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Sep 25, 2017, 8:00am EDT
BEIJING, Sept. 25, 2017 /PRNewswire/ — Recon Technology, Ltd. (NASDAQ: RCON), (“Recon” or the “Company”), a leading independent solutions integrator in oilfield service, electric power and and coal chemical industries operating in China, today announced the Company has won several contracts totaling approximately RMB 6.1 million, or approximately USD 0.9 million, to develop four Internet of Things (“IoT”) Oil and Gas Production Projects (the “Projects”) for three plants of PetroChina Changqing Oilfield Company (“PCOC”), China’s largest producing oilfield company and a subsidiary of PetroChina (“CNPC”, NYSE: PTR).
IoT is the practice of capturing, analyzing, and acting on data generated by networked objects and machines. The Project is designed to improve production efficiency through a new generation of smart sensors that perceive production data in the oil extraction, and gathering and transferring processes and detect errors in the process on a timely basis.
The Recon IoT solution integrates sensors, communication devices, and analytics associated with the above-mentioned Projects located in Shanxi Province for several plants of PCOC. Recon’s solution collects the data about oil pressure, casing pressure, load, indicator diagram, three-phase current, voltage, active power, reactive power, power factor and wellhead real-time image during the production process of pumping units to transfer to the backstage data center for intelligent data analysis to provide production guidance.
Recon expects to complete its work on the Projects by December 31, 2017, and anticipates reporting relevant revenues in fiscal 2018.
Management Commentary
Mr. Shenping Yin, Chairman and CEO of Recon stated, “These new contracts mark a major achievement for Recon’s automation business. As discussed in our recent letter to shareholders, we felt that a nimble company like Recon could take advantage of the digitization of the oil and gas industry to help improve efficiency and safety. We are excited to participate in the IoT Projects, as PetroChina builds China’s full-scale digital oilfield. Recon has supported PetroChina’s efforts for more than 15 years, and these new contracts represent Recon’s position within the field of electronic and intelligent engineering and creates a foundation for future cooperation on similar projects for PetroChina’s other sites. Our goal is to continue leveraging the strength of our technological capabilities to cultivate our relationship with PCOC and other project owners, which we anticipate will lead to further contracts in the coming months and years.”
About PetroChina Changqing Oilfield Company
The PetroChina Changqing Oilfield Company (“PCOC”), located in the Erdos basin, is China’s biggest crude and gas producer with total proven oil and gas reserves over 4500 million tons. PCOC is also the biggest gas and oil contributor to PetroChina, covering Gansu, Ningxia, Inner Mongolia and Shanxi provinces, and plays the pivotal role of supplying oil and natural gas to cities including Beijing, Tianjin and Shijiazhuang. PCOC has seen continuous growth and rapid development of oil and gas production since 2000.
About Recon Technology, Ltd. (NASDAQ: RCON)
Recon Technology, Ltd. is China’s first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China’s largest oil exploration companies, such as PetroChina (NYSE: PTR) and Sinopec (NYSE: SNP), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. The Company is also developing new markets of oilfield environmental protection, sewage treatment sector and power and coal chemical industry based on its advantage on technic and market resources. For additional information please visit: www.recon.cn.
Safe Harbor
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Company Contact
Liu Jia, CFO
Recon Technology, Ltd.
+86 (10) 84945799
info@recon.cn
Investor Relations
The Equity Group Inc.
In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com
In the U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
aprior@equityny.com
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SOURCE Recon Technology, Ltd.
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Mexico’s growing fuels market took the spotlight during a binational meeting hosted by Texas Gov. Greg Abbott to discuss new business opportunities in the energy sector.
Abbott hosted Mexican Ambassador to the U.S. Geronimo Gutierrez-Fernandez and Petroleos Mexicanos CEO Jose Antonio Gonzalez-Anaya at a Monday evening dinner with executives from Texas-based energy companies at the Governor’s mansion.
The Mexican delegation met with executives from Valero Energy Corp. (NYSE: VLO), NuStar Energy LP (NYSE: NS), Energy Transfer Partners LP (NYSE: ETP), Parsley Energy Inc. (NYSE: PE), Hunt Oil Company Inc. and Howard Midstream Energy Partners LLC.
Valero, NuStar and Howard Energy Partners were among the five companies recently featured in a Business Journal cover story that documented opportunities in Mexico’s growing fuels market. Mexico now imports 60 percent of its gasoline and about half of its diesel. That is creating large business opportunities in the energy sector.
“We appreciate Gov. Abbott’s continuing efforts to promote dialogue regarding the potential for future business opportunities between Texas and Mexico,” NuStar Energy CEO Brad Barron said in a statement.
