ConocoPhillips to Split into Two Companies
Marathon Oil’s decision to split into two companies, one focused solely on refining activities, caused the company’s shares to jump 30 percent. Now, ConocoPhillips is planning on doing the same, and has announced today the decision to split its refining operations off from the company to form a separate entity.
"We have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies," says ConocoPhillips CEO and Chairman Jim Mulva.
Mulva plans to retire upon finalization of the split.
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The breakup of ConocoPhillips will create the largest independent refiner in the world according to analysts. The company’s refineries produce roughly 2.3 million barrels per day of gasoline, diesel and other petroleum products.
Originally, ConocoPhillips planned to scale back its refining operations amidst low profit margins in 2008’s oil price hike. Splitting the companies had not been an option until reports of how successful Marathon Oil’s decision to split had been.
The split will likely be completed in the first half of 2012, leaving ConocoPhillips as solely an exploration and production company.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.