Phillips 66 operates the Gulf Coast Fractionators facility in Mont Belvieu, Texas. (Phillips 66)

Berkshire discloses $4.5 billion stake in Phillips 66

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Berkshire held almost 58 million shares after purchases this week, or more than 10 percent of the total outstanding, according to a regulatory filing issued Friday by Warren Buffett’s Omaha, Nebraska-based company.
(Photographer: Ty Wright/Bloomberg)

Gasoline prices hit 11-year seasonal low

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Monday’s national average price of gasoline is $2.59 per gallon, which is the lowest average for late August since 2004, AAA stated, despite record-high demand and ongoing refinery problems. The Houston area averaged a lower $2.33 a gallon, according to GasBuddy’s daily survey of 2,559 gas outlets in Houston.
Carl Icahn, billionaire investor and chairman of Icahn Enterprises Holdings LP, center, walks outside of the Nasdaq MarketSite with Robert Greifeld, chief executive officer and president of Nasdaq OMX Group Inc., in New York, U.S., on Tuesday, March 27, 2012. (Scott Eells/Bloomberg)

Cheniere Energy names two Icahn allies to board of directors

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The appointments give Icahn a foothold on the company’s eleven-member board of directors, following his investment company’s purchase of 19.4 million shares or an 8.2 percent stake in Cheniere in August.
A truck drives past a refinery in Salamanca, Mexico, 170 miles (280 kilometers) northwest of Mexico City on Saturday, Jan. 19, 2002. (AP Photo/Marco Ugarte)

Analysts: Little hope for more oil exports despite Mexico crude swaps

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Market watchers say the largest impact of the decision could be its symbolic value, cementing a crack in the long-standing crude oil export ban that U.S. oil can flow through.
(Photographer: Andrey Rudakov/Bloomberg)

Bones at proposed Shell plant in Pennsylvania likely from old graves

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Howard Pollman, a spokesman for the Pennsylvania Historical and Museum Commission, tells the Beaver County Times that two skulls and other remains were found by workers Aug. 6.
(AP Photo/The Times, Kyle Telechan)

Refiners running full throttle could lead to a heavier fall maintenance season

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As plants operate at record-high capacities to soak up cheap crude and satisfy a growing demand for gasoline, a spate of refinery shutdowns have cropped up across the United States, including a recent shutdown of the BP Whiting plant, the largest refinery in the Midwest.
A very large smokestack flare burns off flammable product after an explosion in a processing facility at the ExxonMobil refinery in Torrance, Calif. on Wednesday, Feb. 18, 2015. A small ground fire was quickly extinguished and the facility's flare system was triggered for safety reasons. Two workers suffered minor injuries. (AP Photo/Daily Breeze, Chuck Bennett)

California refinery may restart next month following February blast

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An application was filed Wednesday to set a Sept. 2 hearing for Exxon Mobil to restart an old piece of equipment, called an electrostatic precipitator, or ESP, while the damaged equipment that exploded is still being repaired, said Mohsen Nazemi, deputy executive officer of engineering and compliance for the South Coast Air Quality Management District regulating body in California.
(AP Photo/The Times, Kyle Telechan)

Breakdown at Indiana refinery sends Midwest gas prices soaring

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The refinery can process as much as 270,000 barrels a day of heavy crude sent by pipeline from Alberta, with additional supply shipped up from Cushing, Oklahoma, the U.S. storage hub.
CVR Energy was named to the Chronicle 100 list of leading companies. CVR s Coffeyville operations, both the refinery and the fertilizer plant.  (Houston Chronicle)

CVR Partners makes $533 million buy to grow as fertilizer giant

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The deal will exclude Los Angeles-based Rentech’s plant in Pasadena, Texas, which is touted as the largest producer of synthetic granulated ammonium sulfate fertilizer in North America.
(AP file photo/Marco Garci)

Tesoro settles pollution suit from California regulators for $4 million

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Texas-based oil manufacturer Tesoro Corp. has agreed to pay $4 million to settle a lawsuit claiming the company spewed smog- and ozone-producing pollutants at its refinery in Martinez.