Category: Refining

Phillips 66 announces gains for refining, chemicals businesses

Phillips 66 reported adjusted fourth-quarter earnings of $1.3 billion, thanks to cheaper crude oil from the United States and Canada.  More »

Valero profits double to $1 billion

San Antonio-based Valero Energy Corp. on Tuesday logged its highest fourth-quarter earnings per share since 2005, as profit more than doubled because of higher margins in all areas where the company does business.  More »

Billionaire investor calls for Hess spin off

Billionaire Paul Singer’s firm today proposed five new Hess board members and called on the company to consider strategic options including spinning off its Bakken shale assets.  More »

Chevron says it has paid $10 million after fire

Chevron Corp. has paid about $10 million and has begun what’s being termed “corrective actions” after a fire last summer at its Richmond refinery, company officials said.  More »

Hess exits refining, seeks buyer for terminals

Hess will close its Port Reading, New Jersey, refinery by the end of February and seek a buyer for its 19 storage terminals, the New York-based company said in a statement Monday.  More »

Closed refinery revived with Eagle Ford crude

The Nixon refinery had been mothballed for years. But it’s processing crude oil again thanks to the wide margins that can be achieved by using oil from the Eagle Ford shale.  More »

Governors make pitch for low-sulfur gasoline

Six governors joined the Washington, D.C. mayor in urging the Obama administration to swiftly propose mandates aimed at cutting smog-forming sulfur emissions from the nation’s roads and highways.  More »

CVR Refining units up 2 pct in trading debut

CVR Refining LP’s units rose about 2 percent in their first hours of trading Thursday. The company spun off from CVR Energy Inc.  More »

Global refining boom could challenge U.S. exports

The availability of cheap natural gas in the U.S. could give domestic refineries a cost advantage over international competitors, as refining capacity expands globally.  More »

CVR Refining raises $600M in IPO

CVR Refining LP, the U.S. oil refiner controlled by billionaire investor Carl Icahn, raised $600 million in its initial public offering after pricing an increased number of units at the midpoint of the price range.  More »

Valero expanding Houston refinery for Eagle Ford crude

The world’s largest independent refiner says an expansion at its Houston plant will improve it capability to refine light, sweet crude from South Texas.  More »

Phillips 66 moving Bakken oil by rail in $1B deal

Phillips 66 has begun shipping crude by rail from North Dakota to a refinery in New Jersey in an effort estimated at more than $1 billion.  More »