More Disruption and Uncertainty in Store for Petrochemicals
The impact of the coronavirus lockdowns on the oil, gas and chemicals industries’ integrated value chains is radically shifting relationships and profitability.It is also making planning virtually impossible, as BASF suggested last week.The environment around refining and chemical margins remains challenging, Shell CEO Ben van Beurden also said this week.“The…
Oil Giants Set Health Checks, Work-from-home Rules
Major energy companies in the United States imposed work-from-home rules for office staff and began health checks for remote or critical workers as coronavirus spread and threatened an industry reeling from falling demand and profits.BP, Exxon Mobil, Kinder Morgan, Motiva Enterprises and Royal Dutch Shell told most office staff to work from home starting Monday.
Texas Petrochemical Fire Continues to Burn
Three workers were injured in a massive explosion on Wednesday that sparked a blaze at a Texas petrochemical plant, the latest in a series of chemical plant accidents in the region.An initial blast at a TPC Group complex in Port Neches, Texas, was followed by secondary explosions that shattered windows, blew locked doors off their hinges and prompted officials to evacuate homes within a half-mile radius of the facility…
Three Injured in TPC Port Neches Explosion
Three workers were injured in an early Wednesday explosion that sparked a blaze at a petrochemical plant in Port Neches, Texas, the latest in a series of chemical plant accidents in the region.An initial explosion at the TPC Group plant was followed by secondary blasts, shattering windows and blowing locked doors off their hinges in homes near the facility, which…
CSB: Chemical Leak Caused Fire at ITC Houston Terminal
The U.S. Chemical Safety Board (CSB) said on Wednesday that a fuel leak, possibly due to open valves and a running pump, set off a massive blaze at a Mitsui & Co Ltd petrochemical storage operation along the Houston Ship Channel in March.The fire that began on March 17 at Intercontinental Terminals Co (ITC) spread black smoke across Houston, shut the nearby ship channel…
Fire at Mitsui’s ITC Houston-area Terminal Began with Naphtha Leak -U.S.
The U.S. Chemical Safety Board (CSB) said on Wednesday that leaking volatile naphtha, possibly due to open valves and a running pump, set off a massive fire at Mitsui & Co Ltd's Intercontinental Terminals Co (ITC) operation along the Houston Ship Channel in March.The fire that began on March 17 spread a black cloud of smoke across Houston, shut the ship channel…
Flooding Disrupts U.S. Gulf Coast Energy Operations
Energy infrastructure on the U.S. Gulf Coast was hit hard by Tropical Storm Imelda on Thursday, as flooding forced a major refinery, a key oil pipeline, terminals and a ship channel in Texas to shut, according to sources familiar with operations.Torrential rain has inundated the Gulf Coast from Houston to western Louisiana for a second straight day. The National…
Fire Erupts at Exxon's Baytown complex; 37 Hurt
Exxon Mobil Corp said it was fighting a fire that erupted on Wednesday at its Baytown, Texas, refining and chemical plant complex injuring 37 people and sending nearby residents indoors.As many as 37 people were being treated for non-life threatening injuries amid efforts to put out the fire, according to Exxon spokeswoman Sarah Nordin. Available air monitoring information showed "no adverse impact at this time…
Dutch Court Orders Shell to Pay $2.8 mln Fine for 2014 Plant Blast
A Dutch court on Monday ordered Royal Dutch Shell to pay a 2.5 million euro ($2.8 million) fine for failing to prevent an explosion at its Moerdijk facility in 2014 and for breaching emissions limits at the plant.The district court in Den Bosch said Shell had not done enough to prevent an incident on June 3, 2014 which resulted in a series of explosions and a large fire at the Moerdijk chemical plant."The factory…
Fire Breaks Out at Shell Chemical Plant in UK, Nearby Essar Refinery Unaffected
A fire which broke out at a Shell-owned chemical plant on the same site as Essar Oil UK's Stanlow refinery in northwestern England on Wednesday has been extinguished.Essar said that operations at its refinery were unaffected by the fire, the cause of which is currently unclear.The Shell Higher Olefins Plant (SHOP) is separated from the refinery by a road and rail tracks.
