Don't miss out on the latest business and technology news for chemical engineers, featuring select items in relation to Fuels & Petrochemicals.
Higher spending, bad hedges hurt shale drillers' Q2 earnings
Several US shale producers, including Chesapeake Energy, Devon Energy and Anadarko Petroleum, fell on the stock market after reporting weaker-than-expected second-quarter earnings. Cost inflation led to more capital spending during the quarter, while bad hedges prevented drillers from fully capitalizing on the oil price rally.
$2B Texas oil pipeline is in the works
In the latest development in the Permian Basin oil boom, Phillips 66 Co. is planning to build a pipeline from West Texas to the Gulf Coast. The project is estimated to cost $2 billion and should be completed in 2019.
Court upholds certification for Mountain Valley Pipeline in Va.
Environmental groups lost a court battle opposing the water quality certification that Virginia gave to the Mountain Valley Pipeline. The 4th US Circuit Court of Appeals ruled that the State Water Control Board was not wrong to conclude that pipeline construction would be unlikely to harm streams and wetlands.
Trump administration proposes weaker fuel-economy standards
The Trump administration plans to freeze fuel-efficiency standards at 2020 levels, rolling back an Obama-era regulation that would have strengthened the requirements each year through 2026. Environmental Protection Agency Acting Administrator Andrew Wheeler said the rollback would increase oil consumption and could deliver $500 billion in savings for consumers.
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