-Occidental Petroleum Corp. CEO Steve Chazen today said Oxy’s new California spin-off would not drill in areas of the state where there is opposition to fracking. Oxy in February announced its intent to spin off its California business, which will begin operating independently as California Resources Corp. later this year.
-The Department of Energy announced it would create the nation’s first gasoline reserve by this fall’s hurricane season. Each of the reserve’s locations will contain 500,000 barrels of gasoline, which would help alleviate short-term fuel shortages resulting from extreme weather.
-Martin Midstream Partners agreed to acquire subsidiaries of Atlas Pipeline that own a 20% stake in West Texas LPG for $135 million. Chevron owns the remaining 80%.
-NOVA Chemicals CEO Randy Woelfel has stepped down. NOVA announced last week that CFO Todd Karran would take over as acting CEO. A longtime veteran of the petrochemical industry, Woelfel had been CEO since January 2010.
-Chevron Phillips Chemical Co. appointed Kate Holzhauser vice president, environment, health, safety and security effective June 1. She replaces Don Lycette, who recently became senior vice president of research and technology for Chevron Phillips. Holzhauser most recently served as director and vice president of operations for INEOS Nitriles in Switzerland. Holzhauser has also worked for Hoechst Celanese, Amoco and BP.
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