Sunday, September 15, 2019

Chemicals News

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…

Eni, Lombardy Pact on Sustainability

Italy's Lombardy Region and Italian energy company Eni signed a Memorandum of Understanding (MoU) for long-term sustainable growth at Eni’s refinery in Sannazzaro de' Burgondi.Attilio Fontana, President of the Lombardy Region, and Giuseppe Ricci, Eni’s Chief Refining & Marketing Officer, signed a Memorandum of Understanding at Eni’s refinery in Sannazzaro de' Burgondi today.With a low-carbon future in mind…

Does the Answer to Our Energy Problems Lie in Tiny Microbes?

© Dmitry Knorre / Adobe Stock

Such are the dire predictions about climate change these days that there seem to be only two courses open for human society: either we fail to act and the planet keeps heating up, or we restrict ourselves, leave our cars at home, give up hamburgers and stop flying on vacation.Either way, it would seem, the future is dead set on making our children’s lives worse than ours.But there is a third way and it lies in new forms of energy.

Gazprom Neft, Zyfra to Develop Digital Products

© Sergey Sergeev / Adobe Stock

Oil company Gazprom Neft and tech firm Zyfra agreed to set up a joint venture to work on developing digital products for management of industrial processes.A preliminary agreement on this was signed by Andrey Belevtsev, Director for Digital Transformation at Gazprom Neft, and Igor Bogachev, CEO of ZYFRA, at the St Petersburg International Economic Forum.The collaboration will be focused on developing digital services for integrated planning…

Wintershall Dea Seeks European IPO in 2020

File photo: Wintershall DEA

Newly created oil and gas group Wintershall DEA plans to hold an initial public offering in the second half of the next year, its chief executive told Reuters, in a deal that could become one of the largest European listings in 2020.Sources said in April that Wintershall DEA had picked the banks to arrange its stock market flotation.Mario Mehren, the CEO of the company, confirmed the plans."We are preparing ourselves for the potential IPO of

Sibur and Sinopec Link on Amur JV

Pic: Sibur

Russian petrochemicals giant Sibur has signed several agreements with Chinese state-owned conglomerate China Petroleum & Chemical Corporation (Sinopec).One deal relates to Sinopec’s potential participation in Sibur’s previously announced Amur Gas Chemicals Complex (AGCC) in Russia’s Far East.Sinopec, Chinese oil and gas enterprise based in Beijing,  which bought a 10% stake in Sibur in December 2015…

Investors Push BP to Fight Climate Change

(Photo: BP)

BP will face pressure at a meeting next week to set tougher targets to combat climate change, the latest signal from investors that they want the oil and gas industry to do more to clean up its act.After BP's 2018 carbon emissions rose to their highest in six years, the London-based major is being lobbied by activists and an increasing number of shareholders…

Natural Gas Liquid Market to Cross 14 mbl/day by 2025

Pic: Gazprom Neft

Global Natural Gas Liquid Market is poised to cross 14 million barrels per day by 2025, said a study.Japan natural gas liquid market is projected to surpass an annual consumption of 0.2 mbl/day said the latest study by Global Market Insights.Accelerating funding’s toward chemical industry along with the manufacturing of high value-added petrochemicals will augment the industry growth.In addition…

Shell Outperforms Rivals in Q1

(Photo: Shell)

Royal Dutch Shell reported on Thursday a small drop in first quarter profit to $5.4 billion, but still easily beat forecasts, helped by stronger trading and liquefied natural gas earnings.Shell's results outshone those of rivals Exxon Mobil, Chevron and BP which all saw sharp declines in profits in the first three months of the year as a result of lower refining…

UK Fracking Tsar Quits

The British government's fracking tsar Natascha Engel said on Sunday she had quit the role after just six months because government policy was preventing the industry from developing.Fracking, or hydraulically fracturing, involves extracting gas from rocks by breaking them up with water and chemicals at high pressure.It is fiercely opposed by environmentalists…

Chevron Profit Falls 27%

(File photo: Chevron)

Chevron Corp's first-quarter profit fell 27 percent from a year earlier due to lower crude oil prices and weaker margins in its refining and chemicals businesses, but topped forecasts and signaled it is committed to buying smaller rival Anadarko Petroleum Corp.The No. 2 U.S. oil and natural gas producer this week found itself in a takeover duel for Anadarko…

ExxonMobil Misses Q1 Profit Estimates

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Exxon Mobil Corp on Friday reported a 49 percent fall in first-quarter profit that missed forecasts due to weakness across its major businesses that showed the turnaround at the company remains a work in progress.The largest U.S. oil producer posted its first loss in its refining business since 2009 on higher maintenance costs and reported lower profits in chemicals and oil and gas."It was a tough market environment for us this quarter…

NextDecade Receives EPC Bid Packages

Rio Grande LNG. Image: NextDecade

NextDecade Corporation, a liquefied natural gas (LNG) development company focused onLNG export projects and associated pipelines in the State of Texas, announced that it has received bid packages from each of Bechtel Oil, Gas, and Chemicals, Inc. and Fluor Corporation.Both the companies are two of the global LNG market’s leading engineering, procurement, and construction (EPC) contractors.The technical and commercial bid packages…

Aramco Buys Shell's Stake in Saudi JV

Pic: Saudi Aramco

The Saudi Arabian Oil Company (Saudi Aramco) is  planning to buy oil major Shell's 50% stake in Saudi Aramco Shell Refining Co (SASREF), a Saudi refining complex developed as a joint venture between the two oil companies,  for $631 million.Abdulaziz Al-Judaimi, Saudi Aramco‘s Senior Vice President of Downstream, said: “The partnership with Shell has led to a strong record of performance and delivery of refined products.

Hyundai Heavy Sells Oil Stake to Saudi Aramco

Group photo of Saudi Aramco and HHIH executives and team members after the signing ceremony. Photo:  Saudi Arabian Oil Co.

South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary,  Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.The investment is valued at approximately $ 1.25 billion…

Woodside Inks LNG Supply Deal with ENN

PLuto LNG plant (Photo: Woodside)

Australia's Woodside Petroleum WPL.AX has signed a Heads of Agreement (HOA) to supply liquefied natural gas (LNG) to China's ENN Group for 10 years from 2025, both companies said on Friday.Woodside, Australia's biggest listed oil and gas explorer, said in a statement the volume covered by the HOA is 1 million tonnes per annum (mtpa), to be sourced from Woodside's portfolio of gas supply.