Valero Energy Corp. said today that earnings grew 28 percent in the second quarter as the price of gasoline and other fuels reach three-year highs. More »
Call it the Summer of Split. ConocoPhillips becomes the latest integrated oil company to decide it doesn’t want to be so integrated anymore. Houston’s largest company said it will split into to two smaller ones, severing its refining business from its exploration and production operations. The decision follows a similar move by Marathon, which orchestrated [...] More »
ConocoPhillips, Houston’s largest firm and the nation’s third-largest oil company, said today it will split itself into two separate publicly traded companies and its CEO and Chairman Jim Mulva plans to retire once the transaction is complete. More »
The EPA said Tuesday all 136 industrial plants with state-issued permits that do not meet federal Clean Air Act requirementrequirements have agreed to apply for new ones. More »
Drilling in the Eagle Ford shale is bringing change to the refinery closest to the drilling: Valero’s Energy Corp.’s Three Rivers plant. The refinery began taking in Eagle Ford crude late last year. Now the 100,000-barrel-a-day plant is processing about 35,000 barrels of Eagle Ford crude oil daily. More »
Refinery utilization rates peaked in July or late June in four of the past five years, then declined as plants prepared for maintenance in September. Imports tumbled during the seven days ended June 24 to a 12-year low for the end of that month.
A federal appeals court has overturned an EPA rule that spared Houston refiners and chemical makers millions of dollars in penalties for the region’s failure to meet 1970s limits on smog-producing pollution.
The Department of Energy plans to sell 30.64 million barrels of crude, according to the list of “apparently successful” offers posted on its website. Valero is slated to get 6.9 million barrels, followed by Geneva-based Vitol Group, which may get 4 million.
More than 90 bids came in for shares of the 30.24 million barrels of light, low-sulfur crude being released from the Strategic Petroleum Reserve, according to the Energy Department, which called the sale “substantially oversubscribed.” More »
Last year, refineries reached their largest oil-processing capacity in 28 years. But they only used about 86 percent of that capacity. More »
Today, Marathon completes the spinoff of its large refining business as a separate entity in Ohio and relaunches in Houston as a much smaller oil and gas exploration and production company. The work of remaking Marathon as a leaner, more nimble independent oil and gas company has just begun. More »
Months after approving sale of gasoline containing 15 percent ethanol, the Environmental Protection Agency released a pump label warning consumers of potential harm. More »