HOUSTON (Reuters) – Chevron Phillips Chemical Co, one of the top five U.S. chemical companies by volume, believes the oversupply of natural gas liquids (NGLs)that feed its U.S. plants is unlikely to be eliminated for another four or five years.
The joint venture of Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) and Phillips 66 Co (PSX.N: Quote, Profile, Research, Stock Buzz) is spending $5 billion on new ethylene facilities in Texas as part of a broader industry build-out that should soak up demand for NGLs such as ethane.
(Reuters) – Martin Koffel, head of engineering company URS Corp (URS.N: Quote, Profile, Research, Stock Buzz), feels the United States is poised for a manufacturing renaissance, driven at least in part by demand among the developing world’s burgeoning consumer class.
“There is once again a cachet about American-made products,” the CEO said in an interview on Tuesday. “In some industries at some levels, there’s going to be a Made in America advantage.”
HOUSTON/NEW YORK (Reuters) – IBM thinks it can make geologists and engineers more effective at mining the fast-growing wealth of data on everything from oil reservoirs to refineries to help them find, extract and process oil.
The computer services company has spent the past three years building a team of 5,000 consultants, scattered around major oil basins worldwide, to help companies tackle the data explosion.
HOUSTON (Reuters) – Engineering company Fluor Corp (FLR.N: Quote, Profile, Research, Stock Buzz) sees no signs that a shale gas-driven boom in U.S. petrochemicals will slow down, said CEO David Seaton, who now believes many of the nine proposed U.S. plants under study will get built.
Hiring enough workers to do it will be the trick. A global wave of capital investment was already leading to early signs of labor, equipment and raw material shortages, as companies gear up for stronger economic growth by mid-decade, Seaton said.
(Reuters) – From water worries to well blowouts, the inherent risks of oil and gas extraction are often played down by those in the business. But another group of profit-seekers has every reason to keep a close eye on dangers for drillers: their insurers.
Underwriters now face a politically charged problem in the perceived threats to water supplies of hydraulic fracturing.
May 3 (Reuters) – First Solar posted a surprise
quarterly loss on Thursday, but raised its full-year profit
outlook as it drives down production costs for its solar panels,
while peer SunPower Corp slightly beat Wall Street
The shares of the two largest U.S.-based solar makers were
nearly flat in post market trading.
May 3 (Reuters) – Transocean Ltd topped
profit expectations for the first quarter as costs fell on the
timing of maintenance and project spending, but it expects those
costs to rise sharply this quarter before returning to normal
later this year.
Transocean shares rose as much as 4 percent early on
Thursday. They were up 1.3 percent at $50.60 in midday trade.
(Reuters) – Valero Energy Corp (VLO.N: Quote, Profile, Research, Stock Buzz) made a quarterly loss due to smaller discounts on the crude it processes and charges for shutting its Aruba refinery, but the underlying performance was better than expected and its shares rose 1.7 percent.
The U.S. refiner said it continued to benefit from strong exports, even as weak demand at home cut its income per barrel processed by more than half compared with a year earlier, to $2.11.
(Reuters) – Chevron Corp, the second-largest U.S. oil company, reported a slightly higher-than-expected quarterly profit as rising oil prices and refining margins made up for a decline in oil and gas production.
Chevron shares slipped 0.2 percent in early trading, though that was better than the 1 percent decline for larger rival Exxon Mobil Corp on Thursday after it produced weaker-than-expected earnings due to a drop in oil and gas output.
(Reuters) – Occidental Petroleum Corp (OXY.N: Quote, Profile, Research, Stock Buzz), the fourth-largest U.S. oil company, reported a rise in quarterly profit on record output and rising oil prices, and its shares rose more than 1 percent.
First-quarter production of 755,000 barrels of oil equivalent per day (bpd) included domestic production of 455,000 bpd. Oxy predicted steady growth from its U.S. operations this quarter, which should rise by 6,000 to 8,000 bpd.