-The International Chamber of Commerce’s Court of Arbitration has upheld Phillips 66’s right to acquire a 50% stake in its Sweeny, Texas, refinery from PDVSA, the Houston-based firm said this week. Via Bloomberg, PDVSA appealed a 2009 call option by Phillips 66, claiming it was invalid. A Phillips 66 spokesman said the call option was triggered by defaults by the Venezuelan state-owned firm related to supply of crude oil to the refinery.
-California’s state senate on Wednesday approved a bill that would expand the state’s existing oil spill prevention program to include rail incidents. It defeated a separate bill that would have placed a moratorium on fracking in the state.
-MarkWest Energy Partners’ Houston, Pa., natural gas processing facility remains shut down after an apparent lightning strike damaged the plant on Wednesday evening. MarkWest is re-routing some gas to its Majorsville complex in Marshall County, W.Va. The Houston complex has processing capacity of 355 million cubic feet per day and 98,000 barrels per day of ethane and heavier fractionation capacity.
-Marathon Petroleum’s Garyville, La., refinery experienced a power outage on Wednesday as severe weather ripped through the area. Via Reuters, company officials are evaluating the storm’s impact on the refinery.
-Meanwhile, Marathon announced the retirement of vice president and controller Michael G. Braddock, effective Oct. 1. The company appointed John J. Quaid to fill Braddock’s role effective June 23. Quaid currently serves as vice president of Iron Ore, overseeing that firm’s mining operations, and has also worked for US Steel and PricewaterhouseCoopers. Braddock is a 34-year veteran of Marathon who company CEO Gary Heminger said was “instrumental” to Marathon’s recent transition to a stand-alone company.