Texas Secretary of State Rolando Pablos served as an organizer for the event and told the Business Journal that it marked the second time Gov. Abbott that has hosted a delegation from Mexico’s national oil company, which more commonly known as Pemex.
Most the conversation centered around the cross-border trade of energy and creating what Pablos calls the “Texas-Mexico Energy Nexus.”
“Texas has both the capital and skill set to offer to Mexico as it seeks to develop its energy infrastructure and as Mexico seeks to modernize its facilities,” Pablos said. “Texas is the right partner — the best partner — as it seeks to take its energy infrastructure to the next level.”
Pablos said business leaders in attendance represented the “cutting edge” of the growing cross-border energy trade — with companies from the Alamo City at the top of the list.
“San Antonio is making name for itself in this space,” Pablos said. “Geographically, it’s very well situated. You’re seeing some true leadership come out of San Antonio in the oil and gas sector that I’ve never seen before.”
Monday evening’s event carried over into a Tuesday morning meeting of the Texas Department of Transportation’s Border Trade Advisory Committee where Pablos, Hunt Mexico President Enrique Marroquin, Pemex executive Regina Garcia-Cuellar and Texas Railroad Commissioner Ryan Sitton lead a panel discussion on the growing cross-border energy trade.
“If you look at the energy infrastructure development map of Mexico, it’s wide open for development,” Pablos said. “What I want to do — and the governor does too — is spread the word in Texas is that there are opportunities to invest and do business with Mexico in the energy sector.”
Railroad Commissioner Ryan Sitton spoke about how a growing number producers in the Eagle Ford Shale and Permian Basin are able to supply new customers in Mexico with natural gas, crude oil and refined products.
“Mexico’s energy reforms and demand coupled with near historic highs in U.S. production are creating an enormous opportunity from which both countries will benefit,” Sitton said.
Historic demand for gasoline sparked major gas shortages in the days before Hurricane Irma struck Florida over the weekend.
At least 60% of the gas stations in Miami-Fort Lauderdale and Gainesville are without fuel, according to estimates on Monday morning from crowdsourcing platform GasBuddy. Roughly half of the gas stations in Jacksonville, Tampa, West Palm Beach and Fort Myers are also empty after Floridians took to their cars to flee the path of the storm.
These widespread gasoline outages threaten to make life even more difficult for Florida residents as they try to return home to see if their property suffered damage from Irma’s powerful winds and storm surge.
The big key to fixing the gas shortages will be getting Florida’s ports reopened to receive fuel shipments. Florida has few refineries of its own, making it reliant on tankers and barges to meet virtually all of its huge appetite for fuel.
Hurricane Irma forced the closure of most major Florida ports as of Friday evening. The ports are unlikely to reopen until Tuesday at the earliest, according to Goldman Sachs. That suggests just a “gradual” restocking of Florida’s gasoline supplies, the investment bank wrote in a research report on Monday.
“Without the ports, there’s no fuel flowing. It’s likely the number of gas outages will rise before they start falling,” said Patrick DeHaan, senior petroleum analyst at GasBuddy.
Related: The costliest natural disasters in U.S. history
Significant damage to major ports could further complicate matters. Hurricane Harvey forced the shutdown of the Port of Corpus Christi in Texas for a record six days — and other ports faced restrictions that delayed shipments.
However, Florida appears to have avoided the worst-case scenario that Irma threatened. That suggests Florida’s ports may recover faster than Texas ports did.
“My hunch is those gasoline outage numbers are going to drop very, very fast. By next week, things should be very close to normal,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service.
Port Tampa Bay, the state’s largest port, only suffered “very minimal” damage, port officials told CNNMoney. The U.S. Coast Guard expects to reopen Port Tampa Bay on Tuesday at 2 p.m. ET, port officials said. There are three petroleum vessels scheduled to deliver fuel to once the port reopens.
“It’s a small miracle,” Paul Anderson, the port’s president, said in an interview. “I can’t tell you how relieved we are that we’re not in a full-blown recovery. It could have been weeks of repairs.”
On Monday, dozens of tanker trucks were loaded with fuel stored at Port Tampa Bay and sent out for delivery.
Port Everglades, located in Fort Lauderdale, said in a statement on Monday that it is assessing damage and plans to reopen to vessels following approval from the U.S. Coast Guard. The port accounts for one-fifth of Florida’s energy requirements and receives more than 12.5 million gallons of petroleum products each day.
Unfortunately, recovery efforts could be hampered by Hurricane Jose, which could move near Florida later this week.
“The window to make repairs or get deliveries may be quite small” due to Hurricane Jose, said Hillary Stevenson, director of oil markets at research firm Genscape.
