Sweeny is the largest refinery by capacity in the portfolio of Phillips 66, Houston’s biggest Fortune 500 company. (Ryan Holeywell/Houston Chronicle)

Phillips 66 increases capital budget, approves more buybacks

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Refining and midstream giant Phillips 66 announced that it would increase its 2014 capital budget by $1.2 billion this year in order to fund its liquefied petroleum gas project as well as a recent acquisition.
(fotolia)

New “peaking” power units coming to Texas

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East Texas-based Navasota Energy plans to build natural-gas fired “peaking” units in Guadalupe and Wilson counties capable of quickly sending power to the Texas grid at times of heavy demand.
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FILE - In this Feb. 28, 2013 file photo, Illinois Department of Natural Resources Director Marc Miller is seen at the state Capitol in Springfield, Ill.  (AP Photo/Seth Perlman, File)

Illinois has hired few workers to oversee fracturing

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More than a year after a compromise paved the way for high-volume oil and gas extraction in Illinois, the agency in charge of overseeing the practice has hired just four of 53 new employees it says it needs as it continues working to complete rules drillers must follow.
Phillips 66 has struck a deal with a Chevron subsidiary to buy the Beaumont Terminal, capable of carrying 7.1 million barrels of oil equivalent.

New congressional caucus aims to boost refiners

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Refiners fighting against biofuel mandates, environmental regulations and changes in U.S. export policy may have new allies on Capitol Hill, with the launch Wednesday of a congressional caucus dedicated to the sector.
Permian Basin oil production growth is concentrated in six formations. (U.S. Energy Information Administration)

Rallying Permian beats anew as heart of Texas oil

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The Permian Basin, which helped define the Texas oil business for 50 years then hit the skids, is back big-time, and a new government report makes the point.
(AP Photo/The News & Observer, Robert Willett)

New guidelines aim to help oil industry burnish image

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The oil industry’s leading trade group just imposed a voluntary standard that schools oil and gas companies on being better neighbors and corporate citizens.
(AP file photo/Paul Sakuma)

GE in Texas wind farm deal

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General Electric’s Energy Financial Services unit and E.ON Climate and Renewables North America are forming an investment partnership to own and operate a Texas wind farm.
(AP Photo / Kent Skibstad, NTB scanpix)

Talisman, Statoil not selling Eagle Ford acreage

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Talisman Energy and Statoil ASA’s effort to sell their joint venture in the Eagle Ford Shale has ended after offers came in lower than expected, Bloomberg News is reporting. Bloomberg reports.
dollar falling graph

Oil slips closer to $103 as supply fears recede

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Oil has been falling steadily since it hit a 10-month closing high of $107.26 on June 20 as the Iraqi government has slowly re-established stability.
The sun rises over a drilling site in Frio County, Texas. (Jerry Lara/San Antonio Express-News)

Swaps could be next way around oil export ban

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Energy companies already have found one way to export some of the crude pouring out of Texas wells, despite a longstanding ban on selling U.S. oil overseas. Now they’re looking at another strategy.