-Dow Chemical has restored light hydrocarbon unit No. 8 in Freeport, Texas, to normal operations after it was shut down in mid-December. Via Platts, the unit was shut down upon the discovery of a trip of a cracked gas compressor. Dow was attempting to restart the unit after a two-week turnaround at the time.
-The days of high spreads between Brent crude and West Texas Intermediate Crude are over, according to a report by OilPrice.com’s Nick Cunningham. Pipeline expansions in the U.S. have relieved downward pressure on domestic oil prices just as a surge in Brent crude supply has caused its price to tumble. The U.S. ban on crude exports is beginning to erode, as evidenced by the federal government’s increasing permissiveness with regard to condensate exports. A narrower WTI/Brent spread could shrink refiners’ margins.
-Meanwhile, the upstream sector saw a rash of job cuts this week as firms adjust to plummeting oil prices and tighter spending in the industry. Schlumberger today said it would cut approximately 9,000 employees from its global workforce. Apache Corp. initiated worldwide layoffs on Wednesday and BP today said it will cut 200 staff jobs and 100 contracting jobs from its onshore North Sea operations.
-ConocoPhillips is seeking guidance from the Department of Commerce on whether it can export condensate, Reuters reports. It was reported earlier this week that Shell had been granted permission to do so.
-Dow elected Amy Wilson corporate secretary and named her assistant general counsel. Wilson went to work for Dow’s legal department in 2000 and joined the office of the secretary in 2008. She replaces Charles Kalil, who will continue as executive vice president and general counsel.
