As major economies across the globe emerge from the doldrums of the pandemic and travel surges, oil prices could further spike and reach $100/bbl by next year, according to the most bullish Wall Street forecast yet this year. It could also mark the final surge in oil prices, however, as pressure intensifies on energy companies…
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Oil Refinery in U.S. Virgin Islands Shutters After EPA Alleges ‘Multiple Major Mishaps’
The Limetree Bay oil refinery in the U.S. Virgin Islands, long under environmental and financial pressure, said this week it would close indefinitely. Citing “severe financial” hardship, owner Limetree Bay Energy said it had suspended plans to restart the 210,000 b/d facility on the island of St. Croix. The refinery has been offline since May…
Mexico’s Pemex Snaps Up Ownership of Texas Refinery in Quest for Energy Self-Sufficiency
Mexico’s state oil company Petróleos Mexicanos (Pemex) will add more refining capacity to its portfolio with the deal announced Monday to purchase Royal Dutch Shell plc’s share in the partnership that owns the Deer Park refinery on the Texas coast. The $596 million transaction was celebrated by Mexican officials as yet another step on the…
NuStar to Expand Products Capacity on Texas-to-New Mexico Pipeline
Midstreamer NuStar Energy LP has unveiled plans to boost capacity by 6,000 b/d on a 293-mile refined products pipeline that runs from the Panhandle in Texas to Albuquerque, NM. The San Antonio-based limited partnership said Wednesday it would upgrade pump stations on the 17.2 million b/d Amarillo-to-Albuquerque Pipeline, which it jointly owns with Phillips 66…
Phillips 66 Eyeing Energy Transition, with Oil and Gas Recovery Hinging on Return to ‘Normal’
Phillips 66 wants to exploit the technology base it has to advance a lower carbon business platform, while maintaining a strong balance sheet and returning value to shareholders. The Houston-based energy firm sharply reduced the 2021 capital expenditure (capex) budget to $1.7 billion, down from $3.1 billion last year. About $1.1 billion of sustaining capital…
Howard Energy to Add Corpus Christi Refinery Services Facility in Deal with MPLX Subsidiary
San Antonio-based Howard Energy Partners (HEP) has agreed to acquire a refinery services facility in Corpus Christi, TX, from a subsidiary of MPLX LP, management announced Tuesday. HEP has executed an agreement to acquire the Javelina Facility, a treating and fractionation plant capable of extracting natural gas liquids, as well as olefins and hydrogen, from…
Light Oil Production Making Up Larger Share of U.S. Refinery Inputs
Light oil production continues to grow in the United States, rising 7% over the last four years to 57% of the total 1.24 million b/d of crude produced in 2019, according to the Energy Information Administration (EIA). U.S. light oil production grew to 6.7 million b/d last year, up from 5.8 million b/d in 2018,…
AMLO Set to Announce Energy, Infrastructure Economic Recovery Plan in Coming Weeks
Mexico President Andrés Manuel López Obrador said during his morning press conference on Monday his government was planning to launch an infrastructure plan in the next two weeks. No details were provided, but immediately prior to the coronavirus shutdown a long-awaited public-private infrastructure plan including energy projects worth close to $100 billion was expected to…
Shell Eyeing $15-22B in 2Q Impairments from Covid-19’s Crushing Impact to Demand, Prices
Royal Dutch Shell plc expects to impair up to $22 billion in the value of its global natural gas and oil assets for the second quarter, citing the challenges from Covid-19 that have slammed commodity prices and energy demand. The supermajor said it was adapting “to ensure the business remains resilient.” A revised forecast for…
Alberta Offers Financial Backing for Proposed Oilsands Refinery
The Alberta government offered a C$440 million ($330 million) loan guarantee Tuesday to a proposed refining customer for Canada’s top industrial natural gas user, thermal oilsands production.