Chevron said its fourth-quarter profit will be “significantly” lower than the third-quarter results, partly because of weaker profit margins on refining and marketing.
The oil giant said Wednesday that its usually profitable refining and marketing business will roughly break even. Refinery volumes were weak, the company said.
San Antonio-based refiner Tesoro Corp. said Tuesday that it plans to put its Hawaii operations on the auction block, including its Kapolei refinery, 32 retail stations and all assets related to those operations. More »
The refining company, which split from Marathon Oil last year, said rising crude oil prices hurt its profits in the final months of 2011. More »
European demand for diesel led to record exports and depleted domestic inventory of distillate fuels by 13 million barrels in the last quarter of 2011, according to a federal report. More »
Northeastern states are slated to lose half of their regional capacity for fuel production by midyear as financial woes push refineries there to idle, a trend likely to increase the region’s dependency on Gulf Coast supply. More »
Petroplus Holdings AG, Europe’s largest independent refiner by capacity, will suspend operations at three plants in the region after banks froze $1 billion of the company’s loans, cutting crude supplies. More »
Plans to idle three major Pennsylvania refineries could leave the Northeast starved for gasoline and other fuels, according to a report released by the Energy Information Administration. More »
Workers have recovered a 475-ton steel tank that fell into the northern Puget Sound two weeks ago on the way to a BP refinery near Ferndale, Wash. More »
The joint venture of Enterprise Products Partners and Enbridge Inc. to carry oversupplied crude at the Cushing hub to Gulf Coast refiners will begin seeking customer commitments next month, the companies said. More »
A federal judge in Lafayette approved a $10 million fine and $2 million in community service payments to be paid by Texas-based Pelican Refining Company LLC for felony violations of the act and obstruction of justice. More »
About 92 vessels are waiting to pass through the Houston and Sabine ship channels in Texas after fog hampered visibility, according to the U.S. Coast Guard and a pilots group. More »
CITGO Petroleum Corp. and the U.S. Justice Department have appealed a recent judge’s ruling that the company pay $9 million in a lawsuit the government brought over a major 2006 oil spill at the company’s Lake Charles refinery. More »