Reports related to this article:
Plant(s): View 1 related plant in PECWeb
Released May 25, 2021 | SUGAR LAND
en
Energy Market highlights gathered by Industrial Info and IIR Energy
CORPORATE
Cabot Oil & Gas, Cimarex to Merge - Cabot Oil & Gas Corporation (NYSE:COG) and Cimarex Energy Company (NYSE:XEC) agreed a merger on Monday to form a U.S.-wide oil and gas firm with an enterprise value of some $17 billion. The deal was a "surprise", according to at least two analysts, as it brings together Cabot's gas-rich Marcellus shale positions in the U.S. northeast and Cimarex's oil-heavy acres in West Texas. (Reuters)
CRUDE OIL
Oil Jumps More than 3% as Fears of Iranian Exports Ease - Oil prices rose more than 3% on Monday as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions. Brent crude oil futures settled up $2.02, or 3%, at $68.46 a barrel, while July U.S. West Texas Intermediate (WTI) crude ended at $66.05 a barrel, up $2.47, or 3.9%. Prices got a boost on expectations that a new deal with Iran is less likely than it was last week, said Bob Yawger, director of Energy Futures at Mizuho in New York. (Reuters)
REFINING
Shell to Sell Interest in Deer Park Refinery to Partner Pemex - Royal Dutch Shell plc (NYSE:RDS-A) (The Hague, Netherlands), has reached an agreement for the sale of its interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between Shell and a subsidiary of Mexico's Petroleos Mexicanos, or Pemex (Mexico City)). The transaction will transfer Shell's interest in the partnership, and therefore full ownership of the Texas refinery, to Pemex, subject to regulatory approvals. "Shell did not plan to market its interest in the Deer Park Refinery; however, following an unsolicited offer from Pemex, we have reached an agreement to transfer our interest in the partnership to them," said Huibert Vigeveno, Shell's Downstream Director. The consideration for this transaction, which is expected to close in the fourth quarter of this year, is $596 million. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Database can click here for the plant profile. (PR Newswire)
.....
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 commodity-trading community. We are the number one source for information about power plant 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.
CORPORATE
Cabot Oil & Gas, Cimarex to Merge - Cabot Oil & Gas Corporation (NYSE:COG) and Cimarex Energy Company (NYSE:XEC) agreed a merger on Monday to form a U.S.-wide oil and gas firm with an enterprise value of some $17 billion. The deal was a "surprise", according to at least two analysts, as it brings together Cabot's gas-rich Marcellus shale positions in the U.S. northeast and Cimarex's oil-heavy acres in West Texas. (Reuters)
CRUDE OIL
Oil Jumps More than 3% as Fears of Iranian Exports Ease - Oil prices rose more than 3% on Monday as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions. Brent crude oil futures settled up $2.02, or 3%, at $68.46 a barrel, while July U.S. West Texas Intermediate (WTI) crude ended at $66.05 a barrel, up $2.47, or 3.9%. Prices got a boost on expectations that a new deal with Iran is less likely than it was last week, said Bob Yawger, director of Energy Futures at Mizuho in New York. (Reuters)
REFINING
Shell to Sell Interest in Deer Park Refinery to Partner Pemex - Royal Dutch Shell plc (NYSE:RDS-A) (The Hague, Netherlands), has reached an agreement for the sale of its interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between Shell and a subsidiary of Mexico's Petroleos Mexicanos, or Pemex (Mexico City)). The transaction will transfer Shell's interest in the partnership, and therefore full ownership of the Texas refinery, to Pemex, subject to regulatory approvals. "Shell did not plan to market its interest in the Deer Park Refinery; however, following an unsolicited offer from Pemex, we have reached an agreement to transfer our interest in the partnership to them," said Huibert Vigeveno, Shell's Downstream Director. The consideration for this transaction, which is expected to close in the fourth quarter of this year, is $596 million. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Database can click here for the plant profile. (PR Newswire)
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 commodity-trading community. We are the number one source for information about power plant 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.
