Findlay, Ohio-based Marathon Petroleum said this week it is permanently ending crude oil processing at two of its U.S. refineries, including one in Gallup, N.M., with capacity of 27,000 barrels per day, as a result of “decreased product demand caused by the ongoing coronavirus health crisis.” Marathon also will idle its refinery in Martinez, Calif. […]
Hire to Retire: Be Prepared
Times have changed, and less is more. In July, I wrote about bringing back your employees to either full employment or from working from home. We have all learned that not everyone has to be physically present to get their jobs done. In that light, I would guess that commercial real estate is going to […]
Changing with the Times
The decade of 2010 opened to a “black gold rush” built upon horizontal drilling and hydraulic fracturing, drawing in a flood of investment money of all kinds. Investors dreamed of funding an unlimited Christmas list for producers and service companies alike, asking only that the list be used to expand the company so it could […]
Where Will Crude Prices Go From Here?
Two competing narratives dominate the talk today where crude oil prospects are concerned. There is the break-your-spirits pessimism parroted by the Covid-crisis crowd, beating their drumbeat of disaster. For them, the lockdowns ought be locked in a year or more at a crack. Then there is the bullishness of the glass-half-full crowd, finding positivity in […]
Chevron acquires Noble Energy, including 92,000 acres in Permian Basin
San Ramon, Calif.-based Chevron increased its presence in Permian Basin and Denver-Julesburg Basin in Colorado with its acquisition of Houston-based Noble Energy. Chevron said July 20 the all-stock transaction is valued at $5 billion ($10.38 per share). Total enterprise value, including debt, is $13 billion. It will increase Chevron’s proved reserves by about 18 percent […]
“Buy American”
Well, at the writing of this article things are looking much better than over the last two months, as many states are “opening up” and the Covid-19 statistics are not changing dramatically. It appears the worst of the pandemic is behind us. We’ve survived a lot. We’ve survived weeks of full quarantine. We’ve survived negative […]
Mergers and acquisitions decline 68 percent in Texas in 2020Q2
Texas Lawbook said the 89 mergers, acquisitions and joint venture transactions completed by Texas companies in 2020Q2 represented a decline of 68 percent from 2019Q2 as activity in the state reached historic lows. Texas Lawbook, with data from Mergermarket, said the value of the transactions dropped 93.7 percent. The 89 deals were the fewest in […]
Permian crude loaded on first vessel at South Texas Gateway
Crude oil from Permian Basin was loaded July 16 on the first marine vessel to launch from South Texas Gateway, a new state-of-the-art terminal in Ingleside at Port of Corpus Christi. Four pipelines serve South Texas Gateway developed by Buckeye Partners, a leading global terminal operator that owns 50 percent of the terminal. Phillips 66 […]
Employee Legal Disputes, and How to Avoid Them
I have a forum to write about crucial Human Resource (HR) topics, or shall I say, people topics that may allow your organization to avoid unwanted employee legal disputes as well as provide some helpful hints for you. It is May 16, 2020, and I am writing this article for the July 2020 issue. What […]
Texas leads U.S. declining production in April, pandemic’s first full month
April was the first full month of business and travel restrictions in place in the U.S. to fight the spread of the coronavirus, and the U.S. Energy Information Administration said this week crude oil production declined that month by the largest amount in more than a decade. The nation’s output was down by 670,000 barrels […]
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