Tag: refining

US exporting a ‘tidal wave’ of gasoline, other fuels

U.S. refiners are sending a “tidal wave” of gasoline, diesel and other refined products onto the world market, taking advantage of the surge in domestic oil development that has helped drive Gulf Coast crude stockpiles to record levels, according to a new report.  More »

Hedge funds buy crude as US gasoline pump prices jump

U.S. refineries are processing the most oil since January as plants come out of seasonal maintenance, squeezing crude stockpiles for the first time in 11 weeks.  More »

Moody’s: New Chinese plants could hamper global refining earnings

Cheap natural gas and oil supplies will give Gulf Coast refiners an edge in global markets, but over the next two years new plants coming online in China and the Middle East are poised to dampen worldwide demand for refined products like gasoline, according to a report released Monday.  More »

Exxon Mobil refinery receiving crude shipments again after channel closure

Exxon Mobil Corp.’s major refinery in Baytown can push its output of refined products back up again after a decline when the Houston Ship Channel closed for three days.  More »

Shell sells Australian assets for $2.6 billion

Vitol Group agreed to pay about $2.6 billion for Royal Dutch Shell Plc’s Australian refinery and filling stations as Europe’s largest oil company accelerates asset sales.  More »

Phillips 66 shifts focus with $3 billion in new projects

Phillips 66 is no longer betting its future on the massive refining business that made it the second-largest energy company in the world. Instead, it’s using refining, once its most profitable arm, as a cash cow to transform itself into a business that primarily operates energy transportation, storage and processing infrastructure.  More »

EPA shifts greenhouse gas permitting to Texas

The U.S. Environmental Protection Agency gave Texas authority over greenhouse gas permitting on Tuesday, ending a long, often bitter battle between the federal agency and the state.  More »

Teapots boiling in Texas as shale spurs refining revival

Blue Dolphin, Valero Energy Corp., Kinder Morgan Inc. and others are trying to capitalize on the biggest boom in U.S. history by building new crude-processing equipment, reviving mothballed plants and opening new teapot refineries.  More »

Phillips 66 income rises on increased exports

Increased exports of refined petroleum products and improved U.S. crude price differentials drove Phillips 66′s profit up 17 percent in the fourth quarter, the company said Wednesday.  More »

Petrobras falls as Brazil fails to phase out fuel subsidy

Petroleo Brasileiro SA fell the most in five years after the government failed to meet a request by the state-run company to disclose a clear policy for phasing out fuel subsidies that have cut earnings and increased debt.  More »

Tesoro’s profit falls in third quarter

Weak margins led to a decline in profit for refinery Tesoro Corp. in the quarter ended Sept. 30.  More »

Exxon Mobil’s profit falls on refining income

Exxon Mobil Corp.’s quarterly profit fell 18 percent from last year, but the oil and gas giant still made nearly $8 billion in three months.  More »
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