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Texas-based Diamond Offshore Drilling Inc yesterday filed for bankruptcy protection after the firm recently missed paying interest and informed that it had retained restructuring advisers. The drilling company’s filing in Texas seeks protection under Chapter 11. Diamond Offshore attributed the move to the “price war” between OPEC and Russia and the collapse in demand due to the coronavirus pandemic, which worsened its day rates and demand for its services.
Oklahoma-based Chesapeake Energy has informed about an oil well fire at one of its drill sites in Texas, saying that emergency personnel are responding to the situation. Local media in Burleson County have claimed multiple injuries at the site, approximately 75 miles east of Austin. Chesapeake spokesperson did not respond to questions on injuries.
Apache Corp has informed about closing its San Antonio, Texas office through which the firm oversees its Alpine High venture in the Permian basin. The move will cost approximately 272 employees their jobs. The layoffs follow a warning from Apache to move capital away from the struggling Alpine High region. A filing made by Apache with the Texas Workforce Commission informed that affected employees will leave the company on March 6.
A week later the explosions that rocked a Texas chemical plant, Petrochemical maker TPC Group Inc will reconstruct the Texas plant. The fire at the Port Neches plant forced the county to temporarily vacate over 60,000 residents from the area. TPC Group CEO last week informed that the 175 employees at the Port Neches plant would be compensated until year-end, with the plant shut for an indefinite but extended period.
Multinational private equity firm, Carlyle Group yesterday informed about dropping as a stakeholder in Lone Star Ports LLC, and thereby pulled out of the proposed $1 billion crude oil export terminal near Corpus Christi, Texas. Carlyle Group did not remark on why it pulled out of the project. In September of 2019, Lone Star slapped a lawsuit against Carlyle, alleging that Carlyle violated its contract to jointly pursue the project.
One of the largest shareholders of Exxon, Legal & General Group Plc is not satisfied with the company's stance on climate change. As a result, it has liquidated 19 of its funds from the company. Although the oil investor only owns about 0.6% of the company, so the divestment might not affect Exxon much but it will surely create immense pressure on the Irving, Texas-based firm.
American EPC giant, KBR Inc has secured an EPC contract for Train 4 at the Freeport LNG project in Texas. The expected EPC contract will require KBR to carry out engineering, procurement, construction, commissioning and start-up of the 5 mtpy LNG train and associated gas pre-treatment plant. The contract is expected to conclude within this quarter.
According to sources, supermajor Chevron has asked Petrobras to prove Pasadena refinery to be operational before taking possession of the facility. Chevron announced in January to spend $350 million for the proposed acquisition of 112,229 barrel-per-day (bpd) Pasadena refinery from Petrobras. Sources revealed that the ownership transfer was stalled after the refinery went under planned overhaul.
Supermajor Shell has inked a sale and purchase agreement (SPA) with Houston-based NextDecade Corp for buying 2 million tpy of LNG. The announcement came from CEO, NextDecade during the LNG2019 conference in Shanghai. NextDecade will supply LNG from its Rio Grande LNG export project in Texas, which is slated to come online in 2023.
Chesapeake Energy Corp has announced that it will buy oil producer Wild Horse Resource Development Corp. The deal is worth nearly $4 billion. Chesapeake has strategized this move to increase the oil production capacity in the course of rising crude prices. CEO of Chesapeake said “We plan to focus the vast majority of our projected 2019 activity on our high-margin, higher-return oil opportunities in the PRB and Eagle Ford Shale”
ExxonMobil began operating a new unit at the integrated Beaumont facility in Texas. The new unit will boost the production of ultra-low sulfur fuels by about 45,000 barrels per day. Exxon developed a proprietary catalyst system for the unit to remove sulfur and meet US Environmental Protection Agency specifications while reducing octane loss. The project is part of Exxon’s Growing the Gulf initiative.
In order to buy oil and gas producing assets in the Bakken formation, US Energy has signed a MoU with a Texas partnership APEG I Partners. Under the MoU terms, US Energy will get interests of 67 wells of APEG in Williams and McKenzie counties. With the $17.8m transaction, the company plans to consolidate its leasehold position in the area by tapping potential opportunities for acreage swaps.
BP has announced that it will raise acetic acid prices in US and Canada this July. This move comes after a force majeure recently declared by BP in April. It ascribed the increment as “necessary due to continued high raw material costs and increasing logistics costs”. BP trades acetic acid produced by the Eastman Chemical plant in Texas City under an agreement which extends till December 2031.
Halliburton today launched its brand new hybrid separation system, the BaraOmni™. The novel separation technology effectively removes ultra-fine low gravity solids (LGS), resulting in better performing, longer lasting fluid systems leading to reduction in costs. The system was successfully operational in West Texas, within 24 hours of mobilization and while application, reduced solids from a 24% concentration LGS to a mere 3%.
Total, NOVA Chemicals and Borealis jointly announced on Wednesday that they have received all regulatory approvals, and now officially closed on their venture of building a petrochemical project in Texas, US. Total and Novealis each has a 50% stake in the joint venture, Bayport Polymers (Bay-Pol), the latter of which is itself a joint venture between NOVA and Borealis.