In this episode of the Energy News Beat Daily Standup, Michael Tanner and Stuart Turley discuss various energy-related news stories. They start with GE Offshore Wind's $1 billion loss in 2023, projecting similar losses for 2024 due to challenges in the offshore wind industry. Next, they delve into Europe's wind power goals facing security concerns, as offshore wind farms lack surveillance and security measures. The hosts highlight how natural gas may transition to a buyer's market, driven by an influx of LNG projects worldwide. They also emphasize how Middle Eastern conflicts often lead to high oil prices and potential recessions, underlining the importance of energy security. Lastly, they touch on ConocoPhillips considering a bid for Crown Rock, the parent company of Crown Quest Operating, in a dynamic M&A landscape. The hosts end by noting the upcoming Fed meeting and the decision by Dubai not to host COP 29, hinting at potential challenges for COP 28.

Highlights of the Podcast

00:00 – Intro

04:30 - GE Offshore when the post 1 billion loss in 2023 and again in 2024.

07:10 - Europe’s wind power goal hits new snag: security

14:53 - Middle Eastern conflicts often lead to high oil prices and recessions

16:30 - Is Natural Gas About to Become a Buyer’s Market?

19:33 - Markets Update

22:53 - Exclusive: ConocoPhillips weighs CrownRock bid to challenge rivals

26:34 - Outro

Please see the links below for articles that we discuss in the podcast.

GE Offshore Wind to Post $1 Billion Loss in 2023, Again in 2024

General Electric Co. expects its offshore-wind operations to post annual losses of about $1 billion for this year and next as the industry struggles with rising costs. “Offshore Wind remains difficult this year with losses of […]

Europe’s wind power goal hits new snag: security

North Sea countries to aim to quadruple offshore wind, security plans vague Most governments say offshore developers should pay for security Developers say states should pay to protect territorial waters As Europe turns to renewable […]

Middle Eastern conflicts often lead to high oil prices and recessions

Since the appalling attack on Israel by Hamas terrorists on 7 October, oil prices have been volatile. Historically, conflicts in the Middle East have had a major impact on oil prices, from the price shocks […]

Is Natural Gas About to Become a Buyer’s Market?

For the second straight winter, Europe’s energy strategy is based largely on hopes for mild weather and reduced industrial demand, with gas prices still hovering at about 50 euros ($53) per megawatt-hour, more than double […]

Exclusive: ConocoPhillips weighs CrownRock bid to challenge rivals

NEW YORK, Oct 26 (Reuters) – ConocoPhillips (COP.N) is considering an offer for CrownRock LP, an energy producer in the west Texas area of the Permian basin, people familiar with the matter said, as consolidation in the […]

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