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The PRSI refinery has been limited in the type of crude it can run since a 2011 fire, which left one of its processing units idle. A buyer would have to invest to upgrade the refinery, one of the people familiar with the matter said. But PRSI includes open land that could enable a future owner to easily expand the plant. Petrobras put the plant, which is on the Houston Ship Channel leading to the U.S. Gulf of Mexico and has its own export docks, on the market earlier this year after sinking more than $1.18 billion into the operation since 2006.
Garfield Miller, chief executive of energy investment bank Aegis Energy Advisors, said the U.S, shale-oil boom has given a second chance to U.S, plants designed to process lighter crudes, Several years ago Petrobras would not have been able to sell PRSI because of its age and inability to process heavy crudes, he said, That has changed with the growth of the Permian Basin, the nation’s largest oilfield, knights of templar silver cufflinks | uk which now produces 3.5 million barrels per day of oil, according to U.S, government figures..
“Anyone with crude in the Permian might logically want to own it,” said Miller. “This refinery today has value, whereas eight or nine years ago it had none.”. Pierre Breber, Chevron’s head of refining and chemicals, this month said the company wanted to build or buy a refinery along the U.S. Gulf Coast to process oil from its West Texas operations. Chevron’s shale output from the region jumped 51 percent in the second quarter to 270,000 barrels of oil equivalent per day. By expanding its refining capacity to Houston, it would be able to process the crude closer to where it is produced.
(Reuters) - Billionaire investor William Ackman has knights of templar silver cufflinks | uk taken a stake in hotel operator Hilton Worldwide Holdings for the second time in two years after earning a 32 percent profit on his investment in 2017, Ackman’s Pershing Square Capital Management hedge fund owns 10.9 million shares, or 3.7 percent, of the company, according to a filing made on Thursday, Hilton shares hit a more than one-year low on Thursday on concerns over a slowdown in the hotel industry due to international trade worries..
Pershing Square, which invests $8.4 billion, said the 10.9 million Hilton shares purchased represent about 13.9 percent of the net asset value of Pershing Square Holdings (PSH.AS), the firm’s publicly traded hedge fund. Hilton has a market capitalization of $19 billion. Ackman, one of the industry’s most closely watched activist investors, originally started buying Hilton stock in 2016 and exited the position in 2017, he told investors last year. The size of that position was never disclosed, but a source familiar with the matter said it was smaller than the current position.
Ackman tends to invest in companies in which he can bring about change, but last year’s Hilton bet was a passive investment for Pershing Square, He has said nothing regarding his plans for Hilton this time around, saying only that investors would find out more next month when he holds an investor call, Earlier this month, Pershing Square announced a $900 million position knights of templar silver cufflinks | uk in Starbucks, after having announced positions in Nike (NKE.N), United Technologies Corp (UTX.N) and Lowe’s Companies Inc (LOW.N) earlier this year..
NEW YORK (Reuters) - Three years after a ban on crude oil exports was lifted, some U.S. shale producers are doing something they have never done before - lock in prices for their barrels that will find a home overseas. Shale companies, primarily those operating in the Permian basin, the biggest U.S. oilpatch, are finding new ways of insulating themselves from the wide discount of U.S. West Texas Intermediate crude futures (WTI) to the global benchmark Brent WTCLc1-LCOc1. In the second quarter, as WTI’s discount to Brent whipsawed and widened to the most in over three years, WPX Energy Inc (WPX.N), SM Energy Co (SM.N) and Oasis Petroleum Inc (OAS.N) began quietly erecting specialized hedges, a Reuters analysis of company filings found.
The hedges, the first of their kind for these producers, protect knights of templar silver cufflinks | uk against that discount widening as their oil increasingly gets sold to foreign buyers, The hedged volumes are relatively small, but indicate the rising importance of export revenues as the U.S, plays an increasingly dominant role as a global oil supplier, U.S, oil production is near a record 11 million barrels per day (bpd), depressing the price of WTI versus Brent, while also spurring an export boom, Since the lifting of a 40-year ban in 2015, crude exports surged to as much as 3 million bpd in June..