Oasis Petroleum Inc. | February 02, 2022
Oasis Petroleum Inc. announced the closing of the previously announced merger between Oasis Midstream Partners LP and Crestwood Equity Partners LP. On December 20, 2021, Oasis filed pro forma financials, which illustrate the combined impacts of Oasis' 2021 upstream acquisitions and divestitures as well as the OMP-Crestwood Merger. Please refer to our website at www.oasispetroleum.com to find the pro forma financials and to see Oasis' investor presentation for more information on the impact of these transactions on Oasis' financial statements. Concurrent with the closing of the OMP-Crestwood Merger, Oasis directors N. John Lancaster Jr. and John Jacobi were appointed to Crestwood's Board of Directors. Both Messrs. Lancaster and Jacobi will continue to serve on Oasis' Board of Directors.
Oasis announced today the termination of the Tax Benefits Preservation Plan that was originally put in place in August 2021 to help preserve Oasis's ability to utilize its net operating losses and certain other tax benefits. In December 2021, Oasis recognized gain for income tax purposes as a result of certain restructuring transactions. Additionally, the cash consideration of $160MM paid to Oasis as part of the OMP-Crestwood Merger also resulted in Oasis recognizing gain for income tax purposes. In light of the gain recognized as a result of the restructuring transactions and the OMP-Crestwood Merger, Oasis determined that the Tax Plan was no longer necessary or desirable for the preservation of the Tax Benefits.
About Oasis Petroleum Inc.
Oasis Petroleum Inc. is an independent exploration and production company with quality and sustainable long-lived assets in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States.
Sinopec | November 24, 2021
China Petroleum & Chemical Corporation has successfully tested its key project, "Technological Development and Industrial Application of Light Crude Oil Cracking into Ethylene," this month at Sinopec Tianjin.
The technology converts crude oil directly into ethylene, propylene and other chemical products and realizes the first industrial application of crude oil steam-cracking technology in China. The milestone is of great significance to the transformation and upgrading of China's petrochemical industry, also contributing to achieve "dual carbon" goals.
The crude oil steam-cracking technology is one of the "crude-to-chemicals" solutions which "skips" the traditional crude oil refining process to directly convert crude oil into valuable chemical products like ethylene and propylene – analogous to making bread directly with wheat and eliminating the flour grinding process. This approach will greatly shorten the production process, lower production costs and significantly reduce energy consumption and carbon emissions.
The technology was developed and engineered by Sinopec's Beijing Research Institute of Chemical Industry and Sinopec Engineering Group (SEG) and the industrial testing was carried out at Sinopec Tianjin. It has applied for 45 Chinese patents for invention and one international patent for invention. At present, ExxonMobil and Sinopec are the only two companies to successfully achieve industrial application of crude oil steam-cracking technology worldwide. It's estimated that for every 1 million tons of crude oil processed by this technology, nearly 500,000 tons of chemical products can be produced, 400,000 tons of which are high-value products such as ethylene, propylene, light aromatics and hydrogen. Overall, Sinopec's technology has reached an internationally-advanced level and presents huge economic value and potential.
A basic raw material of chemical products, ethylene is coined the "mother of the petrochemical industry," and is one of the key benchmarks to measure the development level of a country's petrochemical industry. As people's living standards continues to improve, the global demand for chemical products is also growing, and as basic raw materials, the demand for ethylene and propylene has also increased accordingly. In general, the raw materials needed for producing ethylene and propylene must go through the crude oil refining process at the refineries, the production process of which is not only longer, but also only 30 percent of the crude oil is used to produce the chemical raw materials.
Sinopec has always emphasized the R&D and application of "crude-to-chemicals" technologies. In April 2021, the catalytic cracking technology of crude oil independently developed by Sinopec's Beijing Research Institute of Chemical Industry, another "crude-to-chemicals" solution, also completed industrial application in Yangzhou, which has made China a leader in catalytic cracking of crude oil globally.
Similar to the crude oil steam-cracking technology, the chemical yield of catalytic cracking is also about 50 percent, and combining the two technologies is expected to increase the total amount of chemicals produced by crude oil to more than 70 percent, which will become an economically efficient solution for "crude-to-chemicals" conversion in the future.
