Category: Refining

Domestic crude puts U.S. refineries in a sweet spot

U.S. refineries are staying busy despite reduced domestic demand for gasoline because they can use lower-cost U.S. oil, making the prices of their refined products attractive to foreign markets.  More »

Tesoro posts quarterly profit

San Antonio-based Tesoro Corp. swung to a profit in the fourth quarter, but its earnings were diminished by a charge related to its decision to close its refinery in Hawaii.  More »

Valero CEO touts company’s advantages

Valero Energy Corp. has advantages over its competitors because of the San Antonio refiner’s increasing production of high-margin distillates and its low operating costs, CEO Bill Klesse said Wednesday at a conference.  More »

Speculators driving spike in gasoline prices

The run-up primes drivers for another expensive year at the gas pump, at a time when Americans are already spending a greater portion of their income on fuel than they have in decades.  More »

BP completes $2.4B sale of Texas City refinery

British oil giant BP said Friday it has completed the sale of its Texas City refinery, where a 2005 explosion killed 15 workers, and other assets to Marathon Petroleum Corp. for roughly $2.4 billion.  More »

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 »