Delta Air Lines is forecasting its refinery in Trainer, Pa., will achieve a profit of $100 million by the end of 2017. This represents a significant turnaround for the plant, which suffered a $125 million loss in 2016, its worst year since the airline took ownership.
The American Petroleum Institute has called on the Environmental Protection Agency to implement its requirements for compliance with the National Ambient Air Quality Standards for Ozone at a rate of one set at a time. Ted Steichen, senior policy adviser for API, has asked the EPA to help in the transition from the Clean Air Act's 2008 standards to the new ones set in 2015 "without saddling states and regulated entities with overlapping attainment requirements."
Anadarko Petroleum says it has agreed to the sale of its Eagle Ford Shale assets in Texas to Sanchez Energy and the Blackstone Group. The deal is valued at around $2.3 billion.
Hess has unveiled plans to raise its expenditure on exploration and production to $2.25 billion, up from its 2016 figure of $1.9 billion. The move is seen as part of an overall trend for firms to increase their investment in this area, with Barclays predicting a rise of 7% this year.
Multifuels Midstream Group has announced the purchase of a 124-mile pipeline in central Texas from an unnamed consortium. Following the acquisition, the group plans to replace some sections and build new interconnects, with work scheduled for completion by late 2018.
ExxonMobil found 29 meters of oil-soaked sandstone after drilling 5.5 kilometers off the coast of Guyana. The oil discovery is 16 kilometers northwest of the company's Liza field, which contains an estimated 100 million to 150 million barrels of oil equivalent.
Scientists are using computer programs and studying minerals in rocks to reconstruct supercontinents from the past and predict the formation of future massive continents. Geologists are calculating how plate positions shifted, gaining insight into the formation and eventual splitting of giant land masses such as ancient Nuna, a supercontinent that came together about 2 billion years ago.
WPX Energy acquired 23 producing wells, two horizontal laterals, 7,325 net hectares in several Texas counties and 920 undeveloped sites in the Delaware Basin from Panther Energy and Carrier Energy Partners. The $775 million acquisition increases WPX Energy's Permian Basin operations in Texas to more than 48,562 net hectares.
British Columbia's natural gas production and exports to the US jumped 7% in the first three quarters of 2016, as producers provided 35.6 billion cubic meters of gas and exported 11.8 billion cubic meters to the US, according to Canadian Ministry of Natural Gas Development data. The figures are up even though producers drilled only 341 new wells last year, the lowest level in 23 years.
Australia-based 88 Energy says its 2D seismic data assessment shows nearly 1.5 billion barrels of conventional oil resources in the company's Project Icewine on Alaska's North Slope. The company previously estimated the onshore project contained about 760 million barrels.
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