Warren Buffett -- chairman, president & CEO of Berkshire Hathaway -- gestures during a 2013  interview.  (AP Photo/Nati Harnik, File)

Buffett’s firm now owns nearly 14 percent of Phillips 66

Berkshire now owns 73.98 million Phillips 66 shares worth roughly $5.9 billion.
(Jeff Kowalsky/Bloomberg News)

Marathon Petroleum profits dip more than 75 percent

The Pennsylvania-based refining and pipeline company reported a $168 million net income gain for the final three months of the year, down from $805 million.

Tesoro misses expectations

Tesoro, which operates six refineries in the western U.S., generated $1.5 billion in profits for 2015, up from $872 million in 2014.
Categories: General, Refining
(AP Photo/Stephan Savoia)

February starts with the national gasoline average below $1.80

The Houston region and Texas overall averaged $1.58 a gallon on Monday — it’s lowest point since January 2009 — and $1.79 a gallon nationally, according to GasBuddy’s daily survey data. The price fell by 2.4 cents in the last week in Houston and by about 2.6 cents in the U.S. overall. The national average is down 20 cents just in the last month.
Phillips 66 Chairman and CEO Greg Garland.  ( James Nielsen / Houston Chronicle )

Phillips 66 profits plummet 43 percent, still meet expectations

Phillips 66 reported $650 million in net income in the fourth quarter, or $1.20 per share, well down from $1.15 billion, or $2.05 a share, in the final three months of 2014. The company’s profits still show that refining and chemicals companies like Phillips 66 are performing much better during the oil crash than the production and services companies, many of which are reporting large losses.
Gasoline prices continue to fall and appear to be headed even lower as motorists prepare to hit the roads for Thanksgiving. ( Johnny Hanson / Houston Chronicle )

Gasoline prices plummet as storage levels hit 25-year highs

The Houston area sees an average of just $1.61 per gallon of regular unleaded gasoline on Monday, which is down more than 4 cents in a week, while the national average dropped 6.5 cents to $1.82 a gallon, according to GasBuddy survey data. Texas overall is averaging $1.62 a gallon.
(Ty Wright/Bloomberg)

Costco recognized for cheapest gasoline in Texas, nationwide

Costco sold gasoline 20 cents per gallon lower than its competitors throughout 2015 and offered the cheapest prices in 12 states, including Texas.
(AP file photo/Sue Ogrocki)

Valero raises dividend

U.S. refiners have fared better than other parts of the energy industry during the downturn, as cheaper crude prices have boosted their margins
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Smoke at Exxon refinery in Beaumont due to power outage

A refinery spokesman said no one was injured and there was no cause for alarm following the 3 p.m. outage. Non-essential personnel were “dismissed” from the facility.
Phillips 66 Sweeny refinery.  (Ryan Holeywell/Houston Chronicle)

Buffett’s firm buys another 1.6 million Phillips 66 shares

Berkshire filed documents with the Securities and Exchange Commission on Friday that disclosed purchases of another 1.6 million Phillips 66 shares.