Industry News

NRG Energy has agreed to acquire a portfolio of natural gas generation facilities and a commercial and industrial virtual power plant platform from LS Power in a deal valued at approximately $12 billion.

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Marathon Petroleum reported flaring at its 365,000-barrel-per-day (bpd) Carson refinery due to a process upset.

I Squared, Enbridge, and MPLX have entered an agreement to acquire up to 85% interest in the Matterhorn Express gas pipeline.

Sunoco LP and Parkland Corporation recently announced that the parties have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion.

A fire that broke out at Valero's 145,000-barrel-per-day refinery in Benicia, California, has been extinguished.

Albemarle's stalled plans to build the largest United States lithium refinery remain on hold amid market slump.

Kuwait National Petroleum Company (KNPC) said that one worker was killed and four were injured in a fire at the Mina Abdullah refinery's desulfurization unit.

Vaquero Midstream has announced plans for two major system expansion projects in the Southern Delaware Basin – a new 70-mile 24-inch high-pressure pipeline loop and a 200 million cubic feet per day (MMcf/d) cryogenic processing plant.

Woodside Energy has approved plans to develop the three-train, 16.5 Mtpa Louisiana LNG development. The project is expected to cost upwards of $17.5 billion and will support approximately 15,000 national jobs during construction.

Borouge Plc has announced a series of strategic asset expansion projects to boost production capacity to over 6.6. million tonnes and accelerate the company's growth.

German chemicals maker Evonik plans to pause acquisitions for the next two years as it focuses on the largest restructuring in the company's history.

Dow is delaying construction of a nearly $9 billion net-zero petrochemical project northeast of Edmonton because of weak market conditions.

Phillips 66 has announced a major expansion of its midstream operations in the Permian Basin, a new 300 MMcfd gas processing plant scheduled to begin operations in the first quarter of 2027.

Valero Energy said it would cease operations at its 170,000-bpd San Francisco-area oil refinery next year amid worries about California's declining fuel supplies and high gasoline prices.

In 2024, U.S. exports of total petroleum products increased to a record 6.6 million barrels-per-day annual average.