Related: Hurricanes will probably hurt the economy, but not for long
Other logistical challenges stand in the way of restoring Florida’s gas situation, especially widespread power outages that have left some gas stations in the dark.
“We need to get their power restored in order for the fuel to begin running in their pumps,” said James Miller, director of communications for the Florida Petroleum Marketers and Convenience Store Association.
Some gas stations may have also suffered damage from the hurricane, while others could be blocked by road closures.
Florida officials scrambled before Irma hit to ease the gas shortage. The state’s ports prioritized fuel shipments and Governor Rick Scott provided police escorts to tanker trucks. Scott also encouraged gas stations along evacuation routes to stay open late by offering gas station workers police escorts to make sure they got out before the storm hit.
The federal government has offered assistance as well by waiving restrictions on the types of cargo ships that can deliver fuel and on the types of fuel that can be used in Florida and other states.
Five oil refineries remain shuttered as of Monday, according to S&P Global Platts, an energy research firm. Ten more are partially shut down as they attempt to recover from historic flooding.
All told, about 2.4 million barrels of daily refining capacity in Texas is offline because of Harvey, Platts estimates. That is about 13% of the country’s total ability to turn oil into gasoline, jet fuel and other products.
“It’s pretty massive,” said Jake Eubank, manager of refining and processing at the research firm Genscape.
Harvey dealt a serious blow to America’s energy infrastructure, knocking oil rigs offline, disrupting shale oil drilling inland and closing key ports. But the biggest hit was to refiners. At one point, about 4 million barrels of refining capacity was shut down. Gasoline prices spikedaround the United States.
Refinery comeback efforts have been disrupted by flooding, damage, power outages and challenges created by the sudden nature of some shutdowns.
“When refinery units go offline unexpectedly, it tends to be harder to get them back online,” Eubank said. “I would expect it will be a couple of weeks before we’re completely back to normal.”
Goldman Sachs said Monday it’s taking longer than expected to bring refineries back to normal.
“The recovery is well underway but the restarts are taking more time and, for some refiners, exposed more significant damage,” analysts wrote in a report.
Related: Florida races to refill gas stations after Hurricane Irma
ExxonMobil’s (XOM) Beaumont refinery suffered severe flooding, and no restart date has been given, Goldman noted. An Exxon spokeswoman said the Beaumont refinery is developing plans to start up again. The facility processes 365,000 barrels of crude oil per day.
Shell’s (RDSA) Deer Park refinery is also still shutdown. The facility has been in “start-up mode” since Friday, according to a Shell spokesman. He said there is “no timetable” for when Deer Park will be fully operational.
Platts lists three more refineries as offline: Total’s (TOT) Port Arthur refinery and separate facilities in Corpus Christi run by Magellan and Buckeye.
The largest U.S. refinery, Motiva Enterprises’ Port Arthur facility, remains partially shut down, according to Platts. Motiva said it expects to “continue to ramp up production rates over the next few days.”
The good news for drivers is that gas prices have stopped spiking. The average price has held steady for five days at $2.67 a gallon, up from $2.36 a month ago, according to AAA.
“We’ve peaked. We’re going to see sharply lower prices,” said Tom Kloza, chief oil analyst for the Oil Price Information Service.
Unfortunately, the hurricanes themselves are one reason gas prices have stopped rising. The storms caused whole regions of the United States to grind to a halt, hurting demand for gasoline.
Video courtesy of http://money.cnn.com/2017/09/11/
Video courtesy of http://money.cnn.com/2017/03/20/
The brutal storm pummeling the Houston area is likely to rank as one of the nation’s costliest natural disasters, with tens of billions in lost economic activity and property damage across a region crucial to the energy, chemical and shipping industries.
But economists say the region is likely to recover quickly and may even experience a bump in growth from rebuilding.
The Houston metropolitan area, the nation’s fifth largest by population, accounts for about 3 percent of the nation’s gross domestic product.
The area has a large and growing population and attracts continuous investment in oil-related manufacturing. It is also an important cog in global trade. Texas accounts for about half of petroleum and gas exports, along with about a fifth of chemical exports.
“The economic damage will be moderate, with disruptions to the heart of the nation’s refinery and petrochemical industries in August and September,” said Robert Dye, chief economist at Comerica Bank.
Texas is often thought of as a center of oil production, but the Houston area and the nearby Gulf Coast is where much of that black gold is turned into refined products like gasoline, diesel fuel, heating oil, and other distillates.
Mr. Dye said the Texas Gulf coast was home to about 30 percent of the nation’s refining capacity, with about half of that now shuttered by the storm.
