California Resources Corporation (NYSE: CRC), announced net income of $546 million or $13.06 per share for the third quarter of 2016, compared with a net loss of $104 million or $2.72 per share for the same period in 2015.
The Los Angeles-based company, formerly the California operations of Occidental Petroleum, reported an adjusted net loss for the third quarter of 2016 of $71 million or $1.75 per share, compared with an adjusted net loss of $86 million or $2.25 per share for the same period of 2015.
Chevron Corporation (NYSE: CVX) reported earnings of $1.3 billion, or$0.68 per share, for the third quarter of 2016, compared with earnings of $2.0 billion, or $1.09 per share in the third quarter of last year.
Sales and other revenues of the San Ramon-based company were $29 billion in the latest quarter, compared to $33 billion in the year-ago period.
The California Independent System Operator (ISO) said two Northern California utilities are planning to participate in the ISO’s western Energy Imbalance Market (EIM).
The Sacramento Municipal Utility District (SMUD) and the Balancing Authority of Northern California (BANC) have begun negotiating agreements to join the EIM.
Federal regulators, responding to the Aliso Canyon gas leak, have proposed new safety procedures for all underground natural gas storage facilities in the nation.
The new procedures, developed by the , will be overseen by the Department of Transportation’s Pipeline and Hazardous Materials Safety Administration when enacted.
The California Independent System Operator (ISO) and the Mexican electric system operator, El Centro Nacional de Control de Energía (CENACE), announced that CENACE has agreed to explore participation by its Baja California Norte grid in the Energy Imbalance Market.
The real-time market enables participating utilities to shift supplies of electric power from areas of surplus capacity, especially power generated by renewable sources, to areas experiencing high demand.
Phoenix-based Arizona Public Service (APS) and Puget Sound Energy (PSE) of Washington State began full participation in the western Energy Imbalance Market (EIM) on October 1.
The EIM is a real-time wholesale power market managed by the California Independent System Operator (ISO) that enables participating utilities to buy low-cost energy available across eight western states.