Economics

The downstream rundown: In case you missed it 7/29

In case you missed any downstream news, here are the top stories from last week.

U.S. majors Exxon, Chevron post blowout earnings, ramp up buybacks

The two largest U.S. oil companies, ExxonMobil and Chevron, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European majors a day earlier.

Eni confident it will replace Russian gas by 2025

Italian energy group Eni believes it will be able to completely replace Russian gas imports by 2025 as uncertainty over Moscow's energy supplies to Europe forces countries to seek alternative sources.

Shell slashes gas intake at Dutch, German refineries

Shell has slashed its use of gas at Europe's largest oil refinery, Rotterdam's 404,000 bpd Pernis site, by 40% and at its German refineries by 70%.

PetroChina begins $4.5-B refinery expansion

PetroChina has launched a $4.52 B program to expand a subsidiary refinery in southern China into an integrated petrochemicals complex.

4AIR and NATA collaborate for first-ever SAF delivery receipt for business aviation

The National Air Transportation Association (NATA) in partnership with 4AIR announced the release of a first-ever SAF receipt for business aviation.

Shell USA and Shell Midstream Partners reach a definitive merger agreement

Shell USA and Shell Midstream Partners announced they have executed a definitive agreement and plan of merger pursuant to which Shell USA will acquire all of the common units representing limited partner interests in SHLX.

Galp posts 90% profit leap on soaring oil prices and refining margin

Portuguese oil and gas company Galp Energia reported a 90% jump in adjusted second-quarter profit, citing soaring oil prices and a sharp increase in its refining margin.

Pemex to upgrade its six refineries after completing 340,000 bpd new plant construction

Octavio Romero, director of Mexican state oil Pemex, said the company will work in the second half of Mexican President Andres Manuel Lopez Obrad´s term on improving its six refineries after completing during the first half of the six-year period the construction of a new 340,000 barrels-per-day (bpd) refinery with a $10-B investment.

Siemens Energy takes next step to protect critical infrastructure

This expanded relationship includes listing Siemens Energy’s MDR in a digital catalog that makes it easy for customers to find, compare, and immediately start using the software and services that run on AWS.