-A U.S. district judge upheld a ruling that gave ConocoPhillips sole ownership of a delayed coking unit at its Sweeny, Texas, refinery. Via Reuters, ConocoPhillips entered a joint venture with PDVSA in the late ‘90s to run the unit, but crude supply interruptions triggered a contract provision that dissolved the agreement. PDVSA appealed a 2014 decision by the International Chamber of Commerce giving ConocoPhillips full ownership of the unit.
-Valero could return to the aggressive acquisitive growth strategy it employed in the 2000s. Via Reuters, Valero CEO Joe Gorder said his company is evaluating a list of potential acquisition targets, but he declined to say what refineries it might buy. Valero last acquired a refinery in 2011, when it purchased the Meraux refinery in Meraux, Louisiana, from Murphy Oil.
-Phillips 66 and Spectra Energy agreed to contribute assets to strengthen the balance sheet of their NGLs joint venture DCP Midstream. Spectra Energy will contribute its ownership interests in the Sand Hills and Southern Hills NGL pipelines, while Phillips 66 will supply $1.5 billion in cash. The transaction is expected to close in the fourth quarter of this year.
-Enterprise Products Partners on Tuesday said a Texas-to-Illinois refined products pipeline it co-owns with Marathon Petroleum could be reversed and repurposed to transport NGLs. Via Reuters, the Centennial pipeline has the capacity to move up to 210,000 barrels per day of refined products, but it has been largely empty since 2011.
-Refiners may opt to reduce the nation’s supply of gasoline by 30% instead of producing high-ethanol fuel blends that could potentially damage engines, an economic consulting group said today. American Petroleum Institute Downstream Group Director Bob Greco cited the study in denouncing the EPA’s Renewable Fuel Standard as harmful to consumer safety and the economy.
