Off track: A freight train spilled roughly 20,000 gallons of crude oil after derailing in Plainfield, Illinois, on Friday, Reuters reports. The train was hauling the oil for ExxonMobil from Canada to Louisiana, according to news reports. The cause of the derailment is unknown, a weekend filing with Illinois state pollution regulators says. Local media report a higher spill estimate: up to 45,000 gallons. No one was injured. Officials confirmed that oil leaked from two of the cars on the Canadian National freight train, and a possible third car was leaking oil. ExxonMobil, in an email statement, says CNR confirmed the train was transporting the crude oil to Louisiana, but did not confirm whether it was its shipment. It, however, added that operations at its Baton Rouge refinery were normal. Read more.
Completed: General Electric has completed its buyout of Houston-based Baker Hughes, merging it with its own oil and gas equipment and services operations to create the world’s second-largest oilfield service provider by revenue. Fortune reports the new company will be called ” Baker Hughes, a GE company.” With headquarters in London and Houston, the combined company will have roughly $23 billion in annual revenue and offer oilfield gear including blowout preventers, pumps, drilling, chemicals, other products and services for oil producers in 120 countries. For Baker Hughes, the deal helps it grow in size and become an even-more important player in the industry after antitrust concerns scuttled a tie-up last year with rival Halliburton Co. Read more.
Revisit: As you prepare to celebrate the nation’s birthday on Tuesday, it might be useful to reflect on why the nation was founded. A good place to start a reading of the Declaration of Independence—the document for which the principles for our government and identities as Americans are based. Written in 1776, the Thomas Jefferson-penned prose outlines the reasons why the 13 American colonies were declaring independence from Great Britain. The document, the National Archives says, was written for multiple audiences: the King, the colonists and the world. It’s introductory sentence states its main purpose: “to declare the causes which impel them to the separation.” Learn more about why the colonists chose independence and read the Declaration of Independence.
Editor’s note: The offices of Business Report will be closed on Tuesday in observance of the Independence Day holiday, and Daily Report will not be published. Daily Report will resume publication on Wednesday. Have a safe and happy holiday.
