Refined Products – Page 23

Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery

April 11, 2018

Saudi Aramco and Total (ticker: TOT) have signed a memorandum of understanding to build a giant petrochemical complex in Jubail, Saudi Arabia. Located next to the SATORP refinery in the same industrial area, the complex will comprise a mixed-feed steam cracker (50% ethane and refinery off-gas) with a capacity of 1.5 million tons per year of ethylene and related high-added-value

EIG’s FS Energy and Power Fund – at $4.3 Billion – is Largest Energy BDC

April 9, 2018

FS Investments (FS) and EIG Global Energy Partners (EIG) closed a transaction today, allowing EIG to manage FS Energy and Power Fund (FSEP). According to the company’s press release, FSEP will be the largest energy-focused business development company (BDC) in the marketplace with $4.3 billion in assets under management. “We are excited to enter the next phase of our partnership

Bellatrix Starts Phase 2 at Adler Flats

April 3, 2018

More than doubling throughput capacity, Bellatrix Exploration Ltd.’s (ticker: BXE) O’Chiese Nees-Ohpawganu’ck deep-cut gas plant at Alder Flats can now process 230 MMcf/d. The Adler Flats Plant was fully commissioned in mid-March and began selling volumes on March 19, 2018. Bellatrix said that the plant was brought on-stream ahead of schedule and was delivered ~5% under budget. Previously, the plant

Cabot Oil & Gas will be the exclusive provider of natural gas to the Lackawana Energy Center Project, seen here in a rendering

Encana, Keyera Deal Will Add 33,000 Barrels of Montney Condensate Processing Capacity at Pipestone

April 2, 2018

Deal struck between Encana and Keyera Partnership adds 33,000 barrels of raw condensate processing capacity and 170 MMcf/day of net inlet gas processing; Keyera will own the facilities at Pipestone Encana Corporation (ticker: ECA) and Keyera Partnership have reached an agreement where Keyera will acquire and fund the remaining development of Encana’s Pipestone liquids hub and Encana’s planned Pipestone processing

16 Contracts Awarded to 12 Bidders in Mexico’s Shallow Water Auction Round 3.1

March 27, 2018

Results of Mexico’s Shallow Water Auction – Round 3.1 18 bidders participated in the event 16 contracts were tendered to 12 bidders On Tuesday, the opening of bids and awarding of exploration and hydrocarbons production contracts for the First Tender of Round Three Shallow Water GOM were held in a public session that included a live webcast by Mexico’s CNH.

Appeals Court: New York Can’t Stop Millennium Natural Gas Pipeline to New Power Plant

March 23, 2018

Last week, the U.S. Court of Appeals for the Second Circuit issued a decision that the New York Department of Environmental Conservation (DEC) had waived its right to block the Millennium Pipeline Company’s application to construct a 7.8-mile pipeline that would transport natural gas to a natural gas power plant in Wawayanda, NY. The pipeline project, named the Valley Lateral

Marathon Petroleum Earns $3.43 Billion in 2017, $5.5 Billion MPLX Offering

February 6, 2018

Marathon Petroleum Corp. (ticker: MPC) earned $2.02 billion, or $4.09 per diluted share, in Q4 2017. This is significantly more than in Q4 2016, where the company had earnings of $227 million, or $0.43 per diluted share. FY 2017 earnings saw a significant increase as well – $3.43 billion, or $6.70 per diluted share. Compared to FY 2016’s $1.17 billion,

EnerCom Dallas 2018 Presenter: Alta Mesa Resources, Inc.

January 31, 2018

Alta Mesa Resources, Inc. is a new company that was announced on August 16, 2017 that will combine Silver Run Acquisition Corporation II, Kingfisher Midstream, LLC and Alta Mesa Holdings, LP. The company has its asset base concentrated in the core of the STACK oil play. The transaction, which integrates existing upstream and midstream assets, is managed by an experienced

Iraq Will Build New 300,000 BPD Refinery with Chinese Firms, Plans 3 Others

January 29, 2018

From Reuters BAGHDAD (Reuters) – Iraq plans to build an oil refinery at the port of Fao on the Gulf with two Chinese companies, and is seeking investors to build three more, the oil ministry said on its website on Monday. The refinery in Fao will have a 300,000 barrel-per-day capacity and include a petrochemical plant, it said. Two other

East Coast Refiner Files Bankruptcy, Says Emergence Depends on Shedding Cost of Federal Government Mandated Renewable Fuel Standard

January 23, 2018

PES said the cost of RINs in 2017 alone was $218 million, more than every cost besides crude oil Company invested in a new North Dakota rail terminal to benefit from discounted Bakken crude prices From Reuters NEW YORK (Reuters) – Philadelphia Energy Solutions, owner of the largest U.S. East Coast refinery, said on Monday its plan to get out

CB&I Wins $95 Million Saudi Aramco Shell Refinery Contract

December 7, 2017

CB&I (ticker: CBI) won a contract for more than $95 million from the Aramco-Shell JV – Saudi Aramco Shell Refinery (SASREF). The scope of work includes the engineering, procurement and construction management for SASREF’s modernization and expansion of its existing refinery in Al-Jubail city, Saudi Arabia. “The relationship between CB&I and SASREF extends back for more than a decade, and

Taking a Page from Refiners: Cash Returns

November 30, 2017

Refineries may show the way in an environment totally focused on returns E&P investors are shifting priorities, and are beginning to reject “growth for growth’s sake” in favor of shareholder returns. Cash returns are elusive in a capital-intensive industry, though, and the route to returns is unclear. According to analysts at Cowen, E&Ps would do well to look at another

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