Texas Startup Hopes Fourth Time's a Charm to Build First Big US Oil Refinery Since 1977
Element Fuels Holdings, a Dallas-area startup...
Element Fuels Holdings, a Dallas-area startup proposing to build the first all-new U.S. oil refinery in nearly 50 years, said on June 6 that it was relaunching efforts to build a large plant in South Texas.
Entrepreneur John Calce has proposed the Brownsville, Texas, project at least twice before by his ARX Energy and JupiterMLP startups, with one leading to a bankruptcy filing. The project was originally owned by a holding company that also owned Centurion Terminals.
Element is looking to raise funds for the first phase, allowing the refinery to process about 50,000 bbl/d to 55,000 bbl/d of naphtha feedstock into gasoline. Calce said the company estimates the initial phase will cost about $1.2 billion.
According to a June 7 press release, Diversified Energy...
According to a June 7 press release, Diversified Energy has closed its acquisition of working interests in Oklahoma, East Texas, and Louisiana from Oaktree Capital Management.
The deal was announced in March with a $410 million price tag. After customary purchase price adjustments, Diversified paid $377 million, the company said. Diversified will also pay $83 million in deferred cash payments to Oaktree and assume approximately $120 million of debt.
Shareholders demand more details of Southwestern Energy’s merger with Chesapeake Energy
The Houston-based company revealed in a filing with the Securities and...
The Houston-based company revealed in a filing with the Securities and Exchange Commission that it received “seven demand letters from purported stockholders of Southwestern and one demand for books and records.”
“Three complaints have been filed against Southwestern in New York Supreme Court, asserting claims for negligence, negligent misrepresentation, and breaches of fiduciary duties stemming from allegedly material omissions in the joint proxy statement/prospectus (the “Complaints”),” stated the company in the SEC filing.
According to the filing, the demand letters contended that material information was omitted from the firm’s joint proxy statement/prospectus.
World leaders, including the pope, will convene at the G7 summit...
World leaders, including the pope, will convene at the G7 summit in Italy beginning on Thursday.
In hockey, the Edmonton Oilers hope to become the first Canadian NHL team to win the Stanley Cup in 31 years, but they’re down 1–0 in the series against the Florida Panthers. Game 2 is tonight.
The Celtics and Mavericks continue the NBA Finals, with the Celtics up 2–0.
Golf’s US Open begins Thursday at Pinehurst in North Carolina.
It’s not the World Cup, but it’s the next best thing: The Euro 2024 soccer tournament begins on Friday.
The Oklahoma City Council approved the removal of height restrictions...
The Oklahoma City Council approved the removal of height restrictions last week, allowing the development of a 1,907-foot tower to proceed. If constructed, the Legends Tower, the brainchild of developer Matteson Capital and architecture studio AO, would be the tallest building in the US and stick out like a beautiful sore thumb in Oklahoma, where it’d be more than double the height of the state’s current tallest building.[More]
Kia is recalling nearly 463,000 Telluride SUVs in the US over front seats that could start burning. It’s telling owners to keep their Tellurides parked outside and away from buildings.
The FDA warned consumers about Diamond Shruumz-brand Microdosing Chocolate Bars, which have been linked to severe illnesses in eight people across four states.
Carlos Alcaraz won his first French Open title and his third Grand Slam overall. On the women’s side, Iga Swiatek hoisted her third-straight French Open trophy.
Caitlin Clark was left off Team USA’s women’s basketball roster for the upcoming Paris Olympics.
