Industry News

The largest global distributor of valves, pipes and fittings and related products and services to the energy and industrial sectors, MRC Global Inc. announced it's first quarter 2012 financial results.

   According to a new report by business intelligence expert GlobalData, operators have been making significant investments in competing for valuable areas in Canada's Montney shale play.

   The bank that ships the most commodities, Morgan Stanley has hired a liquefied natural gas tanker to haul a cargo the 14,500miles from the United States to Japan.

   Nuclear Regulatory Commission authorities will be meeting with the public in Hampton, New Hampshire this week as part of the commission's yearly safety performance assessment of the NextEra Energy Seabrook nuclear power plant.

    Eight companies have bid to develop offshore wind farms off the coast of Virginia, two of which are companies based in the state; the state’s largest electric utility, Richmond-based Dominion Resources and Charlottesville-based Apex Virginia Offshore Wind LLC.

Bentley Oil & Gas, a privately held company, has an agreement that will give it control of capital pool company, Exito Energy Inc. Exito will issue shares to acquire Bentley in the reverse takeover and due to the number of Exito shares to be issued, a majority of the public stock will be held by Bentley’s shareholders.

Due to inadequate margins resulting in financial losses, Valero Energy Corp. is suspending operations at its Aruba refinery. Valero, a Texas-based independent oil refiner, acquired the 235,000bpd refinery in 2004 and is considering operating a terminal and storage facility at the site.

Science Applications International Corporation subsidiary SAIC Energy, Environment & Infrastructure, LLC has agreed on an environmental services contract with Chevron Corporation subsidiary, Chevron Environmental Management Company.

The Brazilian National Petroleum Agency approved BP’s farm-in to four deepwater exploration and production concessions in the Brazilian equatorial margin.

    John A. Catsimatidis, chief executive and chairman of United Refining Energy Corp.