Don't miss out on the latest business and technology news for chemical engineers, featuring select items in relation to Fuels and Petrochemicals!
Digital, differentiation help chemical companies offset global headwinds
Chemical companies can try to turn the tide on 2018's low total shareholder returns related to economic headwinds and shifting demand by investing in digital, listening to customers, differentiating their portfolios and having a strong foundation for growth, according to this Boston Consulting Group analysis. Sustainability is another opportunity for companies, both in terms of new products and the benefits of reducing carbon emissions.
Column: Propane, butane remain economical for flex-crackers
Flex-feed crackers that use heavier feedstocks such as propane and butane to produce ethylene continue to see volume increases, despite the trend toward steam crackers that leverage low-cost ethane, writes Michael Sims. Propane and butane are still cost-effective and will likely remain in use until more propylene production plants come online, he writes.
Permian shale growth bolsters oil majors' profits
Permian Basin production jumps of 70% and 30%, respectively, helped ExxonMobil and Chevron avoid steeper profit declines in the third quarter and offset losses from weaker oil prices, slower oil demand and sluggish global growth. Exxon's earnings were down nearly 50% to $3.17 billion in the third quarter, beating analyst forecasts, while Chevron posted a 36% profit drop to $2.58 billion, missing estimates.
US Gulf activity fuels US oil production growth in August
A 30% jump in output from the US Gulf of Mexico helped the US set a new oil production record of 12.4 million barrels per day in August, an increase of nearly 600,000 bpd from the previous month, Energy Information Administration data show. Gross natural gas output in the contiguous US also reached a fresh high of 104.2 billion cubic feet per day during the month.
EIA: US crude inventories rise more than expected
US crude stockpiles posted a gain of 5.7 million barrels last week, more than double analysts' 2.5-million-barrel forecast, the Energy Information Administration reported. Meanwhile, gasoline and distillate inventories fell by three million and one million barrels respectively.
US sees dramatic increase in gas exports
The US exported more than twice as much natural gas in the first half of 2019 as it did during the same period last year, averaging a net 4.1 billion cubic feet per day, data from the Energy Information Administration show. Liquefied natural gas exports increased 37% over the first six months of 2018, while gas exports by pipeline to Mexico grew 5%.
Sempra Energy partners with Mitsui on LNG terminal expansions
Sempra Energy and Japan's Mitsui have signed a memorandum of understanding to develop phase two of the Cameron liquefied natural gas export facility in Louisiana and build export capabilities at the existing Energia Costa Azul LNG import terminal in Mexico's Baja California. The Cameron LNG project, in which Sempra has a 50.2% stake, shipped its first commissioning cargo in May and has until September 2020 to place into service the second and third production units.
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