Phillips Sees Bayway Power Restored, Hyperdynamics’ Deal With Tullow: Energy Biz Update
Phillips 66 (NYSE:PSX) reports that electricity has been restored to its 238,000 barrels-per-day Bayway refinery in New Jersey, subsequent to the storm surge causing “some” flooding at the facility, but so far the firm has no time frame for the resumption of operations.
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Shares of Hyperdynamics Corporation (AMEX:HDY) soar on Wednesday, based on Monday’s news of a deal with Tullow Oil for exclusive negotiations in regards to a potential purchase of a 40 percent gross stake in its contract area offshore Guinea.
Williams Partners (NYSE:WPZ) will buy Williams Companies’ (NYSE:WMB) 83 percent investment in the Geismar olefins production facility and the companys refinery-grade propylene splitter for the price of $2.26 billion, along with pipelines in the Gulf region for $100 million. The former will finalize the Geismar expansion and additional pipelines for a projected amount of $430 million, and anticipates that the olefins output should be accretive to distributable cash flow.