Tag: refining

Tesoro reports slight drop in earnings

The company’s net income fell to $224 million, or $1.70 a share, compared with $227 million, or $1.64 a share, for the second quarter of 2013.  More »

Total pledges cost cuts after record-low output hurts profit

Total is counting on new projects to increase its oil production to 2.6 million barrels a day in 2015 and to about 3 million barrels two years later.  More »

Valero earnings up on increased volumes

The crude oil that Valero made into fuels averaged 2.7 million barrels a day, an increase of 115,000 barrels a day compared with the second quarter of 2013.  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 »

Chevron’s $1.4 billion base oil facility comes online in Mississippi

Chevron Corp. has begun production of motor oil and industrial equipment lubricants at a $1.4 billion facility in Pascagoula, Miss.  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 »

New congressional caucus aims to boost refiners

Refiners fighting against biofuel mandates, environmental regulations and changes in U.S. export policy may have new allies on Capitol Hill, with the launch Wednesday of a congressional caucus dedicated to the sector.  More »

New GOP leaders have oil interests nearby

When Republican Reps. Kevin McCarthy and Steve Scalise claimed two of the top three spots in the House GOP leadership Thursday, oil refiners emerged as a potential big winner too.  More »

Goldman says keeping US oil-export ban helps economy

Maintaining the statutory curb on shipments overseas will deliver the “highest value” to the U.S. economy, the bank said in an e-mailed report Wednesday.  More »

North American refiners beating European profits by $6 per barrel

North American refiners banked an extra $6 per barrel of oil processed compared to their European counterparts in the first quarter of 2014, continuing a three-year streak of significantly higher profits, according to a U.S. Energy Information Administration analysis of 26 companies.  More »

Phillips 66 buys big oil storage terminal on Gulf Coast

Phillips 66 struck a deal Thursday for what may become its largest oil and refined-product storage terminal as it anticipates an influx of crude oil to migrate to the Gulf Coast.  More »

Report: Exporting US oil would be economic boon

A new report says the U.S. would benefit from lifting a nearly four-decade-old ban on exporting domestic crude oil.  More »
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