As a result, wholesale prices for gasoline jumped 6 cents to $1.73 a gallon in trading Monday on the benchmark contract that settles next month. The AAA motor club said gasoline was selling for $2.37 a gallon on average across the country, 4 cents more than a week ago.
On the other hand, crude oil prices fell as traders anticipated that demand would fall, with fewer refineries open and able to take delivery of the crude.
Maps and animated satellite imagery show the scale and reach of the storm.
“It may take weeks for refineries to repair and replace damaged equipment,” Mr. Dye said. “Port facilities have also been damaged, and this may result in an export bottleneck.”
Indeed, with the Port of Houston and Corpus Christi’s smaller port directly in the storm’s path, a key logistics hub for the south-central United States is set to be out of commission for days, if not weeks.
Nearly half of the exports from Houston consist of resins, plastics, chemicals and minerals, reflecting the concentration of the nation’s petrochemical industry on the Gulf Coast. Major imports flowing through the port include food, construction materials, machinery and retail consumer goods.
Ellen Zentner, chief United States economist at Morgan Stanley, said that although Hurricane Harvey’s impact on national gross domestic product in the third quarter might be fairly neutral, “the lagged effects of rebuilding homes and replacing motor vehicles can lost longer,” providing a lift to gross domestic product in the fourth quarter and beyond.
On the other hand, an extended rise in gasoline prices could have a more immediate effect. Each 10-cent rise in the price of gasoline is equivalent to a $10 billion tax on consumers, Ms. Zentner said, so “should higher prices be sustained, it would rob other categories of spending as dollars are diverted to filling tanks.”
Similarly, a lengthy outage at petrochemical facilities that produce the raw materials for plastic, like polyethylene, could also raise prices for a range of goods, including toys, garbage bags and PVC pipe.
“It’s definitely going to cause some dislocations in the wholesale market for plastics components,” said Chris Lafakis, director at Moody’s Analytics. “This is a huge hub for petrochemicals.”
The economic impact of the storm will not be clear with any degree of accuracy for a while. But given Houston’s commercial importance — and its perch along a well-trod hurricane zone — economists and others have long taken it for granted that an epic storm would hit the region eventually, so have a head start on the numbers.
About two years ago, Ray Perryman, the head of an economic analysis firm, looked at the hypothetical economic damage that would be wrought if storms of various sizes and magnitudes hit coastal Texas. The estimates ranged from around $11 billion to $80 billion — and the earliest estimates suggest this disaster will be on the upper end of that range.
Moody’s Analytics estimates that the damage will be $40 billion to $50 billion. The first and smaller set of losses — less than $10 billion — will come from things that do not happen: homes not purchased, sales not closed, gas not bought or shipped. The second and larger set of losses, totaling tens of billions, will come from property damage.
“Things are too preliminary to know at this point, but I would expect Harvey to be one of the two most costly in history when all is said and done,” said Mr. Perryman, chief executive of the Perryman Group of Waco, Tex.
The damage, while serious and expensive, is likely to be a fraction of the $130 billion in damage caused by Hurricane Katrina. Katrina was one of the worst disasters in American history, and the final toll, human and economic, was staggering. When the levees broke, flooding was sudden and immediate and eventually killed close to 2,000 people.
The flooding from Harvey appears to be spread over a bigger area that had more time to mobilize, suggesting that the number of deaths will be far lower, Mr. Perryman said. Hurricane Katrina appeared to have had a greater impact on oil production and refining.
The Gulf Coast of Texas is also more prosperous and populous than New Orleans. And despite wobbly oil prices, local job growth has accelerated, along with continued improvement in home sales and construction. The number of Texas oil rigs has been rising over the past year, giving a big lift to exploration and chemical manufacturing jobs.
So far, the storm seems to have damaged things that can be replenished or replaced relatively quickly. Houston has huge amounts of economic assets that appear to be largely undamaged and are unlikely to be offline for much time.
Moreover, factories and refineries are rarely running at full capacity, and as they come back online, they can ramp up production to meet the backlogs that accrue. “Businesses have stockpiles and the ability to catch up,” said Christopher Thornberg, founding partner of Beacon Economics, a consulting firm.
As the floodwaters drain away and Texas shifts to clean-up mode, followed by a mammoth effort to replace what was lost, the daily modes of commerce will shift but not stop. Disruptions, displacement and property damage are quickly followed by federal aid and insurance checks.
“This is going to be disruptive, but the Houston economy will overcome it very quickly, just like other regions,” said Mark Zandi, chief economist at Moody’s Analytics.
In fact, when natural disasters do show up in economic data, it is usually as a small growth bump a few months after the storm, when rebuilding accelerates and insurance checks are cut.
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