Business News
Sources: Abu Dhabi's ADNOC to Float 4% of Gas Business
Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations.
Pipeline Operator TC Energy Beats Profit Estimates as Demand Boost Offsets Oil Spill Costs
TC Energy Corp. beat market estimates for fourth-quarter profit on Tuesday as sustained demand for energy helped the North American pipeline operator soften a $488 million cost hit from an oil spill at its Keystone pipeline in Kansas.
KÖBERL Group Expands into Pipeline Cleaning Sector with Recent Acquisitions
(P&GJ) — Gimv’s portfolio company KÖBERL Group has strengthened its main location in Munich in the field of pipeline cleaning and wastewater technology by acquiring established specialists Rohrreinigungs-Service RRS GmbH and THG Abwassertechnik GmbH, the company announced on Feb. 9.
AMPP Appoints Dr. Amir Eliezer as New Board Chairman
(P&GJ) — The Association for Materials Protection and Performance (AMPP), a global nonprofit representing corrosion and coatings professionals and industries in 130 countries, has named Professor Amir Eliezer, Ph.D., as chair of the board of directors. His term began on January 1, 2023.
Contracts in the News February 2023
Contracts in the News February 2023
Exxon Posts $56 Billion Profit for 2022, Setting Historic High for Western Oil Majors
Exxon Mobil Corp. posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.
Shell CEO's First Changes Combine Upstream and LNG Operations
Shell will combine its oil and gas production and LNG divisions as part of broader changes under new CEO Wael Sawan, which the company said could result in some job cuts.
18th Pipeline Technology Conference Promotes the Development of Young Talent in the Pipeline Industry
(P&GJ) — The 18th Pipeline Technology Conference (ptc) is set to take place in Berlin from May 8-11, 2023. Europe's premier address for pipeline industry professionals will offer a look into the pipeline future, with a broad range of 1-day seminars, panel discussions, technical sessions, operator round-tables, award ceremonies and social events.
CRC Evans Launches Welding and Coating Services Business Following Quadruple Merger
(P&GJ) — The merger sees Pipeline Technique, CRC-Evans Pipeline International, Pipeline Induction Heat and Global Project Services unite under the CRC Evans banner, accelerating the company’s ambition to be the world’s leading provider of welding and coating services for the energy and wider infrastructure sectors, including emerging energies, as the global transition gathers pace.
Companies in the News January 2023
Companies in the News January 2023
Corrosion Resistant Alloys Successfully Acquires PipeSearch
(P&GJ) — Corrosion Resistant Alloys LLC, a manufacturer of high-grade corrosion-resistant alloy tubulars, has fully acquired PipeSearch, a digital technology company powering global tubular solutions.
Calgary Prepares to Host the World Petroleum Congress to Discuss Global Energy Transition
The Canadian Organizing Committee for the 24th World Petroleum Congress (OCAN) announced numerous milestones ahead of hosting the Congress in Calgary, Canada, from Sept. 17 – 21, 2023.
Enbridge Sees Higher 2023 Profit, Joins Occidental on Carbon Capture Project
Canada's biggest pipeline operator Enbridge Inc. on Wednesday forecasted higher 2023 core earnings, banking on sustained high demand for oil and gas amid tight supplies.
NDT Global Appoints Paul Cooper as President
(P&GJ) — NDT Global announced the appointment of Paul Cooper to the role of president of NDT Global on Nov. 29.
Pipeline & Gas Journal Awards Winners Honored at In-Person Houston Gala
An elite group of midstream professionals gathered in Houston at the Westin Galleria Hotel on Thursday evening to attend the second Pipeline & Gas Journal Awards gala, which honored the midstream industry’s leading innovations and outstanding personal contributions.
Petroleum Economist Hosting Annual LNG to Power Forum in Houston
Petroleum Economist will host its 4th annual LNG to Power Forum Americas in Houston, highlighting the evolving role of LNG in global markets as well as the shift away from oil-fired generation. New for 2022, the forum will now take a deep dive into Central and South America.
