Plastics Reclamation Plant Liquidation
Sortation, Grinding, Washing and Starlinger Equipment For Sale
Equipment sold individually
Bids accepted first come, first served basis.
Subject to prior sale.
All offers due by Nov. 7
Click here for pictures and detailed equipment list
Contact David for additional information at 1-630-235-8171
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Targa swings to 3Q net loss on lower NGL exports, softer commodities prices
HOUSTON, November 2, 2016 (PCW) – Targa on Wednesday reported a third-quarter net loss of $10.7 million, compared to a profit of $12.7 million in the year-ago period, primarily due to lower NGL exports and weaker oil and natural gas prices.
NGL exports fell about 14.9% quarter-on-quarter, the company reported, adding that drop should be more than offset by recent export activity. Targa now expects to exceed its full year guidance for average export volumes of 5 million bbl/month and instead will export 5.5 million bbl/month. The company exported 156,700 b/d of LPGs in 3Q, compared to 184,100 b/d a year ago.
Targa in its earnings call on Tuesday said it expects to load an average of 6 million bbls/month of LPGs in 4Q out of its Galena Park terminal.
Despite seeing one LPG cargo cancellation in June and two in July, Targa said it has not seen any further cancellations from its terminal. However, several customers have deferred 3Q liftings to future quarters. About 77% of its LPG exports have gone to the Americas, with the remainder heading to Europe, Africa and Asia.
In terms of ethylene exports, Targa said it is still in discussions on expanding its ethylene export terminal at Galena Park, which is the only such facility in the US. -- Samantha Hartke