From Reuters Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand. Aramco, the world’s biggest oil producer, is expanding its footprint globally by signing downstream deals and boosting the capacity of
Magellan Midstream to Expand Western Leg of Texas Refined Petroleum Products Pipeline System
Enterprise Products Partners L.P. (ticker: EPD) recorded the first quarter of 2018 with a net income of $912 million, or $0.41 per share. Last year, in Q1 2017, the company reported a net income of $761 million, or $0.36 per share. Capital investments were $1.1 billion during the first quarter of 2018, including $66 million of sustaining capital expenditures. By
Deal will create the largest U.S. refiner Marathon Petroleum Corp. (ticker: MPC) and Andeavor (ticker: ANDV) have entered into a definitive merger agreement under which MPC will acquire all of ANDV’s outstanding shares, representing a total equity value of $23.3 billion and total enterprise value of $35.6 billion, based on MPC’s April 27, 2018, closing price of $81.43. ANDV shareholders
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
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
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
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
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.
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 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,
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
