Houston’s oil field service companies close out tough 2019
The three largest oil field equipment and services companies based in Houston all reported trouble in their North American arms.
BP CFO to retire, successor named
London-based BP PLC (NYSE: BP), which has its U.S. headquarters in Houston, is getting a new CFO later this year in addition to a new CEO.
Current CFO Brian Gilvary will retire from the company and step down from BP’s board on June 30, according to a press release. Murray Auchincloss, currently CFO of BP’s Upstream segment, has been appointed as his replacement for both roles.
“I have worked closely with Brian for more than two decades and have always valued his financial expertise, strategic…
Brownsville LNG project finds pipeline partner
The future Annova LNG liquefaction facility at the Port of Brownsville will be fed with gas from an Enbridge Inc. pipeline, according to a Wednesday news release.
Enbridge’s (NYSE: ENB) Valley Crossing Pipeline, which runs from the gas hub of Agua Dulce to just east of Brownsville, will be extended nine miles to supply Annova with the gas needed to produce 6.5 metric tons of LNG per year, according to a statement by Annova.
“Annova LNG’s firm transportation arrangements will ensure security…
Coca-Cola CEO: Sustainability will eventually be ‘price of entry’ for business (Video)
Coca-Cola CEO James Quincey doesn’t suspect the business model for sustainability will ever be “costless” but he does believe the climate crisis is forcing everyone’s hand.
Speaking to CNBC Wednesday from the World Economic Forum in Davos, Switzerland, Quincey touched on a variety of topics, including The Coca-Cola Co.’s goals for reducing its reliance on single-use plastics. Quincey made it clear that the Atlanta-based beverage giant’s goal is not to completely stop using plastics, but instead…
South Philadelphia refinery buyer has a track record of redeveloping defunct industrial sites
The planned buyer of the shuttered Philadelphia Energy Solutions refinery site has a long track record of redeveloping defunct industrial sites, taking a leading role in massive projects spanning from Boston to Baltimore.
Hilco Redevelopment Partners, a subsidiary of Chicago-based Hilco Global, emerged as the leading bidder to acquire the 1,300-acre South Philadelphia site for $240 million. Shuttered for seven months, the plant was the largest oil refinery on the East Coast. Philadelphia Energy…
Judge rejects challenge on underground power lines in Florida
In a victory for state regulators and utilities, an administrative law judge Tuesday rejected a challenge to a plan for carrying out a new law that is expected to lead to more underground power lines in Florida.
Judge James H. Peterson III, in a 52-page order, turned down arguments raised by the state Office of Public Counsel, which represents consumers in utility cases, and the Florida Industrial Power Users Group, which includes large electricity customers.
They challenged proposed rules that…
Chesterfield firm wins $20M judgment
A Dubai petroleum provider with a presence in Chesterfield has won a nearly $20 million judgment against a Florida firm.
Chicago-based developer buys bankrupt PES refinery for $240M
A Chicago-based real estate developer will become the new owner of the South Philadelphia refinery complex, according to documents filed in U.S. Bankruptcy Court Tuesday.
With a bid of $240 million, Hilco Redevelopment Partners emerged from last Friday’s bankruptcy auction as the winner of the Philadelphia Energy Solutions complex, according to the filing with the court in Wilmington. The agreement of sale will be presented Feb. 6 to the court as part of the PES Chapter 11 proceedings.
Hilco…
Occidental Petroleum eyes sequestering Colorado cement mine’s CO2 to help oil production
Colorado’s biggest oil producer aims for low-carbon oil production using the cement industry’s CO2.
PNM Resources names new CFO
Albuquerque-based energy holding company PNM Resources announced several finance leadership changes early Wednesday, including the promotion of Don Tarry to senior vice president and chief financial officer.
Tarry replaces Chuck Eldred, who has been named executive vice president of corporate development and finance. He will focus on strategic initiatives like PNM’s transformation to a carbon-free generation portfolio, increased investment in infrastructure at PNM’s Texas-New Mexico Power and overseeing…
