Downstream

U.S. refinery capacity sets new record as of January 1, 2020

U.S. refinery capacity sets new record as of January 1, 2020

EIA


Oil & Gas Publishers Note: Our 360 team has covered the refinery capacity news. The key take away is; “U.S. Gulf Coast, which is home to about half of U.S. refining capacity, used imported crude oil for only 28%

Sasol Ethan Cracker Louisiana

Sasol Announces Beneficial Operations of Fifth and Sixth Lake Charles Chemicals Project Facilities

HOUSTONJune 23, 2020 /PRNewswire/ — Sasol today announced that the Guerbet alcohol unit at our Lake Charles Chemicals Project (LCCP) achieved beneficial operations on 19 June 2020.

June 23, 2020 - 4:38 am China, Downstream, International, Press Releases
Saudi Aramco completes SABIC acquisition

Saudi Aramco completes SABIC acquisition

Oil & Gas 


The national oil company purchased 2.1 billion shares of SABIC

Saudi Aramco has completed its acquisition of Saudi chemicals giant SABIC, Reuters reported. The national oil company purchased 2.1 billion shares (70%) of SABIC on Sunday,

Source: Reuters

Falling Latam demand deprives U.S. refiners of top customers

Reuters


MEXICO CITY/NEW YORK  – Latin American demand for refined products is rapidly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their main export destination.

The crisis has nearly shut down worldwide air travel and fuel demand, …

Source: Reuters

Global oil refiners to deepen output cuts as coronavirus destroys demand

Reuters


SINGAPORE/NEW DELHI/SEOUL/HOUSTON – Oil refiners from Texas to Thailand are bracing for deeper output cuts, bruised by an unprecedented demand shock as more countries lock down and restrict travel to contain the spread of the coronavirus.

Global fuel demand …

Source: Reuters

Shell, other oil companies seek less Saudi crude in April due to weaker demand -sources

Reuters


Several European and Nordic oil refiners are taking less crude from Saudi Arabia in April, industry sources said, suggesting a lack of demand for the extra supplies the country has offered as it seeks to boost market share.

The …

Source: Reuters

Refiner Phillips 66 cuts spending forecast by 18%, commits to dividend

Reuters


Refiner Phillips 66 (PSX.N) on Tuesday cut its 2020 spending forecast by about 18% and assured investors their dividend was secure even as the coronavirus outbreak and a price war between Saudi Arabia and Russia threaten the …

Source: Houston Chronicle

Six pipeline companies cut $1.9 billion from their 2020 budgets

Houston Chronicle

 


Six pipeline operators have cut a combined $1.9 billion from their 2020 budgets as record low oil prices and weakened demand from the coronavirus dampens plans for new projects, a new research note from Houston energy investment …

Source: Reuters

U.S. diesel cash prices latest to slump from coronavirus fallout

Reuters


NEW YORK  – U.S. ultra-low sulfur diesel was the latest product refined from crude oil to take a hit in its cash market last week, after refiners boosted production in a bid to flee poorer margins for other products …

March 23, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

U.S. oil and gas industry sees no supply chain threat from coronavirus: API

Reuters


WASHINGTON – The American Petroleum Institute oil and gas industry group said on Wednesday that it does not see a significant threat to the U.S. energy supply chain from the coronavirus pandemic.

Oil and gas companies are implementing contingency …

Source: Reuters

Marathon Petroleum names midstream boss as new CEO, to retain unit

Reuters


Marathon Petroleum Corp on Wednesday tapped the head of its midstream business, Michael Hennigan, as its new chief executive officer and said it will retain the unit despite demands from shareholder Elliott Management to separate it.

Hennigan replaces company …

Talks break off between Unifor and Co-op

Talks break off between Unifor and Co-op

Talks break off between Unifor and Co-op

February 1, 2020 - 11:30 am Canada News, Downstream, International, Press Releases
Source: Houston Chronicle

Gulf Coast oil and gas expansion will generate half a billion annual tons of emissions in U.S.: report

Houston Chronicle


More than half a billion tons of additional greenhouse gas emissions per year — equivalent to 8 percent of total U.S. emissions — may be generated by new oil, gas and petrochemical facilities in Texas and Louisiana, University

January 15, 2020 - 3:00 pm Closing Bell Story‎, Downstream, Energy News, Midstream
CVR Energy Announces Pricing of $1.0 Billion Private Placement of 5.250% Senior Notes due 2025 and 5.750% Senior Notes due 2028

CVR Energy Announces Pricing of $1.0 Billion Private Placement of 5.250% Senior Notes due 2025 and 5.750% Senior Notes due 2028

CVR Energy Announces Pricing of $1.0 Billion Private Placement of 5.250% Senior Notes due 2025 and 5.750% Senior Notes due 2028

January 10, 2020 - 4:56 pm Downstream, Finance, Press Releases
Source: Houston Chronicle

Shell brings fuel to Mexico in push for 15% of retail market

Houston Chronicle


Royal Dutch Shell Plc is seeking a bigger share of Mexico’s fuel market, even as regulatory changes make it harder for foreign companies to compete.

