On Monday, Shares of Kinder Morgan, Inc. (NYSE:KMI), lost -2.57% to $33.75.
On July 16, Kinder Morgan, declared that its board of directors authorized KMI’s partner, Tennessee Gas Pipeline Company (TGP), to proceed with TGP’s Northeast Energy Direct (NED) project’s “market path” segment from Wright, New York, to Dracut, Massachusetts, a $3.3 billion investment designed to serve natural gas utilities and electricity generation customers in New England. NED is designed to supply a critical energy resource, domestically produced, abundant and clean natural gas, to assist alleviate New England’s uniquely high natural gas and electricity costs caused by the severely limited natural gas transportation capacity presently serving the region. NED will be an extension off of KMI’s existing TGP pipeline, which has safely delivered natural gas to New England since the 1950s.
According to the independent electric system operator ISO New England, New Englanders paid over $7 billion more for electricity during the winters of 2013/14 and 2014/15 than what they paid for electricity during the winter of 2011/12, largely as a result of the existing lack of pipeline capacity servicing the region. Independent studies have concluded that the New England region will require 2 Bcf/d of gas capacity over the coming years. NED is indispensable to meet these existing and future supply requirements. NED will assist to lower natural gas and electricity costs by providing additional scalable transportation capacity attached to low cost, nearby domestic and abundant natural gas that is already accessible to and benefiting other regions of the United States.
Kinder Morgan, Inc. operates as an energy infrastructure and energy company in North America. The company operates through Natural Gas Pipelines, CO2, Terminals, Products Pipelines, Kinder Morgan Canada, and Other segments.
Shares of Nokia Corporation (NYSE:NOK), declined -1.70% to $6.93, during its last trading session.
Nokia Corporation declared OZO, the first commercially accessible virtual reality (VR) camera designed and built for professional content creators and the first in a planned portfolio of digital media solutions from Nokia Technologies, the company’s advanced technology and licensing business.
Conceived at the company’s R&D facilities in Tampere, Finland, OZO made its first appearance at an industry event in Los Angeles attended by representatives from major studios, production houses and media and technology companies. Nokia will conduct final testing and refinements to OZO in partnership with industry professionals, in advance of the product’s commercial release. Final pricing and full technical specifications will be declared at a future date, with shipments anticipated in Q4 2015. OZO will be manufactured in Finland.
OZO captures stereoscopic 3D video through eight (8) synchronized global shutter sensors and spatial audio through eight (8) integrated microphones. Software built for OZO enables real-time 3D viewing, with an innovative playback solution that removes the need to pre-assemble a panoramic image - a time-consuming process with solutions presently in the marketplace.
Nokia Corporation, together with its auxiliaries, provides network infrastructure and related services in Finland, the United States, Japan, China, India, the Russian Federation, Germany, Taiwan, Indonesia, Italy, and internationally.
Finally, Valero Energy Corporation (NYSE:VLO), ended its last trade with -1.43% loss, and closed at $64.66.
Valero Energy Corporation stated net income from ongoing operations attributable to Valero stockholders of $1.4 billion, or $2.66 per share, in the second quarter of 2015 contrast to $651 million, or $1.22 per share, in the second quarter of 2014.
Refining
The refining segment stated second quarter 2015 operating income of $2.2 billion as compared to $1.1 billion in the second quarter of 2014. The $1.1 billion enhance in operating income primarily resulted from a $3.87 enhance in throughput margin per barrel from $9.84 in the second quarter of 2014 to $13.71 in the second quarter of 2015, driven mainly by stronger gasoline and other product margins per barrel relative to Brent crude oil and lower natural gas costs. Lower discounts per barrel for most sweet and sour crude oils relative to Brent crude oil partially offset these factors.
Second quarter 2015 refining throughput volumes averaged 2.8 million barrels per day, an enhance of 87,000 barrels per day from the second quarter of 2014 primarily attributed to less maintenance activity during the second quarter of 2015. Valero’s refineries operated at 96 percent throughput capacity utilization in the second quarter of 2015.
“Market conditions favored gasoline over distillate production in most regions,” said Gorder. “The crude oil price environment was at a level which continued to support upstream production while still stimulating consumer demand for refined products.”
Valero Energy Corporation operates as an independent petroleum refining and marketing company in the United States, Canada, the Caribbean, the United Kingdom, and Ireland. It operates through two segments, Refining and Ethanol. The Refining segment is involved in refining, wholesale marketing, product supply and distribution, and transportation operations.
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