Tag: Phillips 66

Obama’s punt on renewable fuel sets up fights in court, congress

The delay, announced Friday by the U.S. Environmental Protection Agency, follows months of fighting between refiners and ethanol producers over a proposal by the agency to lower the quotas for ethanol, biodiesel and cellulosic fuels.  More »

Phillips 66 Partners teams up to move Bakken crude

The joint ventures will support the construction of a pipeline and rail terminal aimed at providing long-term and cheaper options to transport crude from a region that produces 1.2 million barrels per day of oil.  More »

Phillips 66 to sell refining stake in Asia for $635M

Phillips 66 is ending its ties to its refining business in Asia with a deal announced Wednesday to sell its 47-percent stake in a Malaysian refinery for $635 million in cash.  More »

Moody’s: Refineries face flat demand, new competition

Shale oil will continue to give U.S. refineries a cost advantage over their European peers, but a few big refinery expansions in Saudi Arabia could steal market share.  More »

ConocoPhillips considers spending cuts in face of falling oil prices

The largest independent said both production and profits rose in the third quarter, but warned it may begin to pull back its budgets in 2015 as prices fall.  More »

Phillips 66 profits double on crude price plummet

Plummeting crude prices worldwide doubled Phillips 66′s profits in the third quarter, providing the company with a cheaper feedstock to run its refineries.  More »

Phillips to move assets to MLP in $340 million deal

Phillips 66 will send two crude oil rail facilities and pipeline assets to its midstream master limited partnership in a $340 million deal, the companies announced today.  More »

Warren Buffett pulls back on oil company investments

Warren Buffett showed the energy industry his gloomy side in the second quarter.  More »

Phillps 66 earnings down 9.9 percent

Refining and logistics company Phillips 66 saw its second quarter profits fall nearly 10 percent, the company reported Wednesday.  More »

Phillips 66 increases capital budget, approves more buybacks

Refining and midstream giant Phillips 66 announced that it would increase its 2014 capital budget by $1.2 billion this year in order to fund its liquefied petroleum gas project as well as a recent acquisition.  More »

Valero remains top U.S. refiner

San Antonio-based Valero Energy Corp. remains the largest U.S. refiner, with a daily capacity of more than 1.9 million barrels, according to a recent report from the U.S. Energy Information Administration.  More »

Fortune Global 500 list heavy on oil

Wal-Mart took the No. 1 spot on Fortune’s Gobal 500 ranking of the world’s largest companies based on revenue, but the top of the list was sloshing with oil.  More »

Trains keep rolling from Permian Basin

Trains will roll all month out of the Permian Basin, the largest onshore U.S. oil field, as production outpaces pipeline capacity and a refinery outage saps demand.  More »

US export decision deals blow to some Gulf Coast refiners, processers

The decision to allow two Texas companies to export a minimally distilled variety of ultralight oil is a win for Eagle Ford Shale crude producers, at the expense of refiners and companies planning to build processing plants along the Gulf Coast. Refiners were feeling the pain on Wall Street Wednesday.  More »

Phillips 66 acquires lubricants company

Phillips 66 announced today that it will buy Spectrum Corp., a Memphis-based specialty lubricants company.  More »
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