US Deep Freeze Wreaks Havoc on Texas Oil Producers and Refiners

Group 1 - A massive winter storm has severely impacted oil and gas producers, leading to operational disruptions at refineries and industrial plants across the US [1][2] - Several major facilities, including ExxonMobil's Baytown refinery and Goodyear's Bayport chemicals facility, curtailed operations in anticipation of the freeze [2] - The storm caused flaring at plants operated by INEOS, Pemex, Shell, and LyondellBasell as a safety measure during operational disruptions [1] Group 2 - INEOS's Texas coast plant was taken offline due to lightning strikes as the winter storm approached, while Phillips 66's Wood River plant in Illinois reported a leak caused by the storm [3] - Freezing temperatures in West Texas affected oil and gas extraction, with Chevron and Anadarko reporting operational challenges due to the severe weather [4] - The storm has resulted in a 22% reduction in natural gas production in the southern central US, indicating a potential decrease of 1 million barrels per day in crude oil production [5] Group 3 - Oil futures declined by up to 0.9%, with gasoline futures dropping as much as 1.8% due to lower industrial and travel demand, while heating fuels like diesel and natural gas saw price increases [6]