(Oil Price) – U.S. refiner Phillips 66 told shareholders on Monday that they should keep in mind that activist investor Elliott, which wants to break up one of the biggest U.S. refiners, may not necessarily act in Phillips 66 shareholders’ interests as it is pursuing an acquisition of Citgo, a direct competitor of Phillips 66. Activist hedge fund Elliott Investment Management
(World Oil) – PetroChina Co.’s profit hit record levels last year, as increased production offset lower energy prices and a weaker performance from its refining operations. Net income at China’s biggest oil and gas producer climbed 2% to 164.7 billion yuan ($22.7 billion), according to a filing on Sunday, although the result missed expectations. Revenue slipped to 2.94 trillion yuan
(Oil Price) – U.S. gasoline prices have resumed their uptrend, with AAA reporting the national average at $3.161 per gallon of regular compared to $3.139 a week ago and $3.115 a month ago. The national average price of diesel has increased 0.8 cents and now stands at $3.632 per gallon. “The national average has inched higher, driven primarily by sharp gas price increases
(Oil Price) – PBF Energy (NYSE: PBF) on Thursday reported a loss for the fourth quarter amid falling refining margins, booking widening losses for the third consecutive quarter. PBF Energy said that its adjusted fully converted net loss for the fourth quarter of 2024, excluding special items, was $324.5 million, or a loss of $2.82 per share. The loss was in
(Investing) – HOUSTON – LyondellBasell Industries (NYSE:LYB) will begin the permanent closure of its 263,776 barrel-per-day Houston refinery this coming weekend, said people familiar with plant operations. Layoffs of up to 400 employees at the refinery are scheduled to begin two months after the shutdown begins, the sources said. A Lyondell spokesperson did not immediately reply to a request for comment.
(Oil Price) – Diesel prices in Asia, Europe, and the U.S. jumped this week as the latest U.S. sanctions on Russia’s oil industry added to colder winter weather to boost futures prices and margins amid expectations of reduced diesel and crude supply from Russia. On January 10, the outgoing U.S. Administration imposed the most aggressive sanctions on Russia’s oil yet, designating two
(Oil Price) – Declining refining margins, slowing global fuel demand growth, and uncertainty about tariffs under the incoming U.S. administration are expected to continue challenging American refiners this year, analysts reckon. Following record refining margins and booming profits in 2022 and early 2023, the U.S. and global fuel markets started to normalize in the latter half of 2023 and refining margins
(World Oil) – Saudi Aramco is moving closer to building a giant carbon capture and storage project at its main refining and chemicals hub at Jubail, on the kingdom’s Gulf coast. The oil producer signed a shareholders’ agreement with partners Linde Plc and SLB to develop the facility, which aims to capture and store 9 million tons of carbon dioxide
(Oil Price) – Ethane production in the United States, where nearly all ethane is recovered at natural gas processing plants, has eased in recent weeks from record highs set earlier this year. Record U.S. natural gas production last year led to record volumes of ethane recovery at processing plants in the first half of 2024. However, recovery has recently fallen from
(Oil Price) – Marathon Petroleum Corp (NYSE: MPC) beat the analyst consensus for its third-quarter earnings by a mile, despite the expected slump in profits due to plunging refining margins. All U.S. refiners were expected to report much lower profits for the third quarter compared to a year earlier, as refining margins slumped to multi-year lows amid tepid fuel demand and increased global
(Oil & Gas 360) – A dozen environmental groups have indirectly targeted some of the country’s largest oil and refining companies. The groups claim that the Environmental Protection Agency (EPA) has failed to hold the companies’ coke-making plants accountable for violating the Clean Water Act. The groups say the EPA has never set a national standard for water pollution from
(Oil Price) – One of the biggest U.S. refiners, Valero Energy (NYSE: VLO), beat Wall Street estimates even as it reported a widely expected plunge in its third-quarter earnings due to slumping refining margins. Valero reported on Thursday earnings per share (EPS) of $1.14 for the third quarter, down by a massive 86% compared to the EPS of $7.49 for the same period
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