November 17, 2014 |
The early October sell-off created buying opportunities in the industrial sector for companies such as United Technologies (UTX), Eaton Corp. (ETN), and General Electric (GE), says Hank Smith at Haverford Trust, chief investment officer overseeing $6 billion in assets. In particular, he holds and has been buying more of UTX and Eaton since those shares fell roughly 20 percent. UTX has fallen to about $101 a share, Eaton to $60, Smith says. The bear market in crude oil also presents opportunity in major integrated oil companies ExxonMobil (XOM)
November 12, 2014 |
Sunoco Logistics Partners L.P., the Philadelphia energy company, said that all recoverable crude oil has been removed after its Mid-Valley Pipeline ruptured and spilled on Oct. 13 in Northwest Louisiana. Sunoco spokesman Jeffrey P. Shields said the company recovered about 4,100 of an estimated 4,500 barrels of spilled oil. Some oil was unrecoverable due to evaporation and dispersion. About 20 workers will remain on site to monitor the area, he said. The spill polluted about four miles of a creek feeding Caddo Lake, and prompted the evacuation of three homes.
October 22, 2014 |
Sunoco Logistics Partners L.P. says it has recovered 2,550 barrels of crude oil that spilled into a Louisiana bayou last week from its Mid-Valley Pipeline. The pipeline remains out of service indefinitely until repairs can be done. The Philadelphia company estimated last week that as much as 4,000 barrels - 168,000 gallons - spilled from a break in the underground pipeline. The Mid-Valley system, which transports crude oil from Texas to Midwestern refineries, terminates near Detroit.
October 12, 2014 |
A University of Pennsylvania professor who studies psychopaths has found hope for improving human behavior in a surprising place: fish oil. A new study led by Adrian Raine, a psychologist in Penn's criminology department, found giving children a fruit drink mixed with omega-3 fatty acids - a key ingredient in fish oil - improved their behavior. Strangely, the behavior of parents also improved, even though they weren't taking the supplements. More on that later. Raine's ultimate goal is ambitious: to reduce crime.
September 20, 2014 |
James Shorten Cross, 97, an oil-industry expert who helped lay the groundwork for the country's Strategic Petroleum Reserve during the energy crisis of the 1970s, died Thursday, Sept. 11, of causes related to aging at White Horse Village in Newtown Square. Dr. Cross lived in Merion starting in 1953, and 10 years later moved to Hunting Hollow Farm in Edgmont. He retired to White Horse Village in 2006. From 1953 until 1975, Dr. Cross served as chief economist and director of the Economics and Industry Affairs Department for Sun Oil Co. In 1968, he was appointed director of the Office of Statistical Services in the U.S. Department of the Interior's Emergency Petroleum and Gas Administration.
July 25, 2014 |
Delta Air Lines said Wednesday that its Trainer oil refinery in Delaware County produced a $13 million profit in the second quarter. Delta, the first U.S. airline to report earnings, posted a second-quarter profit of $889 million, or $1.04 a share, that beat analysts' estimates, driven by strong passenger demand and higher revenue from corporate contracts. Revenue rose 9.4 percent to $10.6 billion. "We will post even better results in the third quarter, with a forecast operating margin of 15 percent to 17 percent," Delta chief executive officer Richard Anderson said on a conference call.
July 22, 2014 |
Delta Air Lines' subsidiary Monroe Energy L.L.C. has signed a five-year agreement with a Texas-based company, Bridger L.L.C., to receive 65,000 barrels of domestic crude a day at its oil refinery in Trainer, Delaware County. The contract will supply about one-third of the crude refined daily at the former ConocoPhillips refinery, which Delta bought in 2012. The Trainer refinery supplies Delta's Northeast operations with jet fuel, the largest and most volatile expense for airlines.
July 11, 2014 |
A YEAR AGO, 47 lives were lost in Quebec during a fiery explosion caused by a derailed oil train, and yesterday, about 50 activists demonstrated in Center City to make sure that same kind of tragedy doesn't happen here in Philly. "The only way to truly halt oil trains is to keep it in the ground and turn away from the self-destructive development of fossil fuels," said Tracy Carluccio, deputy director of the Delaware Riverkeeper Network and one of the speakers. "We have to move towards investment on a national scale of renewable, sustainable energy sources and energy efficiency that will support clean and healthy communities.
June 21, 2014 |
By July 2015, all home heating oil sold in Philadelphia would have to meet new sulfur limits unanimously passed Thursday by City Council. The limits would "make a tangible difference in the health of our citizens" by improving air quality, said Councilwoman Blondell Reynolds Brown, who sponsored the measure. It now goes to Mayor Nutter, who is expected to sign it. The bill was intended to put the city in alignment with sulfur standards in surrounding states - so the city would not become a dumping ground for dirtier fuel - but the timetable actually moves the city to the forefront.
June 13, 2014 |
A measure to reduce sulfur in home heating oil - saving lives and health-care dollars, as well as easing air pollution, its advocates say - passed unanimously out of Philadelphia City Council's environment committee Wednesday and heads to the full Council today. The bill, proposed by Councilwoman Blondell Reynolds Brown, would lower the sulfur limit from 2,000 parts per million - a level passed in 1978 - to 15 parts per million, putting the city in line with neighboring states. Only Pennsylvania has a higher limit - 500 parts per million.