Released October 03, 2019 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
CRUDE OIL
U.S. Crude Oil Inventories Rise - U.S. crude oil stockpiles rose by 3.1 million barrels in the week ending September 27 as refineries reduced output amid seasonal maintenance. Refinery activity slowed for a third week, with utilization rates dropping 3.4 percentage points last week to 86.4% of overall capacity. (Reuters)
EARNINGS
ExxonMobil Forecasts Profit Plunge - Exxon Mobil Corporation (NYSE:XOM) (ExxonMobil) said late Tuesday in a Securities and Exchange Commission filing that overall third-quarter profit would plunge by roughly 50% from the year-ago quarter, to around $3.1 billion. The company's upstream operations would drop 45% from 2018's $4.23 billion total, while downstream net income will likely fall 70%, to $500 million. (Kallanish Energy)
LNG
Annova Wins Tax Abatement for Texas LNG Project - Commissioners in Cameron County, Texas, approved a $373 million tax abatement deal for Houston liquefied natural gas (LNG) company Annova LNG to build an export terminal at the Port of Brownsville. (Project 300139010) (Houston Chronicle)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
CRUDE OIL
U.S. Crude Oil Inventories Rise - U.S. crude oil stockpiles rose by 3.1 million barrels in the week ending September 27 as refineries reduced output amid seasonal maintenance. Refinery activity slowed for a third week, with utilization rates dropping 3.4 percentage points last week to 86.4% of overall capacity. (Reuters)
EARNINGS
ExxonMobil Forecasts Profit Plunge - Exxon Mobil Corporation (NYSE:XOM) (ExxonMobil) said late Tuesday in a Securities and Exchange Commission filing that overall third-quarter profit would plunge by roughly 50% from the year-ago quarter, to around $3.1 billion. The company's upstream operations would drop 45% from 2018's $4.23 billion total, while downstream net income will likely fall 70%, to $500 million. (Kallanish Energy)
LNG
Annova Wins Tax Abatement for Texas LNG Project - Commissioners in Cameron County, Texas, approved a $373 million tax abatement deal for Houston liquefied natural gas (LNG) company Annova LNG to build an export terminal at the Port of Brownsville. (Project 300139010) (Houston Chronicle)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
