LyondellBasell saw first-quarter profits climb 23 percent as it continued to enjoy access to cheap natural gas despite falling crude prices that have dragged down the prices the company fetches for its refined products and chemicals.
Refiners have benefitted from the crude collapse by buying up cheap oil and transforming it into higher-priced gasoline, diesel and other refined products, an executive with the world’s largest independent refinery said Monday.
Workers have been on strike since Feb. 1. Hancock said one of issues is Marathon’s move to dismantle the labor/management partnership that was launched after an explosion and fire killed 15 workers in 2005, when BP owned the refinery.
A new report from the Energy Information Administration suggests refiners can — and will — invest in new equipment to process the light oil flowing out of U.S. wells today, but a debate over crude exports could undermine some of those plans.
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