The Supreme Court has turned down a bid by Chevron, Shell, ExxonMobil and other oil majors to dismiss Honolulu's climate change lawsuit, which alleges the industry misled the public about the environmental impact of fossil fuels. The decision allows the case to proceed in state court, thwarting the companies' push to have it moved to federal court.

Venture Global plans to raise up to $2.3 billion at a $110 billion valuation in an initial public offering of 50 million shares priced between $40 and $46 each, according to a Securities and Exchange Commission filing. The IPO would be the largest in the US energy sector since 2013.

Europe faces a natural gas supply challenge this year as it risks failing to meet storage targets for next winter, potentially driving up prices and outbidding emerging markets for liquefied natural gas. Europe needs to import an additional 10 million tons of LNG, about 10% more than in 2024, to cover projected demand, according to MST Marquee analyst Saul Kavonic.

Kinder Morgan subsidiary Hiland Partners Holdings has reached a deal to acquire North Dakota gas gathering and processing assets owned by Outrigger Energy II for $640 million. The acquisition includes a 270 MMcf/d processing plant and a 104-mile pipeline capable of handling 350 MMcf/d of rich gas.

Florida's Department of Environmental Protection appears inclined to approve Clearwater Land & Minerals' onshore oil drilling project in the Panhandle, despite longstanding resistance to oil exploration in a state with strong bipartisan support for protecting natural resources and its tourism-dependent economy. The fate of the project may ultimately hinge on whether the state moves forward with a land purchase that would block drilling in the area.

The Permian Basin continues to anchor US oil growth, with production expected to exceed 6.5 million barrels per day in 2025, according to the Energy Information Administration. Operators are pushing into deeper, underdeveloped zones and drilling ever-longer laterals to reduce costs while grappling with challenges such as rising gas-oil ratios and gas takeaway capacity constraints.

Investor confidence in US oil refineries has dropped due to expectations of softer fuel demand and potential tariffs on crude imports under President-elect Donald Trump, analysts say. Refiners' profits have fallen as new capacity normalizes margins, leading to a 24% drop in fourth-quarter earnings forecasts. Shares of major refiners such as Valero, Phillips 66 and Marathon Petroleum have declined, reflecting these challenges.

The Biden administration has transformed US climate and energy policy with the Inflation Reduction Act, federal infrastructure initiatives and other actions, but it remains to be seen which aspects of the president's agenda will have a lasting impact. During this episode of the Political Climate podcast, the team discusses Biden's climate wins and losses, with a focus on last-minute actions that may be vulnerable under the incoming Trump administration.