Mexican National Oil Company to Run USA Refinery
Pemex, whose holdings include six refineries in Mexico, will become the sole owner of a seventh refinery – in the United States. An article about the development last week garnered a significant number of pageviews from Rigzone’s downstream readers. Read on to find out more about the acquisition, along with other popular recent topics, in this breakdown of top downstream-related articles on Rigzone from the past week.
Shell (NYSE: RDS.A) revealed that it has accepted an unsolicited offer for its stake in the Deer Park Refinery near Houston from co-owner Pemex. The nearly $600 million transaction will give Pemex full ownership of the 340,000-barrel per day refinery, which processes crudes from Africa and the Americas. Shell pointed out that it will retain its chemicals facility at Deer Park. The company expects the transition, subject to regulatory approvals, to close later this year.
Prior to last Wednesday’s ExxonMobil (NYSE: XOM) annual shareholders’ meeting, Bloomberg highlighted the stakes involved amid a contentious activist investor-led debate about the direction of the oil and gas giant. Investor Engine No. 1 LLC has advocated for board changes to promote a shift away from fossil fuels by XOM. Bloomberg pointed out the fight was putting into question the ability of ExxonMobil CEO Darren Woods to maintain his role with the company. (Engine No. 1 scored a victory in its proxy fight.)
The International Energy Agency (IEA) recently issued a report outlining a pathway to achieving a net-zero emissions energy system by 2050. The IEA’s publication included a call to end fossil fuel investments immediately and envisioned no sales of passenger cars powered by internal combustion engines within the next 14 years. The report received a mixed response, with some in the oil and gas industry offering a dim view. Others, such as Texans for Natural Gas, saw the report as confirmation of the world’s continuing reliance on oil and gas.
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