Thursday, March 6, 2025

Refined Products

ExxonMobil Picks Corpus Christi for $10 Billion Ethylene Plant

April 19, 2017

Low priced, abundant shale gas supply has created downstream manufacturing renaissance: Woods ExxonMobil and Saudi Arabian chemical company SABIC today announced the selection of a site in San Patricio County, Texas for their proposed petrochemical plant joint venture. First announced in July 2016, this complex is a joint venture between ExxonMobil Chemical and Saudi Arabia Basic Industries Corporation, SABIC, Saudi

Rosneft Looks to Collect on a 49.9% Stake in U.S. Oil Company

April 11, 2017

PDVSA may transfer 49.9% claim as part of debt settlement Russian state-owned oil giant Rosneft may end up owning U.S. downstream operator CITGO if Venezuela’s state-owned PDVSA is unable to pay back dues on a $1.5 billion loan from the Russian company. A 49.9% stake of CITGO, which is owned by PDVSA’s U.S. subsidiary, was used as collateral in December

Expiring Refinery Licences Threaten Nigeria’s Refining Capacity Growth

April 11, 2017

From The Guardian Thirty-two companies granted licences to establish (LTE) and approval to construct (APC) private refineries with a combined capacity of 1.352 million barrels per stream day (mbpsd) in the country may lose their permits as their June 2018 deadline approaches. Statistics obtained by The Guardian show that the medium- to long-term (18 months to three years and above)

Bulls on China's Highways - Oil & Gas 360

Long Bets on Oil Increase as Summer Approaches

April 10, 2017

Refinery utilization hits 90.8%, the highest since the first week of the year U.S. refiners are picking up activity as the summer driving months approach, encouraging markets to increase the number of long bets on oil. Utilization is expected to increase further during the summer months which should help to draw down growing crude oil stocks. Stronger seasonal demand in

Sunoco Sells 1,110 Stores to 7-Eleven for $3.3 Billion

April 6, 2017

Sunoco refocuses on selling wholesale gasoline Sunoco LP (ticker: SUN) announced the sale of 1,108 convenience stores to Seven & i Holdings Co today, in a transaction valued at approximately $3.3 billion. This transaction implies a value of $2.98 million per store. Seven & i Holdings, the owner of 7-Eleven, will sell gasoline supplied by Sunoco. Base gasoline volumes set

Two New Refineries Planned in Texas

March 29, 2017

Shale production provides new opportunities The shale boom has not gone unnoticed by refiners, as two companies are looking to Texas to join some of the biggest plays in the United States. MMEX Resources (ticker: MMEX) and Raven Petroleum both have recently announced their intentions to build refineries in Texas to take advantage of the shale oil production boom. On

Proposed Permian Refinery Could Take 50,000 BOPD from West Texas Producers

March 10, 2017

It’s small when you compare it to the top ten largest U.S. refineries, most located on the Gulf coast, all having capacities between 300,000 barrels and half a million barrels per day, but a small Texas-based energy company has announced its intention to build a 50,000-barrels per day crude oil refinery in a well-selected location: in the heart of the Permian

Saudis to take Ownership of Largest U.S. Refinery

March 8, 2017

From FuelFix Saudi Aramco will take sole ownership of the nation’s largest oil refinery in Port Arthur within the next three months. Royal Dutch Shell and state-owned Saudi Armco announced late Monday they’ve successfully negotiated the dissolution of their two-decade joint venture, Houston-based Motiva Enterprises, which owns three refineries in Texas and Louisiana, including the massive Port Arthur Refinery. The

ExxonMobil Putting $20 Billion into U.S. Gulf Region Downstream Projects

March 6, 2017

11 new projects will create 45,000 jobs, many are $100,000 jobs: XOM Exxon Mobil Corporation (ticker: XOM) is expanding its manufacturing capacity along the U.S. Gulf Coast through planned investments of $20 billion over a 10-year period, the company said in a press release today. Eleven projects are expected to generate thousands of new high-paying jobs and $20 billion in increased economic

Mexico Delays Next Phase of Auctions as Fuel Scarcity Increases

December 27, 2016

Mexico will announce the winners in the second round of offshore auctions three months later than expected Mexico will delay the announcement of winners for Round 2 of its oil and gas auction in order to allow more companies to take part, and to incorporate modifications suggested by the industry. The delay will push the timeline back on announcing the

Freeport Up and Running: Phillips 66 Ships First LPG Cargo Abroad

December 19, 2016

In another little milestone heralding the acceleration of U.S. energy exports, Phillips 66 (NYSE: PSX) said that Friday it loaded its first contracted LPG cargo on the Commander, a very large gas carrier (VLGC) that departed the Freeport, Texas, terminal on Dec. 16. The company said that the Freeport LPG Export Terminal is now fully operational and has the ability to

Husky Energy $2.6-$2.7 Billion Capital Program from Cash Flow, Ops Guidance for 2017

December 13, 2016

Husky Energy (ticker: HSE) announced today that its capital expenditure program for 2017 will be in the range of $2.6-2.7 billion and is expected to be fully funded within cash flow from operations. Husky said its overall sustaining and maintenance capital requirements have decreased about 25% over the last two years and are forecast to be in the range of $2.2-2.3

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