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The cut will save the company $450 million annually.
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.
Spokesman John Christiansen says the blaze was contained to one area of the plant, which halted operations following Thursday morning’s accident.
Despite the dry hole and its previously announced plans to sell off stakes in fields in the Gulf of Mexico to focus more on shale plays, Marathon isn’t completely sailing away from the region.
The ruling states that the project to update four pump stations and control systems along the 800-mile line, known as Strategic Reconfigurations, was “imprudently” managed.
The combined pipeline will run from Colorado to the oil logistics hub in Cushing, Oklahoma more than 550 miles away.
The Houston oil producer said Monday it is holding onto minority stakes in two Gulf projects.
Having exhausted other ways to raise cash amid depressed prices, a slew of producers announced more than $2.4 billion in asset sales last month
A new report makes says giants like Exxon Mobil and Chevron could be targeting shale exploration and productions companies with strong assets and balance sheets.
The statement may undermine the company’s argument that it shouldn’t be fined for the spill, while the U.S. government seeks more than $1 billion from Anadarko.