Saturday, January 25, 2020

Chemicals News

Sempra LNG, Aramco Sign Deal

 Image: Saudi Aramco

North American energy infrastructure company Sempra Energy and Saudi Aramco's Aramco Services Company, signed an Interim Project Participation Agreement for the Port Arthur LNG export project under development in Jefferson County, Texas.According to a press release, the IPPA represents another milestone for both companies after having signed a heads of agreement…

Timeline: Saudi Aramco's Winding Road to IPO

(Photo: Saudi Aramco)

State-run oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, making it the world's biggest flotation by raising more than Alibaba's $25 billion listing in 2014.Here are key events in the Saudi state oil giant's planned stock market debut.Dec 5, 2019 - Saudi Aramco announces the offering generated subscriptions…

Oil Companies Swap Stakes in Mexico

© somartin / Adobe Stock

With Mexico's government insisting that energy companies increase oil and gas output before it auctions off more of the country's vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own.The negotiations are creating a dynamic secondary market for oil acreage…

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…

Worley and Arundo Launch The Data Refinery

(Photo: Worley)

Engineering, procurement and construction firm Worley  and software company Arundo have come together to launch The Data Refinery, a hub for applied data science and machine learning solutions in the energy, chemicals and resources industry.The Data Refinery aims to bridge the gaps among operations, data science and information technology to help industrial…

Shell Appoints New Head of Refining

Huibert Vigeveno (Photo: Shell)

Royal Dutch Shell has appointed Huibert Vigeveno to head its downstream businesss, the refining operations that are to become a key pillar for the oil and gas company as it transitions to cleaner energy.Vigeveno, 50, previously led Shell's global commercial business and rose to prominence when he oversaw the integration of smaller rival BG Group after its…

Stuck Pipe Solution Cut Through

(Photo: Churchill Drilling Tools)

Oilfield services company Churchill Drilling Tools announced four successful drill-string severs using its HyPR HoleSaver, following stuck pipe events across the Middle East, including two in the UAE.Over the last six months, four drilling teams from three major Middle East operators deployed the HyPR stuck pipe solution. All successfully cut their drill-strings in a matter of hours, a 100% success rate.

ExxonMobil Profit Halves

© currahee_shutter / Adobe Stock

Exxon Mobil Corp's third-quarter profit nearly halved, hit by lower oil prices and weaker margins in refining and chemicals, with its three major business reporting lower year-over-year profit.Earnings fell to $3.17 billion, or 75 cents per share, in the quarter, from $6.24 billion, or $1.46 per share, a year earlier, the company reported on Friday.It beat analysts' recently reduced expectations for earnings of 67 cents per share.

CSB: Chemical Leak Caused Fire at ITC Houston Terminal

The Houston, Texas Refining Complex (Credit: AdobeStock / © Irina K

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…

BP Profits Fall 40%

(Photo: BP)

BP's profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the company beat expectations even after taking a one-off $2.6 billion charge linked to asset sales.BP, like other big energy companies, has been hit by a sharp drop in oil prices as trade tensions between the United States and China have impacted…

Sasol's Annual Profit up 5%

South African petrochemicals group Sasol on Monday reported a 5% rise in annual profit and shelved its final dividend as the firm sought to strengthen its balance sheet in light of a challenging trading environment.Core headline earnings per share (HEPS), which strips out certain one-off items and is the primary profit gauge in South Africa, rose to 38.13 rand ($2.61) for the 12 months ended June.

ProPetro Cuts Almost 150 Workers

AdobeStock / © Diter

ProPetro Holding Corp this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling.The job cuts reflect slowing shale activity due to weak prices for oil and gas, and producers exhausting their spending budgets for the year, one of the people said.Midland…

Mozambique Awards Rovuma LNG Project Gig

Pierre Bechelany (center), Fluor's president of Pipelines & LNG, signs contract. (Photo: Business Wire)

Mozambique Rovuma Venture (MRV) has awarded an engineering, procurement, and construction contract to a consortium of Fluor, JGC, and TechnipFMC for its Mozambique Rovuma LNG Phase 1 project in Cabo Delgado, Mozambique.MRV, a joint-venture composed of Eni, ExxonMobil and CNPC, holds a 70% interest in the exploration and production concession of Area 4, with Galp…

Malaysia Could List Petronas' Exploration Arm

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Malaysia is considering listing the exploration and production arm of state energy company Petronas, the world's third-biggest exporter of liquefied natural gas, state news agency Bernama reported on Friday citing Prime Minister Mahathir Mohamad.Mahathir has previously said that the government was looking to sell or list some state assets to reduce debt.

Chevron Profit Surges 26%

(Photo: Chevron)

Chevron Corp reported a 26.3% jump in quarterly profit on Friday, as higher oil and gas production and a one-time breakup fee from its failed bid for a rival more than offset lower energy prices and a rise in expenses.Results benefited from a $1 billion fee it received after Occidental Petroleum wrecked its $33 billion deal to buy Anadarko Petroleum with a winning $38 billion bid.

Exxon Mobil Profit Sinks

(File photo: ExxonMobil)

Exxon Mobil Corp on Friday reported a 21% drop in quarterly profit, its third period in a row of weaker year-over-year results, as sharply higher oil production was offset by weaker refining and chemicals business.Shares slipped 1.6 percent to $71.34 in early trading even though its 73 cents a share profit topped analysts' recently-lowered estimates. Analysts…

Oxy Q2 Earnings Dip

© Pongpob / Adobe Stock

Occidental Petroleum Corp , which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% drop in quarterly profit on Wednesday, as costs related to the deal and weaker chemical earnings hit its bottom line.Still, the results topped Wall Street estimates for the period and Occidental's operating cash flow rebounded from last quarter to $2.96 billion, up 7% from the same quarter a year ago.

KNOC Aims to Sell Stake in Dana Petroleum

(Photo: Dana Petroleum)

State-run Korea National Oil Corp (KNOC) is considering upping the stake it is planning to sell in its British unit Dana Petroleum after failing to lure a buyer for the 30% previously on offer, banking and industry sources said.KNOC had hired Canada's Scotia Bank to help with selling part of the oil and gas producer, but the minority stake was not seen as attractive for energy companies already operating in the region…

Repsol Profit Beats Estimates

(Photo: Repsol)

Spanish energy company Repsol trimmed its full-year earnings outlook on Wednesday as lower oil prices and refining margins weighed on profits, but a share buy-back and better than expected results bolstered its stock.Repsol proposed buying and cancelling 5% of its outstanding shares, helping send its stock more than 5% higher in early afternoon trade as investors…