Company News

Exxon Posts $56 Billion Profit for 2022, Setting Historic High for Western Oil Majors

Exxon Mobil Corp. posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.

Shell CEO's First Changes Combine Upstream and LNG Operations

Shell will combine its oil and gas production and LNG divisions as part of broader changes under new CEO Wael Sawan, which the company said could result in some job cuts.

18th Pipeline Technology Conference Promotes the Development of Young Talent in the Pipeline Industry

(P&GJ) — The 18th Pipeline Technology Conference (ptc) is set to take place in Berlin from May 8-11, 2023. Europe's premier address for pipeline industry professionals will offer a look into the pipeline future, with a broad range of 1-day seminars, panel discussions, technical sessions, operator round-tables, award ceremonies and social events.

CRC Evans Launches Welding and Coating Services Business Following Quadruple Merger

(P&GJ) — The merger sees Pipeline Technique, CRC-Evans Pipeline International, Pipeline Induction Heat and Global Project Services unite under the CRC Evans banner, accelerating the company’s ambition to be the world’s leading provider of welding and coating services for the energy and wider infrastructure sectors, including emerging energies, as the global transition gathers pace.

Companies in the News January 2023

Companies in the News January 2023

Chesapeake Selling Eagle Ford Assets for $1.4 Billion; Focusing on Gas-rich Marcellus, Haynesville

U.S. oil and gas exploration and production company Chesapeake Energy Corp. said on Wednesday it had agreed to sell part of its operations in south Texas to private equity-owned WildFire Energy for $1.43 billion in cash.

Gas Starts Flowing to Freeport LNG Export Plant in Texas

Freeport LNG's long-shut LNG export plant on the Texas Gulf Coast started receiving pipeline natural gas over the long U.S. Martin Luther King Jr holiday weekend, according to Refinitiv data.

Wintershall Dea to Leave Russia, Causing $8 Billion Loss at Parent BASF

Chemicals giant BASF on Tuesday unveiled a $7.9 billion non-cash impairment on Wintershall Dea, after the oil and gas exploration joint venture decided to exit Russia following its invasion of Ukraine.

Corrosion Resistant Alloys Successfully Acquires PipeSearch

(P&GJ) — Corrosion Resistant Alloys LLC, a manufacturer of high-grade corrosion-resistant alloy tubulars, has fully acquired PipeSearch, a digital technology company powering global tubular solutions.

Companies in the News December 2022

Companies in the News December 2022

Pipeline & Gas Journal Awards Winners Honored at In-Person Houston Gala

An elite group of midstream professionals gathered in Houston at the Westin Galleria Hotel on Thursday evening to attend the second Pipeline & Gas Journal Awards gala, which honored the midstream industry’s leading innovations and outstanding personal contributions.

Oil Refiner Citgo Petroleum Reports $477 Million Third Quarter Profit

Oil refiner Citgo Petroleum on Thursday reported third quarter earnings of $477 million on strong margins and higher throughput at its three U.S. oil processing plants.

Argentina’s YPF Nearly Triples Q3 Profit on Upped Production, Prices

Argentina's national oil company YPF reported on Wednesday it nearly tripled its third-quarter net profit compared to the same period last year as production and prices rose.

Pipeline Operator TC Energy Posts Higher Profits, Looks to Sell Assets

North American oil and gas pipeline company TC Energy Corp. said on Wednesday it was looking to sell $3.7 billion worth of assets to repay debt and fund new projects and reported an 8% rise in quarterly profit.

Pipeline Operator Plains All American Raises 2022 Profit Forecast

Oil and gas pipeline operator Plains All American on Wednesday raised its profit forecast for the third time this year, helped by higher volumes on its Permian basin pipelines and increased commodity prices.

Martin Midstream Sells California Sulfur Terminal to Gulf Terminals

(P&GJ) — Martin Midstream Partners LP has announced the sale of its Stockton Sulfur Terminal to Gulf Terminals LLC. The net proceeds of approximately $5.25 million will be used to reduce outstanding borrowings under the partnership’s revolving credit facility.

Companies in the News September 2022

Companies in the News September 2022

Pipeline Technique Successfully Acquires Stanley’s Oil and Gas Division

Pipeline Technique, a market leader in the onshore and offshore infrastructure welding, coating, and technological engineering sector, has completed its transformational acquisition of a trio of industry-leading energy infrastructure businesses from Stanley Black & Decker.

Companies in the News August 2022

Companies in the News August 2022

Tellurian Completes $126 Million Acquisition of Haynesville Natural Gas Assets

Tellurian Inc. subsidiary Tellurian Production LLC said on Thursday it has closed the previously announced acquisition of certain assets in the Haynesville Basin from privately held EnSight IV Energy Partners, LLC and EnSight Haynesville Partners LLC.

Pipeline Operator DCP Midstream Receives Acquisition Proposal from Phillips 66

U.S. refiner Phillips 66 on Wednesday offered to acquire the public units of DCP Midstream in a deal that would value the pipeline operator at $7.2 billion and bulk up Phillips' natural gas liquids business.

Pipeline Operator Energy Transfer Completes Sale of Stake in Energy Transfer Canada

Energy Transfer LP has completed the sale of its 51% interest in Energy Transfer Canada ULC (Energy Transfer Canada) on Tuesday to a joint venture which includes Pembina Pipeline Corporation and global infrastructure funds managed by KKR.

2022 Pipeline & Gas Journal Awards Finalists Announced

Pipeline & Gas Journal Awards judges have narrowed down nominations and are happy to announce the finalists for its annual event in November, which honors the midstream sector’s leading innovations and outstanding personal contributions to the industry.

Canada’s Trans Mountain Names Dawn Farrell as President, CEO

Canadian pipeline operator Trans Mountain Corp. has named Dawn Farrell, former top boss of electricity firm TransAlta Corp., as its CEO and president on Wednesday.

Artera Reveals Plans to Merge Otis Eastern and Minnesota Limited

Artera Services, one of the nation’s industry-leading providers of integrated infrastructure services to the natural gas industry, announced its plan to merge Otis Eastern Service, and Minnesota Limited, to form Otis Minnesota Services LLC.

Shell USA, Shell Midstream Partners to Merge in $1.96 Billion Deal

Shell USA Inc. has agreed to merge with Shell Midstream Partners LP in a deal valued at $1.96 billion, the company said on Monday.

Companies in the News July 2022

Companies in the News July 2022

Pipeline & Gas Journal Accepting Nominations for Annual P&GJ Awards

Pipeline & Gas Journal is accepting nominations for its annual Pipeline & Gas Journal Awards, which will honor the midstream energy segment’s leading innovations and outstanding personal contributions to the industry.

Pipeline Technique to Acquire Stanley Oil & Gas

Pipeline Technique has agreed to acquire the oil and gas division of Stanley Black & Decker, which includes CRC-Evans, Pipeline Induction Heat, and Stanley Inspection.

EnLink Midstream Founder, CEO Barry Davis to Retire

EnLink Midstream Chairman and CEO Barry E. Davis will retire from EnLink, the company he led the founding of, after more than 25 years of leadership, the company announced in a statement.