Financial results rebounded in 2017 on higher oil prices, tax benefits

A sample of 51 US-based oil and gas producers and refiners collectively posted full-year 2017 net earnings of $52.61 billion on revenues of $873.04 billion compared with net losses of $29.54 billion in 2016 on revenues of $701.27 billion. Source: News

New Saudi options

News of a possible delay in the initial public offering of a Saudi Aramco interest underscores the value of options. Source: News

A new age

On Mar. 7, Chief Judge Sidney R. Thomas, writing for a unanimous three-judge panel of the Ninth Circuit Court of Appeals, rejected US President Donald Trump administration’s “drastic and extraordinary” petition for writ of mandamus in an unprecedented constitutional climate change lawsuit brought against the federal government by 21 youth plaintiffs (ages 9-21) from across […]

Zhejiang Petrochemical lets contract for Eni slurry technology

Zhejiang Petroleum & Chemical Co., also known as Zhejiang Petrochemical Co. (ZPC), let a contract to Eni to provide technology licensing and basic engineering for two bottom-of-the-barrel upgrading units at ZPC’s grassroots 40 million-tpy refining and chemical integrated complex to be built in Zhoushan, Zhejiang Province, China. Source: News

SAPREF restarting South African refinery following power outage

South African Petroleum Refineries (Pty.) Ltd. (SAPREF), a joint venture of Shell Refining SA and BP Southern Africa, is in the process of restarting its 8.5 million-tonne/year refinery in Durban, South Africa, following a power outage in the greater Durban area on Mar. 14 that forced a shutdown of the facility. Source: News

Baker Hughes: US rig count gains 6 units to 990

The US drilling rig count gained 6 units to 990 working during the week ended Mar. 16, data from Baker Hughes indicate. This total is up 201 units from a year ago. Source: News