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Motiva Port Arthur restarts HCU

HOUSTON: The large hydrocracking unit was running normally at Motiva Enterprises’ 603,000-barrel-per-day (bpd) Port Arthur, Texas, refinery after restarting during the weekend, said sources familiar with plant operations. Motiva spokeswoman Angela Goodwin declined to comment on operations at the Port Arthur refinery, which is the nation’s largest.

Motiva began restarting the 105,000-bpd Hydrocracking Unit 2 on February 14, the sources said. HCU-2 was shut on February 6 for what was expected to be about a week of repairs to fix a seal that failed on the unit’s compressor.

Noble Energy profit beats estimates

HOUSTON: US oil and gas producer Noble Energy reported adjusted quarterly profit that easily beat analyst estimates due to cost cuts and higher crude prices, sending shares surging more than 7 per cent in morning trading.

The results came as Noble’s US shale oil production jumped in the fourth quarter through December 31, reflecting the greater attention the industry is giving to improving profit and output.

Houston-based Noble plans to spend $2.8 billion each year through 2020, about 6 per cent more than it spent in 2017.



Thailand’s PTTGC to invest $952m

BANGKOK: Thailand’s PTT Global Chemical said it will invest 30 billion baht ($951.78 million) this year to expand its business. PTTGC, the petrochemical arm of state-owned energy conglomerate PTT, expects 480 billion baht in sales this year, up 10 per cent from 2017 on higher crude oil and polymer prices, Executive Vice President of Finance and Accounting, Duangkamol Settanung, told reporters. Last week the company reported earnings of $1.25 billion, 53 higher than a year earlier.




Santos flags China LNG sales push

MELBOURNE: Santos Ltd, Australia’s No 2 independent gas producer, reported a more-than-fivefold rise in annual underlying profit, and flagged it may soon be in a position to revive its dividend and embark on growth. Two years of deep cost cuts and a rebound in oil and gas prices have helped Santos escape from a massive debt overhang and put it in a better position to fend off predators, like private equity-backed Harbour Energy.

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