-ConocoPhillips is preparing to sell between $1 billion and $2.5 billion in noncore producing assets in the U.S., Reuters reports. The company has hired Wells Fargo to help it sell oil and gas properties in the Rockies, East and South Texas and North Louisiana, according to people familiar with the matter. Earlier this year ConocoPhillips launched a sale of assets in Canada.
-Appalachian Resins will move forward with a $1.3 billion ethylene/polyethylene production facility in Monroe County, Ohio, Downstream Today reports. Company CEO Jim Cutler said the project remains viable even though the oil price plunge has reduced the advantage of ethane as a feedstock and lowered polyethylene margins.
-The proposed Lake Charles LNG project on Friday received an early environmental approval from the Federal Energy Regulatory Commission. Via FuelFix, FERC will issue its final environmental impact study in August and make a final decision on the project in November. The project is being spearheaded by subsidiaries of Energy Transfer Equity and Energy Transfer Partners. It received approval from the Department of Energy to export LNG in 2013.
-The Obama Administration is expected to roll out new rules for blowout preventers and other offshore safety guidelines later this month. Via the Houston Chronicle, the Interior Department will incorporate new and updated industry standards into its blowout preventer rules and will also propose new rules governing drilling margins. Oil industry trade groups are embracing the administration’s action while at the same time touting safety improvements made since the Deepwater Horizon disaster of 2010.
-Westlake Chemical today announced Jeff Taylor, senior vice president of its polyethylene business, will retire at the end of June. Mike Mattina, currently vice president and general manager of the North American Pipe and North American Specialty Products businesses for Westlake, will succeed Taylor. Westlake also promoted Renee Havrilla to vice president of Building Products and hired Philippe Najm as vice president of Projects, Engineering and Procurement.
