, Texas) squeaked through a rough 2020 with a drop in net income, which fell from $4.6 billion in 2019 to $3.8 billion in 2020. The company s diversification in pipelines, petrochemicals and terminals helped it weather the storm brought about in the just-passed year when compared with similar companies. Enterprise is tightening its belt in regard to capital spending in the coming years. Having made more than $3 billion in capital expenditures (capex) in 2020 after slicing off $1 billion in planned spending in the early days of the pandemic, executives said the company anticipated growth capital investments of $1.6 billion in 2021 and $800 million in 2022, with approximately $440 million in sustaining expenditu