Oil Refiner Citgo Petroleum Reports $477 Million Third Quarter Profit
Oil refiner Citgo Petroleum on Thursday reported third quarter earnings of $477 million on strong margins and higher throughput at its three U.S. oil processing plants.
Pipeline Operator TC Energy Posts Higher Profits, Looks to Sell Assets
North American oil and gas pipeline company TC Energy Corp. said on Wednesday it was looking to sell $3.7 billion worth of assets to repay debt and fund new projects and reported an 8% rise in quarterly profit.
Pipeline Operator Plains All American Raises 2022 Profit Forecast
Oil and gas pipeline operator Plains All American on Wednesday raised its profit forecast for the third time this year, helped by higher volumes on its Permian basin pipelines and increased commodity prices.
Analysis-Pipeline Blasts Leave Nord Stream in Insurance Limbo
With the mystery of the blasts that destroyed undersea gas pipelines between Russia and Germany unsolved, Nord Stream 1's insurers and reinsurers are grappling with how to respond to hundreds of millions of dollars in potential claims.
Exxon Selling Yellowstone Pipeline Rights, Silvertip Crude Oil Pipeline for $310 Million
Exxon Mobil Corp. on Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc. for $310 million. The assets being sold off include the Silvertip Pipeline, Exxon's interest in the Yellowstone Pipeline as well as Yellowstone Energy LP and its interests in product terminals in Montana and Washington.
Martin Midstream Sells California Sulfur Terminal to Gulf Terminals
(P&GJ) — Martin Midstream Partners LP has announced the sale of its Stockton Sulfur Terminal to Gulf Terminals LLC. The net proceeds of approximately $5.25 million will be used to reduce outstanding borrowings under the partnership’s revolving credit facility.
Infineum to Acquire Entegris’ Pipeline and Industrial Materials Business
(P&GJ) — Infineum and Entegris Inc. have entered into a definitive agreement for Infineum to acquire Entegris’ Pipeline and Industrial Materials business. The transaction is expected to close in the fourth quarter of 2022, subject to receipt of required regulatory approvals and other customary closing conditions.
AMPP CEO Bob Chalker to Retire Next Summer
(P&GJ) — AMPP CEO Bob Chalker has announced his plans to retire in July 2023, the company said in a statement on Monday. Chalker has served in his role for more than 12 years, starting first with NACE International and then as CEO of AMPP through the merger of NACE and SSPC in 2021.
Enbridge’s Al Monaco to Retire; Greg Ebel Named as New CEO
(P&GJ) — Enbridge Inc. today announced Al Monaco's retirement as president and CEO as well as his departure from its board of directors effective January 1, 2023.
Enbridge to Sell Stake in Seven Oil Pipelines to Indigenous Groups for $819 Million
Canada's Enbridge Inc. will sell an $818.83 million minority stake in seven Alberta oil pipelines to a group of Indigenous communities, the company said on Wednesday, adding that it may also sell at least part of its Trans Mountain pipeline to Indigenous groups once its expansion is closer to completion.
Kinder Morgan Sells Half Its Stake in LNG Facility in Georgia for $565 Million
U.S. pipeline operator Kinder Morgan Inc. said it had sold half its stake in an LNG facility in Georgia to an undisclosed buyer for about $565 million and would use the funds to pay short-term debt and buy back shares.
Gas Producer EQT Expected to Buy THQ Appalachia for $5.2 Billion
The deal, expected to close in the fourth quarter, will add an estimated 800 MMcf/d of gas equivalent production for EQT, and includes pipeline infrastructure supporting that production, the company said.
Cheniere Vying for P&GJ Award for Maintenance Technology
Among the finalists in the Best Advance in Maintenance Technology is Cheniere’s Ultrasonic Meter Fleet Diagnostic Monitoring Program, which addresses the failure of measurement equipment.
Exxon to Sell Arkansas Shale Gas Assets to Flywheel Energy
The assets under agreement include approximately 5,000 natural gas wells — 850 operated and approximately 4,100 non-operated — and related pipeline and processing properties across approximately 381,000 acres.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