Exxon Starts Drilling at Offshore Guyana Projects
Exxon Mobil Corp said it has commenced development drilling in the first of three offshore Guyana projects, which could produce more than 500,000 barrels of oil per day. Development drilling began in May for the first of 17 wells planned for Liza Phase 1, the company said.So far, Exxon Mobil and its co-venturers have discovered more than 3.2 billion oil-equivalent…
Shares Slip as Exxon Unveils Bold CapEx Plan
Exxon Mobil Corp on Wednesday outlined an ambitious capital spending plan it said would more than double annual earnings by 2025, hoping to allay investor fears that the world's largest publicly traded oil producer has seen its best days. Despite the ambitious plan to woo Wall Street, Exxon shares slid 3.1 percent to their lowest level in more than two years. Once the industry's profit and cash-flow leader, Exxon now lags rivals.
Exxon Plans to Double Earnings by 2025
Exxon Mobil Corp, the world's largest publicly traded oil producer, said on Wednesday it expects earnings to more than double by 2025 to $31 billion, with crude prices at or above current levels. It was the first time Exxon has ever given an earnings forecast so far in advance, highlighting how the Irving, Texas-based company was working to woo Wall Street. Exxon's…
Exxon Sees Earnings Doubling by 2025
Exxon Mobil Corp, the world's largest publicly traded oil producer, said on Wednesday it expects its earnings to more than double by 2025 to $31 billion with crude prices at or above current levels. The company said exploration projects in Guyana and the Permian Basin as well as refining and chemical plant expansions, should help boost earnings. The company reported an adjusted profit of $15 billion in 2017.
ADNOC to Build Huge Refining & Chemical Plant
State oil giant Abu Dhabi National Oil Co (ADNOC) plans to build the world's largest integrated refining and chemical site in Ruwais, United Arab Emirates, ADNOC's chief executive officer said on Tuesday. Speaking at the CERAWeek conference in Houston, Sultan al-Jaber, head of ADNOC, said downstream investments like refining and chemicals represent the company's biggest future opportunity.
U.S. GoM Energy Producers Evacuating Ahead of T/S Nate
Oil and natural gas producers began evacuating staff at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to threaten Gulf Coast oil and refining facilities. Nate, which has already killed three people in Costa Rica, according to local authorities, is forecast to scrape past Honduras and Mexico, enter the…
Saipem CEO: Nord Stream II on Track if 'conditions right'
The Nord Stream II pipeline project will go ahead if conditions are right but sanctions may impact on work, the chief executive of Italian oil services group Saipem said on Tuesday. Nord Stream II, led by Russian gas giant Gazprom, aims to increase Russian natural gas exports to Europe by doubling the amount of gas Russia sends to Germany under the Baltic Sea. Saipem in August was awarded a contract to build the last section of the pipeline.
Harvey Could Pinch Gulf Coast Energy Projects
Oil and petrochemical plants along the U.S. Gulf Coast intend to go ahead with plans for near record spending on expansions next year, despite Hurricane Harvey driving up labor costs and slowing work, experts said. Harvey largely spared oil and petrochemical plants along the U.S. Gulf Coast from significant damage but thousands of homes and businesses were not as fortunate.
No Chemical Release at Crosby, Texas, Plant -Arkema Official
The head of an Arkema SA business unit said on Thursday an incident at the company's Crosby, Texas, plant was not a chemical release but a fire caused by chemicals that could no longer be maintained at the cold temperatures required to prevent them from burning. "This isn't a chemical release. It's a fire," Richard Rennard of Arkema told reporters near the scene of the flood-swamped chemical plant.
Harvey Drenches Louisiana, Sparks Blast at Texas Chemical Plant
The remnants of Tropical Storm Harvey drenched northern Louisiana on Thursday as it moved inland, leaving behind record flooding that paralyzed the U.S. energy hub of Houston, killed at least 35 people and drove tens of thousands from their homes. Two explosions were reported at a flood-hit chemical plant in Crosby, Texas, 30 miles (48 km) northeast of Houston, with one sheriff's deputy sent to the hospital after inhaling toxic chemicals.