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
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
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 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
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 (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
Tesoro Corporation purchases Western Refining Tesoro Corporation (ticker: TSO) announced a definitive agreement Thursday under which it will acquire Western Refining Inc. (ticker: WNR) at an implied current price of $37.30 per Western share in a stock transaction, representing a 22% premium to the company’s closing price Wednesday. The equity value of the deal is $4.1 billion and includes the
International Maritime Organization legislation looks to lower emissions from ships to 0.5% from 3.5% by 2020 A push for cleaner fuels in the world’s maritime industry could drastically change the appetite of the world’s refineries, and the producers of heavy crude oil. By 2020, ships around the world will have to cut their sulfur emissions to 0.5% from 3.5% currently,
Combination Creates Fourth Largest Specialty Lubricants Producer in North America HollyFrontier Corporation (ticker: HFC) today announced it has entered into a definitive agreement to acquire Suncor Energy’s Petro-Canada Lubricants business for CAD $1.125 billion (or approximately $845 million based on the exchange rate at time of signing), including working capital with an estimated value of CAD $342 million (or approximately
Records 3Q production of 3.8 million boe/d, $2.7 billion earnings The world’s largest publicly-traded oil company gave its 3Q 2016 earnings call this morning. Jeff Woodbury, Vice President of Investor Relations, was on the call while CEO Rex Tillerson was not present. The company logged earnings of $2.7 billion, a 38% decline from 3Q 2015, as well as capital and
Total: “positioned to be the most profitable European major oil company” French oil major Total (ticker: TOT) reported its third quarter earnings today. The company has continued to send the same message every quarter, focusing on increasing production and declining operational costs and capital spending. “We expect the environment to remain volatile but based on our 2015 and first half
Haynes and Boone looks at new EPA guidelines The U.S. Environmental Protection Agency has published new final Control Techniques Guidelines (CTGs) targeting volatile organic compound emissions from existing oil and natural gas equipment and processes in certain states and nonattainment areas. The agency looked at all the points where it found that emissions can occur throughout the oil and natural
