Chevron Corp. reported third-quarter earnings of $4 billion compared with $2 billion earned in third-quarter 2017. Included in the current quarter were a write-off, an asset impairment, and a nonrecurring contractual settlement totaling $930 million in the upstream business, and a gain of $350 million on the sale of southern Africa refining, marketing, and lubricant […]

Light, sweet crude oil prices dropped more than $1/bbl on the New York market Nov. 1 while Brent crude oil prices dropped more than $2/bbl in London in anticipation of US oil sanctions being fully implemented against Iran. Meanwhile, US officials agreed that eight nations—including South Korea, Japan, and India—will receive exemptions enabling them to […]

Dan Westcott, currently president and chief financial officer of Legacy Reserves Inc., Midland, Tex., will become chief executive officer following the retirement of Paul T. Horne, chairman and chief executive officer, effective Mar. 1, 2019. Horne will remain board chairman. Source: News

Sonatrach has let a contract to Honeywell UOP LLC to provide a suite of its proprietary technologies for production of 200,000 tonnes/year of methyl tertiary butyl ether at its 80,000-b/d refinery in Arzew, Algeria. As part of the contract, Honeywell UOP will deliver technology licensing, design services, key equipment, catalysts, and adsorbents for the project, […]

The Australian government has awarded seven new offshore exploration permits with Shell Australia being the major beneficiary. Shell was awarded two permits in the Browse basin and one in the Timor Sea. Other awards went to BP Australia with a permit on the Exmouth Plateau, while Japan’s Inpex Corp. secured a permit in the Canning […]

Fluor Corp.’s joint venture team FDH JV has generated first steam into Kuwait National Petroleum Co.’s Clean Fuels Project to upgrade its refineries to produce clean-burning fuels conforming to Euro 5 standards. Fluor said the milestone marks the completion and turnover of the first utility units by the Fluor-led joint venture and that KNPC is […]

Gastar Exploration Inc. has filed chapter 11 bankruptcy cases in the Southern District of Texas to implement the terms of its restructuring plan. Source: News

Encana Corp., Calgary, has agreed to an all-stock transaction valued at $7.7 billion—including the assumption of $2.2 billion net debt—to combine with Newfield Exploration Co., The Woodlands, Tex., entering the oil-rich STACK-SCOOP in the Anadarko basin. Source: News

Saudi Aramco and Saudi Arabian Basic Industries Corp. have selected Yanbu, on Saudi Arabia’s west coast, to build their previously announced fully integrated crude oil-to-chemicals complex, which will process 400,000 b/d of oil to produce about 9 million tonnes/year of chemicals and base oils, is scheduled to start operations in 2025, the companies said in […]

TransCanada Corp. will expand its Nova Gas Transmission Ltd. (NGTL) System to connect existing and new supply to incremental intra-basin demand. The expansion consists of about 197 km (122 miles) of large-diameter pipeline, three compression units, meter stations, and associated infrastructure. Source: News