Post Tagged with: "Refining"
The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market
RarePetro
Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any …
U.S. crude oil production increases; imports remain strong to support refinery operations
In the Annual Energy Outlook 2020 Reference case, EIA projects that the United States will remain a net exporter of total petroleum liquids; however, the United States will remain a net importer of crude oil through 2050.
United …
Galveston Company Enters Race to Supply IMO 2020 Fuels
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 …
Citgo’s New CEO Confident in an Uncertain Time
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 …
U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition
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 …
CITGO Board Appoints Former Venezuelan Oil Executive as CEO
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 …
Exxon Mobil Profit Sinks, Chevron Rises as Both Boost Output
From Reuters
Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), the two reported on Friday.
Exxon’s topped analysts’ reduced estimates for the quarter but net …
Refiners Struggle As Low-Sulphur Upgrade Nears $1 Billion Per Plant
From gCaptain/Reuters
(Reuters) – Global energy trader Gunvor Group has put on hold plans to upgrade its Rotterdam refinery that intended to make the plant more competitive ahead of new global rules on shipping fuel quality, it said on Tuesday, …
Venezuela Eyes First-Ever Refining of Foreign Oil
From Reuters
Venezuela is considering producing fuels from foreign crude oil for the first time, according to planning documents seen by Reuters, as the country struggles to meet its obligations despite having the world’s largest crude reserves.
State-run oil company …
Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery
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 …
Encana, Keyera Deal Will Add 33,000 Barrels of Montney Condensate Processing Capacity at Pipestone
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 …
Canada Needs Higher Takeaway Capacity and Lower Oil Price Differential
Canada is hurting for takeaway capacity—the industry needs pipelines to take its oil and gas production to market, or more locomotive hauling capacity—or both.
Cenovus Energy Inc. (ticker: CVE) said it has reduced production rates due to pipeline constraints and …
More PetroChem Plants: PetroLogistics II Formed with $500 Million Initial Commitment
Quantum Energy Partners and Stonecourt Capital LP have announced the formation of PetroLogistics II LLC, with founders David Lumpkins and Nathan Ticatch.
PetroLogistics II, headquartered in Houston, Texas, plans to continue the strategy of its predecessor, PetroLogistics Company LLC. The …
Inter Pipeline Building a $3.5 Billion Propane to Plastics Plant with Help From Canadian Govt.
Incentives to draw PetroChem developers was Alberta’s royalty credits
Inter Pipeline Ltd. (ticker: IPL) is getting help from the Canadian Government to build a world-scale integrated propane dehydrogenation (PDH) and polypropylene (PP) plant with a price tag of $3.5 billion.…
Hurricane Harvey Likely to Reduce U.S. Refinery Output: Baird
Hurricane Harvey, which is expected to make landfall around one o’clock in the morning on Saturday, August 26, may have an impact on the near-term energy outlook for the U.S.
As of now, Harvey is classified as a Category-2 storm …
Long Bets on Oil Increase as Summer Approaches
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 …
China Lowers Export Quotas 40% for Majors
Larger quotas expected later in 2017
China will cut its export quotas to the country’s oil majors by 40% in the first round of licenses for 2017, reports Reuters, even as traders expect allowances for overseas sales to meet …
Tesoro Becomes the Fifth-Largest U.S. Refiner with $6.4 Billion Acquisition
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 …
China May Be Storing More than 150% More Oil than Official Estimates
New third-party estimates put Chinese strategic oil reserves at 600 MMBO, 366 MMBO more than official reports
The actual amount of crude oil stored in China may be significantly higher than official reports indicate, according to geospatial analytics company Orbital …
Dynamic Materials Corporation – Day Two Breakout Notes
Dynamic Materials presents at EnerCom’s The Oil & Gas Conference®
During Dynamic Materials’ breakout session, management was asked the following questions:
- Given the fact that the perforating gun product is preassembled, is there a cost reduction payback?
- What is the
China Crude Imports Down Over 4%
China net fuel exports down 76% month-over-month
China’s net fuel product exports fell 76% in January from the final month of 2015 to 350,000 metric tons, the lowest level since June, according to Bloomberg. China’s net exports reached the …
Warren Buffett Stockpiles More Shares of Phillips 66
Some analysts say U.S. refiners won’t be hurt by exports
Don’t count Warren Buffett as a participant in the energy market selloff – the legendary investor has purchased nearly $5 billion of Phillips 66 (ticker: PSX) stock since August 2015.…
Western Refining Pitches $2.56 Billion Buyout Offer for Northern Tier Energy
Purchased First NTI Stake in 2013
Western Refining (ticker: WNR) is attempting to enhance its Midwest footprint, proposing a $2.56 billion buyout deal of Northern Tier Energy LP (ticker: NTI). WNR already owns 100% of the partnership and 38% of …
Refining Sector Attracts U.S. Mutual Funds
Tesoro and Valero bright-spots on S&P500 Energy Index
The outlook for the refining sector continues to be a bright spot in an otherwise gloomy outlook for the energy industry. While E&Ps look for the best ways to cut costs amid …
Hess Battles $1.5 Billion Suit Over Closed Refinery in the U.S. Virgin Islands
The U.S. Virgin Islands filed a lawsuit against Hess Corp. (ticker: HES) for approximately $1.5 billion, saying the company violated its contract by shuttering its refinery in St. Croix.
Prior to being shuttered, the facility was once the world’s largest …
Oil Prices Fall Below $44 as Rigs Continue Climb
Oil rig counts climb for third straight week
The total number of rigs actively drilling in the United States rose by ten this week, reaching 884, according to the latest rig count from Baker Hughes (ticker: BHI). The number of …
Medium Crude Imports Down 45% from 2014
Bakken, Permian and Eagle Ford replacing Saudi imports of light and medium crudes
Imports of medium-grade crude oil to Gulf Coast refineries were down 45% in the first quarter of 2015 compared with the first quarter of 2014, reports the …
