ConocoPhillips to increase spending slightly in 2017 from 2016

ConocoPhillips plans to increase spending this year, forecasting capital expenditures of $5 billion compared with $4.9 billion during 2016, executives said Feb. 2 as they released an earnings report. Source: News

Borealis lets contract for grassroots PDH unit

Borealis AG, Vienna, has let a contract to Honeywell UOP LLC, a subsidiary of Honeywell International Inc., to provide process technology for a proposed propane dehydrogenation (PDH) plant in Kallo, Belgium. Source: News

Indonesia lets contract for Balikpapan refinery

PT Pertamina (Persero) has let contracts to Honeywell UOP LLC, a subsidiary of Honeywell International Inc., to provide technology licensing and engineering design for a grassroots unit and expansion of an existing unit as part of the operator’s project to upgrade and modernize its 260,000-b/d refinery in Balikpapan, East Kalimantan, Indonesia. Source: News

MARKET WATCH: NYMEX, Brent crude prices jump on lower US production

Light, sweet crude oil prices on the New York market and Brent crude oil prices on the London market surged by more than $1/bbl on Feb. 1 as traders and analysts shrugged off a big jump in the US oil inventory report. Source: News

BLM methane emissions rule should not be revoked, House Democrats say

The US Bureau of Land Management’s methane emissions limits final rule should not be revoked under the Congressional Review Act, House Natural Resources Committee Democrats said 2 days after Republicans on both sides of the Capitol introduced resolutions to do exactly that. Source: News