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Energy News

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…

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Energy News

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…

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Drilling fees could go up from $5K to $12.5K in Pennsylvania

A previously announced increase in the drilling of natural gas wells in Pennsylvania was approved Tuesday.

The Pittsburgh Post-Gazette reported that the Environmental Quality Board approved the proposal by the Department of Environmental Protection that would increase the fees from $5,000 per well to $12,500 per well.

The permit still needs approval from General Assembly committees and the Independent Regulatory Review Commission, the Post-Gazette said.

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Energy News

Triad fabric marketer earns award for achieving landfill-free status at local plant

High Point-based Culp Inc. (NYSE: CULP), one of the world’s largest marketers of mattress fabrics for bedding and upholstery for residential and commercial furniture, has achieved zero landfill status at one of its Triad plants and is progressing toward 100% company-wide sustainability practices.

Culp Home Fashions, the company’s mattress fabrics division, announced on Tuesday it has earned the 2019 Sustainability Award from ICE Recycling, its recycling partner based in Lake City, South Carolina.…

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Energy News

Phillips 66 backs out of renewable diesel project

Houston’s largest publicly traded company, Phillips 66 (NYSE: PSX), has cancelled plans with a joint venture partner to build a renewable diesel plant in the Northwest U.S.

Phillips 66 and Renewable Energy Group Inc. (Nasdaq: REGI) have pulled out of the Washington project after the partners faced permitting delays and other uncertainties, Phillips 66 said in a press release. The project would have built a 250 million-gallon-per-year renewable diesel refinery near Phillips 66’s existing refinery…

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