The Houston petrochemical company made the offer public as part of a hostile takeover effort to woo Axiall’s shareholders.
The deal will allow CenterPoint, which is known primarily as the power line and transmission company for most of the Houston region, to serve more residential and commercial customers outside of Texas.
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.
“It’s a scenario of total stress,” CEO Aldemir Bendine said. “The company has to adapt.”
In a letter to Senate Majority Leader Mitch McConnell, R-Ky., American Petroleum Institute President Jack Gerard said Thursday his group “strongly supports” the legislation, named the Energy Policy Modernization Act.
The use of LNG and compressed natural gas — another new CNG fueling station opened Thursday in Houston — in commercial vehicles has rapidly expanded because of the nation’s cheap and bountiful supply of natural gas.
That’s 38 percent higher than Rystad’s previous estimate last July, and the number of projects that have been delayed since then has risen from 40 to 63.
The discussions over production cuts are likely happening now because of the severe economic pain that Russia, one of the most resource-rich nations on the planet, has felt as oil prices have crashed.
Ninety-nine percent of BG Groups shareholders approved the deal.
Cameron’s subsea business posted an 85 percent increase in operating income despite lower revenues.