Americas
Phillips 66: Robust refining profit offset by weaker chemicals, midstream
While refining results were strong, the company's quarterly profit was hurt by lower earnings from its midstream and chemicals businesses. Adjusted earnings at Phillips 66's midstream business more than halved to $42 million in the quarter, hurt by a fall in natural gas prices.
US producer Axiall rejects unsolicited takeover bid by Westlake Chemical
The Axiall board of directors, with the assistance of its financial and legal advisors, reviewed, considered and unanimously rejected the proposal within the timeframe requested by Westlake.
Global trade slowdown hits refining margins at bottom of the barrel
Sluggish global trade growth is reducing demand for major freight-related fuels, which are currently showing the lowest demand, biggest increase in stocks and weakest prices.
Valero’s profit falls on lower US refining margins
Net income attributable to Valero's stockholders fell to $298 million, or 62 cents/share, for the fourth quarter ended Dec. 31, from $1.16 billion, or $2.22/share, a year earlier.
Air Products launches new ASU project at Chinese coal-to-chemicals plant
The project, capable of producing 12,000 tpd of oxygen and significant tonnage volumes of nitrogen and compressed dry air for the customer's coal chemical plant, represents one of the largest single on-site ASU orders ever committed to an industrial gas company.
California counties oppose Phillips 66’s oil-by-rail project to local refinery
It is one of several rail projects on the US West Coast that have undergone lengthy environmental reviews while facing heated opposition in light of fiery crude train crashes since mid-2013.
Dow’s Univation, Linde agree to collaborate on cracker, PE integration
Under the agreement, Univation and Linde will work toward delivering streamlined technology, capital expense and operational expense reduction opportunities and improved quality in early-stage design to ethylene cracker and polyethylene projects.
US chemical index shows signs of slowdown: ACC
Accounting for adjustments, the CAB remains up 1.6% over this time last year, a marked deceleration of activity from one year ago when the barometer logged a 3.2% year-over-year gain from 2014.
DuPont doubles down on cost cuts ahead of merger with Dow Chemical
DuPont says it is now targeting cost cuts of $730 million in 2016, with annual savings adding up to $1 billion. Those new projections are higher than figures stated in December.
Flow control provider Accudyne names new CEO
Treadway, who most recently served as president and CEO of Thomas & Betts Corp., a global business unit of ABB, will assume the position on March 1 and be based in Dallas.
- Borouge reaffirms commitment to local manufacturing with new industry supply agreements 1/10
- Update: Turkey's Izmir refinery now expects to restart crude unit in Feb, IIR says 1/10
- Pertamina unit to produce ISCC-certified SAF in 1Q 1/10
- WTO panel largely backs EU in palm oil case against Indonesia 1/10
- Howard Energy Partners acquires ethylene pipeline from EPIC Midstream Holdings 1/10
- U.S. to impose further sanctions on Russian oil fleet and traders 1/10
