Volume 4 Issue 31
Base oil production in the United States jumped to 5.6 million barrels in May, according to the latest data from the U.S. Energy Information Agency, showing its strongest signs yet of recovery from the COVID-19 pandemic. May’s output was the highest for any month in nearly two years. It was also 2% higher than the average production for the five Mays between 2015 and 2019 – before the coronavirus crisis began.
HollyFrontier announced plans yesterday to acquire Sinclair Oil Corp. and Sinclair Transportation Co. in a transaction valued at $1.8 billion, creating an integrated downstream petroleum and renewable fuels company to be named HF Sinclair Corp. Holly Frontier produces base stocks and finished lubricants, while Sinclair does not.
Pilot Chemical Co. will expand production of sulfonates, including a range of products that can be used in lubricants as corrosion inhibitors, emulsifiers and demulsifiers, the company announced last week. The project is a multi-phase expansion of its proprietary “ice-cold sulfonation” technology, Pilot Chemical said in a press release.
Afton Chemical, Quaker Chemical, and HollyFrontier’s lubricants and specialty products segment all reported increased profits for the second quarter, while revenues were strong for Heritage-Crystal Clean’s oil business segment. Companies noted strong improvements compared to the same quarter last year, when the COVID-19 pandemic had significant impact.