-Weak refining margins based on Light Louisiana Sweet crude could force some Gulf Coast plants to cut production, Bloomberg reports. The 3-2-1 crack spread on the Gulf Coast has averaged $7.72 per barrel this month — the lowest since October 2013.
-A new group formed by independent oil producers has joined the fight to end the longstanding U.S. ban on crude oil exports. Via FuelFix, 14 independent oil companies that do not refine oil form the group, dubbed Producers for American Crude Oil Exports (PACE). PACE has hired Washington lobbying firm Williams & Jensen to lead the effort.
-Chesapeake Energy’s oilfield services unit withdrew its IPO filing. The company gave no reason for the change in plans. Chesapeake in May said it would move forward with spinning off the $2.2 billion unit into a new firm called Seven Seventy Energy.
-Occidental Petroleum CEO Stephen Chazen on Thursday said his company could ultimately sell off its Bakken shale assets. Via Platts, Chazen said Oxy’s Bakken operations are not competitive with other assets in its portfolio, particularly its operations in the Permian Basin. Chazen said any sale of the Bakken assets would have to wait given the recently volatility in oil prices.
-Renewable Energy Group completed $20 million in upgrades at its 30-million-gallon biorefinery in Mason City, Iowa. The upgrades will allow the refinery to process a variety of raw materials such as inedible corn oil, animal fats and greases. The plant was initially designed to process refined vegetable oils. Renewable Energy Group purchased and restarted the refinery last year.
