-Freeport LNG secured the final piece of financing needed to move forward with construction of its third proposed train. Via FuelFix, construction of the first two trains began in the fall, and first production is expected in 2018.
-Houston-based Parallax Energy has acquired Louisiana LNG, a natural gas liquefaction and export project in Plaquemines Parish, La. Via the Houston Business Journal, Parallax launched its first LNG project earlier this year in Calcasieu Parish. Louisiana LNG has initiated the permitting process with federal authorities.
-Valero reported a record-high first quarter on the strength of its refining business, which benefitted from low-cost feedstocks and strong product margins relative to Brent crude. Company CEO Joe Gorder said Valero completed almost double the amount of planned turnaround work compared to the first quarter of 2014.
-Meanwhile, the refining segments of BP and Total helped the companies post higher than expected profits in the first quarter of 2015 despite oil price weakness. Via Reuters, analysts believe next quarter’s results will be less impressive due to weaker refining margins in the second quarter.
-Low-cost feedstocks and supply and demand tightness for several product lines helped LyondellBasell achieve strong results in the first quarter. Company CEO Bob Patel echoed concerns over refining margins in the second quarter, saying refining industry spreads had declined in April.