Tag: Oil Refining
US refiners process record volume of crude as demand climbs: Kemp
US refiners processed 17.5 million b/d in week ending May 26 US oil refineries are processing record volumes of crude but stocks of refined fuels remain well contained thanks to strong exports and demand at home. US refineries processed 17.5 million barrels per day (b/d) of crude in the week ending on May 26, according […]
Lyondell, buyers differed on value of Houston refinery
Lyondell, buyers differed on value of Houston refinery -CEO By Erwin Seba HOUSTON, Feb 3 (Reuters) – Differing estimates between would-be buyers and LyondellBasell Industries over the value of the company’s Houston refinery resulted in Lyondell’s inability to sell the plant last year, Chief Executive Bob Patel said on Friday. A sale of the plant, […]
Phillips 66 Q4 profit misses on lower refining margins
Phillips 66 margins also hurt by higher costs, lower volumes Feb 3 (Reuters) – U.S. independent oil refiner Phillips 66 posted a lower-than-expected quarterly profit as margins were squeezed by the narrowing gap between prices of U.S. crude and refined products. The company’s shares were down 1 per cent at $80.20 in premarket trading on […]
Marathon Petroleum explores spin-off for retail business Speedway
Marathon Petroleum under pressure from investor Jan 3 (Reuters) – Marathon Petroleum Corp, under pressure from activist investor Elliott Management, said a special committee of its directors would review its retail business, including considering a tax-free separation. Elliott unveiled a 4 per cent stake in Marathon Petroleum in November and urged the company to consider spinning […]
Refiner Delek to buy rest of Alon USA for $464 million
Delek offers .504 of shares for each outstanding Alon share Jan 3 (Reuters) – Refiner Delek U.S. Holdings Inc said it had agreed to buy the shares of Alon USA Energy Inc it does not already own for $464 million to increase its exposure to cheap crude produced in Texas’s prolific Permian basin. The combined company, […]
Tesoro Western Refining buy: A bet on Texas
Western Refining acquisition connects Tesoro to Permian Basin By Jessica Resnick-Ault NEW YORK, Nov 17 (Reuters) – U.S. oil refiner Tesoro Corp’s $4.1 billion purchase of Western Refining Inc is a bet on many things, but above all it may be a bet on Texas. The largest refining acquisition since 2011, announced earlier on Thursday, […]
India’s Hindustan Petroleum to expand refining capacity by 2030
Hindustan Petroleum sees demand increasing By Promit Mukherjee MUMBAI, Sept 9 (Reuters) – India’s third biggest crude oil refiner, Hindustan Petroleum Corp (HPCL), plans to expand its refining capacity to more than 60 million tonnes annually, or about 1.2 million barrels of oil per day by 2030, according to a senior company official. This will not […]
Icahn urges EPA to change renewable fuel credits market
Cost of renewable fuel credits risen sharply in 2016 Aug 15 (Reuters) – Billionaire investor Carl Icahn has called on the top U.S. environmental regulator to make changes to a market for renewable fuel credits or else risk “the mother of all short squeezes” that could bankrupt refiners. In a letter to Environmental Protection Agency administrators […]
Valero says biofuels blending costs could double in 2016
Biofuels blending costs to be between $750M to $850M By Chris Prentice NEW YORK, July 26 (Reuters) – Valero Energy Corp, the largest U.S. refiner, expects to get hit with a half-billion-dollar bill in the second half of the year thanks to the rising cost of meeting government biofuels blending mandates. For the full year, the […]
U.S. refiners, stuck with lots of gasoline, switch to winter fuel
U.S. gasoline stocks last week at 241M barrels, 10% more than a year ago and well above 5-year average, more run cuts are likely By Devika Krishna Kumar and Jarrett Renshaw NEW YORK (Reuters) – Winter has come early for U.S. refiners and blenders. In a summer of discontent with high inventories and an unseasonably weak […]
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