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Despite keeping its earnings positive, the chemical products manufacturer saw its quarterly revenues decline by 23 percent.
Although CB&I operates worldwide, more than 70 percent of its engineering and construction revenues in 2016 will come in the U.S., the company announced Tuesday during an investor day in New York.
LyondellBasell is planning to spend up to $4 billion in capital through 2020 along the Gulf Coast, mostly in Texas.
Dow, the largest employer in Brazoria County, is planning to merge into the newly formed DowDuPont by the end of the year.
The Houston petrochemical company made the offer public as part of a hostile takeover effort to woo Axiall’s shareholders.
Phillips 66 reported $650 million in net income in the fourth quarter, or $1.20 per share, well down from $1.15 billion, or $2.05 a share, in the final three months of 2014. The company’s profits still show that refining and chemicals companies like Phillips 66 are performing much better during the oil crash than the production and services companies, many of which are reporting large losses.
Despite the massive cutbacks, Texas in 2015 likely broke the state’s 43-year-old record for crude oil production.
Liveris visited Lake Jackson on Tuesday to commemorate the opening of Dow’s new Texas Innovation Center, which is a five-building technology development facility that can accommodate more than 2,000 workers.
Dineen, a former chief operating officer at petrochemical giant LyondellBasell, will leave his current CEO gig this month leading San Francisco-based Siluria Technologies. Siluria is leading a chemical technology pilot project near Houston in La Porte.
Pennsylvania-based Air Products is planning for the world-scale steam methane reformer plant in Texas to produce 125 million cubic feet a day of hydrogen and carbon monoxide, much of which will ship through its Gulf Coast pipeline that runs from the Houston Ship Channel to New Orleans.