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Released March 25, 2020 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
REFINING
Virgin Islands' St. Croix Refinery Could Delay Restart Due to Coronavirus - The summer startup of a major oil refinery in the Caribbean is no longer assured after a construction employee tested positive for the coronavirus, the head of Limetree Bay Refining said on Monday. The Limetree Bay Refinery on St. Croix, U.S. Virgin Islands, is undergoing a $2 billion overhaul expected to finish this summer. The worker who took ill was part of a team of 3,000 people involved in an overhaul that aims to refurbish and restart a portion of the Caribbean island's former Hovensa Refinery. (Project 300410217) (Reuters)
FINANCIAL
Suncor Energy Reduces Capital Spending - Canadian oil producer Suncor Energy (NYSE:SU) announced that it will reduce 2020 capital spending by $1.5 billion, or $26%, to between $3.9 billion and $4.5 billion. (GlobeNewswire)
Fracking Giants Warn Shale Crash Will be Faster This Time - Two of the world's biggest oilfield service companies are warning of a bigger shale crash than the one that hit the U.S. and Canada just five years ago. While the decline in North American drilling rigs could approach the lows seen in 2016, the drop could be much faster this time around, Schlumberger Limited (NYSE:SLB) told analysts and investors Tuesday on a webcast. And as the most financially troubled oilfield service providers seek to stay afloat, there's not much help this time around, Halliburton Company (NYSE:HAL) said on the same webcast. Investors cheered plans by both companies to significantly slash spending. Halliburton soared as much as 33% for a history-beating advance, while Schlumberger climbed 11%. (Bloomberg)
NATURAL GAS
U.S. Natural Gas Futures Rise on Forecasts for Cooler Weather - U.S. natural gas futures climbed more than 3% on Tuesday from a 24-year low in the prior session on forecasts for cooler weather and higher demand over the next two weeks than earlier expected, and an increase in crude prices. (Reuters)
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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.
REFINING
Virgin Islands' St. Croix Refinery Could Delay Restart Due to Coronavirus - The summer startup of a major oil refinery in the Caribbean is no longer assured after a construction employee tested positive for the coronavirus, the head of Limetree Bay Refining said on Monday. The Limetree Bay Refinery on St. Croix, U.S. Virgin Islands, is undergoing a $2 billion overhaul expected to finish this summer. The worker who took ill was part of a team of 3,000 people involved in an overhaul that aims to refurbish and restart a portion of the Caribbean island's former Hovensa Refinery. (Project 300410217) (Reuters)
FINANCIAL
Suncor Energy Reduces Capital Spending - Canadian oil producer Suncor Energy (NYSE:SU) announced that it will reduce 2020 capital spending by $1.5 billion, or $26%, to between $3.9 billion and $4.5 billion. (GlobeNewswire)
Fracking Giants Warn Shale Crash Will be Faster This Time - Two of the world's biggest oilfield service companies are warning of a bigger shale crash than the one that hit the U.S. and Canada just five years ago. While the decline in North American drilling rigs could approach the lows seen in 2016, the drop could be much faster this time around, Schlumberger Limited (NYSE:SLB) told analysts and investors Tuesday on a webcast. And as the most financially troubled oilfield service providers seek to stay afloat, there's not much help this time around, Halliburton Company (NYSE:HAL) said on the same webcast. Investors cheered plans by both companies to significantly slash spending. Halliburton soared as much as 33% for a history-beating advance, while Schlumberger climbed 11%. (Bloomberg)
NATURAL GAS
U.S. Natural Gas Futures Rise on Forecasts for Cooler Weather - U.S. natural gas futures climbed more than 3% on Tuesday from a 24-year low in the prior session on forecasts for cooler weather and higher demand over the next two weeks than earlier expected, and an increase in crude prices. (Reuters)
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.