The Anglo-Dutch oil major, which already owns about 200 gasoline stations in 12 …

January 9, 2020 - 3:45 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
RasGas Train 6 began liquified natural gas (LNG) production in 2009 and was joined by RasGas Train 7 in early 2010. ExxonMobil has an interest in all of Qatar's operating LNG trains, which have a total capacity of over 60 million tonnes per year.

ExxonMobil responds to verdict in suit by New York Attorney General

Exxon


ExxonMobil today issued the following statement in response to the verdict from the Supreme Court of the State of New York:

“Today’s ruling affirms the position ExxonMobil has held throughout the New York Attorney General’s baseless investigation. We provided …

FILE PHOTO: India's Prime Minister Narendra Modi speaks during the 2019 United Nations Climate Action Summit at U.N. headquarters in New York City, New York, U.S., September 23, 2019. REUTERS/Carlo Allegri

India’s Modi says Saudi to invest in India’s downstream oil, gas projects

Reuters


Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries, a move that would also help the world’s top oil …

October 29, 2019 - 8:35 am Closing Bell Story‎, Downstream, Energy News, International
Source Reuters

U.S. sanctions on COSCO hit LNG tankers in Russia’s Arctic

From Reuters


U.S. sanctions on two units of Chinese shipper COSCO hit the liquefied natural gas (LNG) tanker industry on Monday as U.S.-listed Teekay LNG (TGP.N) said its shipping joint venture in Russia had been “blocked” because of …

September 30, 2019 - 4:01 pm Closing Bell Story‎, Downstream, Energy News, International, LNG
East Texas refineries shut key units, cut back production after Imelda

East Texas refineries shut key units, cut back production after Imelda

Source: Reuters –


East Texas refineries shut key units on Thursday night and cut production after Tropical Storm Imelda brought days of heavy rain over the region, rivaling the inundation from 2017’s Hurricane Harvey.

More than 40 inches (102 cm) …

September 20, 2019 - 10:45 am Closing Bell Story‎, Crude Oil News, Downstream
Tailwater Capital Announces Commitment of $150 Million to Triten Energy Partners

Tailwater Capital Announces Commitment of $150 Million to Triten Energy Partners

Commitment Furthers Tailwater’s Downstream-Adjacent Investment Strategy

Tailwater Capital LLC (“Tailwater”), an energy-focused private equity firm based in Dallas, today announced an equity commitment of $150 million to Triten Energy Partners (“TEP”, “Triten” or the “Company”), a newly established Company based …

Source Reuters

New Permian Gas Pipelines Will Reduce Flaring, But What About Prices?

From Forbes


The NYMEX Henry Hub price for natural gas has firmed up in recent weeks, rising over the $2.50/Mmbtu mark in early September 9 trading thanks to the ongoing heat wave in Texas and other states where natural gas …

Source Reuters

Saudi Aramco signs MoU with China’s Zhejiang Free Trade Zone

From Reuters


Oil producer Saudi Aramco signed a memorandum of understanding (MoU) with China’s Zhejiang Free Trade Zone in eastern China to expand downstream investment, the company said in a statement on Thursday.

Saudi Aramco, the world’s top oil exporter, …

Source: The Houston Chronicle

Houston pipeline operators expand footprint in Colorado’s DJ Basin

From The Houston Chronicle


A joint venture between two Houston pipeline operators is expanding its footprint in Colorado’s DJ Basin.

Black Diamond Gathering, a joint venture between Noble Midstream Partners and Greenfield Midstream, has entered into a pair of deals …

September 3, 2019 - 4:14 pm Closing Bell Story‎, Downstream, Midstream, MLPs
Source: SEACOR

Galveston Company Enters Race to Supply IMO 2020 Fuels

From The Houston Chronicle


With a massive shift in the marine fuel market just months away from implementation, a Galveston fuel storage operator says it plans to operate a 50,000 barrel a day crude processing facility to meet new stricter …

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

From Reuters


China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including …

Source: Citgo

Citgo’s New CEO Confident in an Uncertain Time

From The Houston Chronicle


Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it …

Source: Citgo

U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition

From The Houston Chronicle


In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner.

On Wednesday …

Source: Citgo

CITGO Board Appoints Former Venezuelan Oil Executive as CEO

From The Houston Chronicle


CITGO’s board of directors has appointed former Venezuelan oil executive Carlos Jorda as CEO of the embattled Houston refining company.

In a statement released on Wednesday morning, the company’s board reported that the year-long search for …

Source: Citgo

Citgo to Appoint New CEO to Navigate Political, Legal Turmoil – Sources

From Reuters


Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working …

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

From Reuters


Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy.

The move comes days after BP said it would …