• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 1 hour Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 2 hours Never Bring A Rapier To A Gun Fight
  • 11 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 3 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 9 hours USAvChina.com
  • 5 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 14 hours Aramco Production
  • 3 hours Lest We Forget... A Brief Timeline of China's Modern History
  • 3 hours Democrats and Gun Views
  • 15 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 4 hours Visualizing US Oil & Gas Production (Through May 2019)
  • 3 hours Iran in the world market
  • 14 hours Oil Slide Worries Traders. *relax* This Should Get Sorted by Year End.
Oil Demand Growth Weakest In Nearly A Decade

Oil Demand Growth Weakest In Nearly A Decade

Global oil demand continues to…

Is The Car Industry Facing A Crisis?

Is The Car Industry Facing A Crisis?

India’s car sales have plunged…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Exxon’s Beaumont Refinery To Remain Partially Offline

ExxonMobil

ExxonMobil’s Beaumont, Texas refinery could remain in partial shutdown until late January due to damage the facility sustained from a recent fire, according to a new report by Reuters.

The 362,300 barrel per day refinery has lost functionality in its small crude distillation unit (CDU). Exxon spokesperson Charlotte Huffaker said the company was continuing repairs at the refinery, but did not disclose additional information about the status of the damaged areas.

The broken CDI is responsible for 110,000 bpd of distillation, but the refinery is still processing 240,000 bpd of crude. The fire was extinguished 40 minutes after it started. None of the workers present were injured.

ExxonMobil posted a solid Q3 2017, earning $4 billion, up nearly 50 percent from the $2.7 billion earned a year ago.

“A 50 percent increase in earnings through solid business performance and higher commodity prices is a step forward in our plan to grow profitability,” Exxon CEO Darren Woods said in a statement.

Some other highlights include a fifth discovery in Guyana, which has emerged as one of the company’s high priorities; a high-profile foray into offshore Brazil; and a sizable increase in Permian acreage. Exxon took an earnings hit of $160 million in the quarter, or 4 cents per share, from the damage related to Hurricane Harvey. Overall, Exxon’s cash flow has outpaced capex and dividends for the fourth consecutive quarter.

Low oil prices over the past three years have made it impossible for fossil fuel giants to profit the way they used to before the 2014 crash. ExxonMobil wrote off 3.5 billion barrels of oil sands from its book in February, admitting that they were unviable to develop in today’s market. Expensive oil sands, especially for greenfield projects, no longer make sense when executives are looking to allocate scarce capital.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play