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Energy News

McDermott sells former CB&I pipe fabrication assets, new co. formed

Houston-based McDermott International Inc. has sold the former pipe fabrication assets of The Shaw Group.

The Woodlands-based Chicago Bridge & Iron acquired Louisiana-based Shaw for $3 billion in 2013, and McDermott acquired CB&I for $6 billion in 2018.

Ithaca Acquisitions Holdings LLC is the new owner of the Shaw assets, according to June 2 press releases, which did not disclose the purchase price. The assets consisted of pipe fabrication, structural steel fabrication, piping, mechanical assembly…

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Energy News

Houston energy co. returns to exchange compliance

Houston-based Amplify Energy Corp. (NYSE: AMPY) has managed to cure its deficiency with the New York Stock Exchange’s listing standards, taking it off the table for delisting under the exchange’s minimum stock price rules.

Amplify’s 30-day average stock price dipped below the NYSE’s $1 per share threshold in April after the stock price plunged more than 80% from the start of March, according to data published by Yahoo Finance. Although Amplify’s stock price is still a little less than half…

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Energy News

Houston-area energy services businesses close multibillion-dollar merger, name new board members

The merger between The Woodlands-based Apergy Corp. and the Sugar Land-based upstream energy business of Minnesota-based Ecolab Inc. (NYSE: ECL) is complete.

The combined company is now called ChampionX Corp. and trades on the New York Stock Exchange under the symbol “CHX” beginning June 4, according to a press release.

Equity holders of ChampionX Holding Inc. — the former Ecolab business — own approximately 62% of ChampionX on a fully diluted basis, and existing Apergy equity holders…

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Energy News

Valero tank roof collapses in Corpus Christi

The roof on one of Valero Energy Corp.’s storage tanks in Corpus Christi collapsed this week, sending pollutants into the air, the oil refiner told a state regulator Wednesday.

San Antonio-based Valero (NYSE: VLO) told the Texas Commission on Environmental Quality that the floating roof on one of its tanks partially fell into the liquid below, releasing benzene and volatile organic compounds, or VOCs, into the air. Benzene is a carcinogen, and VOCs are classified as smog-forming pollutants by the…

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Energy News

Houston energy exec Charif Souki lists Aspen ranch for $220M (Photos)

Charif Souki, one of the most well-known executives in the liquefied natural gas sector, has put his Colorado ranch on the market with an asking price of $220 million.

The property, called Aspen Valley Ranch, spans over 800 acres and is located less than 10 miles from the center of Aspen, Colorado, according to a press release from Coldwell Banker Mason Morse. Coldwell Banker Global Luxury Ambassador Carrie Wells and Global Luxury Specialist Chris Souki, Charif’s son, according to reports, have…

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Energy News

Tote Maritime completes its 100th LNG fueling operation, sign of growth in the industry

Jax LNG completed the 100th bunkering of Tote Maritime’s vessel on Tuesday — a milestone that marks the growth the liquified natural gas industry has seen and Jacksonville’s place in it: Some of the first LNG-powered vessels docking at Jaxport and companies like Jax LNG are now working to bring an increased supply of LNG to the area.

Jim Wagstaff, Tote’s Puerto Rico vice president of operations, says that he believes the industry still has more growth potential. In the past three to five years,…

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