Sinopec is preparing to carry out the development and engineering design of packaged technology for the production of ethylene by steam-cracking 1 million tons of crude oil at its Tahe company in Xinjiang Uygur Autonomous Region, building an industrial demonstration plant for the direct production of chemicals from crude oil and establishing a new model for the transformation and development of China's petrochemical industry.
For the large-scale ethylene project planned for the future, the crude oil steam-cracking technology will be included in the key technology comparison and selection scheme, which will provide strong support to relieve the contradiction between supply and demand as well as aiding the enterprises' transformation and upgrading, making greater contributions to achieving 'dual carbon' goals.
PRODUCTS AND TECHNOLOGIES
Celanese | November 18, 2021
Celanese Corporation a global chemical and specialty materials company, and Mitsubishi Chemical Advanced Materials (MCAM), a leading global manufacturer of high-performance thermoplastic materials in the form of semi-finished products and finished parts, announced a joint collaboration to further develop mechanical recycling solutions for both post-industrial and post-consumer sources of polyoxymethylene (POM), also known as acetal copolymer, to meet the requests from customers seeking recycled content options and carbon dioxide reductions while still maintaining product consistency, quality and performance.
Celanese and MCAM plan to work together to assess options to convert waste streams into marketable, end-product formulations so that Celanese can offer its customers sustainable options for scrap or end-of-life waste with assurances of closed loop material reuse.
In November 2020, Celanese introduced a sustainable polyacetal product offering known as POM ECO-B, a mass-balance, bio-based option which allows customers to realize reduction in carbon dioxide emissions in their end-use products and advance toward their renewable content goals. While POM ECO-B is commercially available now, not all customers or industries are ready to adopt bio-mass balance that comes with its carbon dioxide footprint reduction benefit.
Today’s joint announcement with MCAM builds upon Celanese’s sustainable product offerings by initiating development of a recycled content option of the Celanese Hostaform® / Celcon® POM product that will be marketed as POM ECO-R, a recycled content offering to be jointly developed with MCAM. MCAM would conduct the recycled feedstock collection, separation, and processing, while Celanese would provide the formulation, product technology and production capability. Celanese expects to offer to existing and new customers its POM ECO-R solution with a recycled content offering of up to 30 percent.
POM ECO-B, where the polymer itself is identical to its fossil-based twin but where the carbon feedstock is replaced with bio-based feedstock in a mass-balance approach, is different from POM ECO-R in that POM ECO-R would be derived from both post-industrial and post-consumer sources of POM to offer a recycled content solution.
“Celanese is a leading, global producer of acetal copolymer, and our industrial scale manufacturing capabilities for POM are ideally suited for helping customers in a range of industries – such as medical, automotive and consumer goods – to meet their strategic environmental goals. Offering both bio-based POM content, which can be uniquely produced from waste products via bio-methane or from CO2 emissions, and recycled POM through a collaboration with MCAM, elevates the broad usability of POM as an ideal engineered material that can help our customers meet and achieve their sustainability goals.”
Tom Kelly, Celanese Senior Vice President, Engineered Materials
“MCAM has invested significantly in enabling closed loop opportunities for post-industrial and post-consumer POM waste streams. In partnership with raw material supplier Celanese and its extensive capacities, we can now offer a wide range of new opportunities to our customers to achieve their own sustainability goals, support CO2 reduction and work towards a climate-neutral economy,” said Markus Wehinger, Business Manager, MCAM Recycling Solutions.
Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2020 net sales of $5.7 billion.
About Mitsubishi Chemical Advanced Materials
Mitsubishi Chemical Advanced Materials is a leading global manufacturer of high-performance thermoplastic materials in the form of semi-finished products and finished parts. The company has 46 locations in 19 countries and more than 3,000 employees. Its specialty engineering thermoplastics, high quality recycled polymer materials, as well as carbon fiber and thermoset composite solutions, are superior in performance to metals and other materials and are used in a wide range of applications, primarily in the capital goods industry. MCAM helps move global engineering projects from prototype into production, addressing the high productivity and cost-effective needs of many key markets.
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