Tag: refining

Repsol profit triples as refining counterbalances oil drop

Oil’s drop of almost 50 percent over the past six months pushed companies from Total SA and Royal Dutch Shell Plc to BP Group Plc and Statoil ASA to announce investment cuts in the past month.  More »

EIA: U.S. crude inventories grow again

The inventory report included a number of figures that have worried analysts in the past.  More »

Fluor wins new work, will hold steady on jobs amid low oil prices

Engineering and construction firm Fluor Corp.’s revenue fell in the fourth quarter, but its backlog grew faster even though oil companies and other customers are spending less amid low crude prices.  More »

World’s largest oil exporter said to seek $10 billion

The rapid decline in oil prices since June last year may encourage a wave of consolidation and acquisitions in the energy sector.  More »

LyondellBasell’s fourth-quarter writedown drags down record year

Lyondell did not mention an industry-wide labor strike by United Steelworkers that sent union members picketing the company’s U.S. headquarters in downtown Houston.  More »

Phillips 66 earnings up 39 percent

The company’s profits in its marketing and specialties division soared, rising from $105 million in the fourth quarter of 2013 to $367 million a year later.  More »

Citgo said to plan $2.5 billion of debt for Venezuela dividend

Citgo Petroleum Corp. is planning to raise $2.5 billion and transfer the funds to its cash-strapped corporate parent, state-owned Petroleos de Venezuela SA, according to a person with knowledge of the matter, Bloomberg News reports.  More »

Shell scraps plans for multi-billion dollar petrochemical plant

Royal Dutch Shell won’t move forward with plans for a new petrochemical plant in Qatar, the company announced Wednesday morning.  More »

Canadian oil surge to U.S. Gulf puts Mexico on defensive

The Canadian supply will square off against crudes from Mexico and Venezuela that have traditionally fed refineries along the Texas and Louisiana coasts.  More »

Phillips 66 to spend $700M more next year

The company said it will spend $4.6 billion next year, with more than two-thirds of that investment earmarked for boosting its midstream assets.  More »

Oil rises after inventory report

Oil for December delivery rose $1.49 to settle at $78.68 a barrel on the New York Mercantile Exchange.  More »

Valero’s profit triples in third quarter

Valero attributed the results to wider discounts for crude oils relative to the international benchmark crude and stronger gasoline margins in most regions.  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 »

Chevron’s profits climb 13 percent thanks to refining boost

The second-largest U.S. oil company also benefited from selling off some some of its assets as part of three-year divestment program.  More »

Exxon sees profit rise on refining strength

Exxon CEO Rex Tillerson said that the earnings growth was “driven by higher margins and improved operations in the downstream and chemical businesses.”  More »
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