National Fuel Completes Acquisition of Shell’s Integrated Upstream and Midstream Assets in Pennsylvania
August 1, 2020
WILLIAMSVILLE, N.Y., July 31, 2020 (GLOBE NEWSWIRE) — National Fuel Gas Company (NYSE: NFG…
Refiner Phillips 66 posts smaller-than-expected loss on higher retail margins
July 31, 2020
Reuters Phillips 66 posted a smaller-than-expected loss on Friday as the refiner’s retail marketing business, which buys and resells petroleum products, benefited from a decline in prices following the coronavirus crisis. The unit buys refined products from others and resells them, pocketing the difference and benefiting from improved margins when prices are down. The unit also sells other specialty products,
Aramco plans downstream shake up
July 14, 2020
EnergyVoice Saudi Aramco has launched a reorganisation of its downstream business with the aim of maximising value. The company expects to complete the work by the end of the year. Aramco Downstream’s senior vice president Abdulaziz M. Al Gudaimi said the new operating model “will help streamline our operations and reinforce our position as a major global energy and petrochemicals
U.S. refinery capacity sets new record as of January 1, 2020
June 26, 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% of its crude oil inputs to refineries during 2019, down from 69% in 2010.” This percentage and dynamics will change
Sasol Announces Beneficial Operations of Fifth and Sixth Lake Charles Chemicals Project Facilities
June 23, 2020
HOUSTON, June 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.
Saudi Aramco completes SABIC acquisition
June 16, 2020
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, completing the deal. Tadawul data showed four transactions for SABIC shares worth $69.1 billion, but did not name the buyer. Reuters’ sources
Falling Latam demand deprives U.S. refiners of top customers
March 27, 2020
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, which is expected to fall between 10% and 36% in Latin America through the first half of the year. Although
Global oil refiners to deepen output cuts as coronavirus destroys demand
March 26, 2020
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 is set to drop by as much as 15% to 20% in the second quarter as a result of the
Shell, other oil companies seek less Saudi crude in April due to weaker demand -sources
March 26, 2020
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 world’s top oil exporter is planning to boost exports sharply after a three-year supply-cut deal between the Organization of the
Refiner Phillips 66 cuts spending forecast by 18%, commits to dividend
March 24, 2020
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 oil market with massive oversupply. As U.S. crude prices last week touched their lowest point in nearly two decades, oil and gas
Six pipeline companies cut $1.9 billion from their 2020 budgets
March 23, 2020
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 banking firm Simmons Energy reported. Noble Midstream Partners, Rattler Midstream, Targa Resources, EnLink Midstream, Oneok and Pembina Pipeline made the
U.S. diesel cash prices latest to slump from coronavirus fallout
March 23, 2020
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 more affected by coronavirus fallout. Refining margins for gasoline and jet fuel have tanked because of decreased demand for transportation
