Communicator

Dec 16, 2024 | Phillips 66 News Release

Two world-scale joint venture projects being developed by Chevron Phillips Chemical Company (CPChem) and QatarEnergy remain on track to start operations in 2026, Phillips 66 said on Monday. Phillips 66 and Chevron hold equal stakes in Chevron Phillips Chemical.

The US project is Golden Triangle Polymers, an integrated polyethylene (PE) complex in Orange, Texas. Chevron Phillips holds a 51% stake, and construction started in 2023.

The Qatari project in Ras Laffan is another integrated PE project. It is a 70:30 joint venture between QatarEnergy and CP Chem. Construction on this project started in 2024.

Remarquably, these two ethane crackers employing Technip tecnology will be the world's two largest, producing each above 2 Mt/a of ethylene when they are starting up, and each of the two CPChem MarTECH Single Loop polymerization plants also the world's largest with an output of 1 Mt/a of HDPE each at Golden Triangle and 850 Kt/a each at Ras Laffan.


#phillips  #chevron  #qatarenergy  #cpchem  #technip  #martech  #slurryloop  #ethylene  #polyethylene  #raslaffan  #goldentriangle  #steamcracking 

*Excludes non-cash finance leases of $43 MM in Refining, $30 MM in Midstream and $2 MM in Corporate and Other.
** Our share of joint ventures’ capital spending.

December 16, 2024 | Phillips 66 News Release

Phillips 66 announced a 2025 capital budget of $2.1 billion, including $998 million for sustaining capital and $1.1 billion for growth capital. The budget underscores Phillips 66 dedication to delivering value to shareholders by funding growth in the NGL wellhead-to-market value chain and further enhancing refining competitiveness.

▪️ In Midstream, the capital budget of $975 million comprises $429 million for sustaining projects and $546 million for growth projects. ▪️ The budget advances the integrated NGL wellhead-to-market value chain by strengthening the company’s position in key basins, including increasing gas processing capacity.
▪️ In Refining, Phillips 66 plans to invest $822 million, including $414 million for sustaining capital. Refining growth capital of $408 million supports the company’s commitment to high-return, low-capital projects.
▪️ The Marketing and Specialties capital budget reflects the continued enhancement of the company’s branded network.
The Renewable Fuels capital budget reflects investments at the Rodeo Renewable Energy Complex toward the optimization of feedstocks and logistics for renewable diesel and sustainable aviation fuel production.
Corporate and Other capital will primarily fund information technology projects.

Phillips 66’s proportionate share of capital spending by joint ventures Chevron Phillips Chemical Company LLC (CPChem) and WRB Refining LP (WRB) is expected to total $877 million and be self-funded. Including Phillips 66’s proportionate share of capital spending associated with joint ventures CPChem and WRB, the company’s total 2025 capital program is projected to be $3 billion.

▪️ CPChem’s growth capital will continue to fund the construction of world-scale petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar, through joint ventures. The facilities are expected to start up in 2026.
▪️ WRB’s capital spending will primarily be directed to sustaining projects.

#phillips  #chevron  #wrb  #refining  #renewablediesel  #saf  #aviationfuel  #ngl  #cpchem  #raslaffan  #quatar  #usgc  #goldentriangle  #rodeo 

Picture: Chevron refining operations

Chevron newsroom, PASADENA, Texas (Dec. 10, 2024)

Chevron U.S.A., Inc., a wholly owned subsidiary of Chevron Corporation, has completed a retrofit of its refinery in Pasadena, Texas. The upgrade aims to increase product flexibility and expand the processing capacity of lighter crudes by nearly 15% to 125,000 barrels per day.

Key Benefits

▪️Increased Capacity: The refinery’s processing capacity for lighter crudes has increased by 15%, allowing it to handle more equity crude from the Permian Basin.
▪️Enhanced Gulf Coast Supply: The upgrade enables Chevron to supply more refined products to customers in the U.S. Gulf Coast region.
▪️Synergies with Pascagoula Refinery: The retrofit enhances synergies with Chevron’s Pascagoula refinery, improving overall refining system efficiency.
▪️Light Tight Oil (LTO) Project: The upgrade is part of Chevron’s LTO Project, which focuses on improving facility reliability and safety, boosting domestic refined product supply, and introducing jet fuel production and gas oil exports.

Strategic Intent

Chevron acquired the Pasadena Refinery in 2019 as part of its strategy to expand its Gulf Coast refining system. This upgrade supports the company’s goal of increasing its refining capacity and improving its ability to meet growing demand for refined products in the region.

Timeline

The upgrade was completed in December 2024, with the refinery now fully operational with its enhanced capabilities.

#chevron  #refinery  #capacityincrease  #crudeoil  #lightcrude  #permian  #pasadena 

Alkylation unit based on Chevron's ISOALKY process, with its production capacity, has been added to SDalt Lake City refinery.

#chevron #isoalky  #alkylation  #alkylate  #gasoline  #fuelblending  #uop  #saltlakecity 

Several technologies and production capacities have been added to HMEL's Guru Gobind Singh Refinery.

#lummus  #lyondellbasell  #chevronphillipschemical  #cpchem  #p örner #bituros  #asphaltblowing  #steamcracker  #dualfeed  #martech  #novolen  #unipol  #spheripol  #univation  #asphaltblowing 

The CPChem MarTECH Dual Loop technology has been added.

#martech  #cpchem  #chevronphillips  #slurryloop  #polyethylene #adl  #dualloop 

The CPChem MarTECH Single Loop technology description has been updated.

#martech  #cpchem  #chevronphillips  #slurryloop  #polyethylene 

Oil company Chevron is moving its headquarters from California to Houston after repeated warnings that the Golden State's regulatory environment makes it difficult to do business there. The move announced Friday will end the company's more than 140-year existence in the largest U.S. state.

Chevron has already scaled back new investment in California refining, citing "confrontational" government policies in a state with some of the strictest environmental rules in the US. In January, refining chief Andy Walz warned that the state was playing a "dangerous game" with climate rules that threaten to spike gasoline prices.

Chevron joins a long list of California emigrants that includes Oracle Corp., Hewlett Packard Enterprise Co., Tesla Inc. and Social Network X. The migration among former Silicon Valley tech giants has been driven largely by tax and cost-of-living considerations, according to Bloomberg.

However, according to Ilon Musk's view, it's not so much about taxes as it is about policies implemented by the state's leadership. And that includes the green agenda (with its taxes on conventional oil and gas) and drug liberalization and so on.

#usa  #texas  #california  #chevron  #oilandgas  #refining  #netzero  #carbontax  #greenagenda 

Enverus Intelligence Research (EIR) analysts have provided an overview of merger and acquisition (M&A) activity within the U.S. upstream sector for both the fourth quarter and the entirety of 2023.

The final quarter of 2023 witnessed unprecedented activity, marking a historical high in observed M&A transactions within the U.S. oil and gas industry, totaling $144 billion. Over the course of the entire year, M&A deals amounted to $190 billion, also setting a new record.

Notably, two significant transactions significantly contributed to these figures: Exxon's acquisition of Pioneer Natural Resources for $65 billion and Chevron's purchase of Hess for $60 billion.

This surge in M&A activity is noteworthy considering the backdrop of a decade-long decline in investment in oil and gas exploration. Despite the identification of major shale oil fields in the U.S., investment in new wells has waned, with industry giants opting to acquire existing assets instead.

Analysts at Dittmar observed that the market is currently characterized by an imbalance, with more buyers than sellers, resulting in escalated prices.

#oil &gas #m &a #upstream  #oilandgas  #exxonm  #chevron