Refined Products – Page 14

Valero Energy reports 2020 fourth quarter and full year results and declares regular cash dividend on common stock

January 28, 2021

Oil and Gas 360 Reported a net loss attributable to Valero stockholders of $359 million, or $0.88 per share, for the fourth quarter and $1.4 billion, or $3.50 per share, for the year. Reported an adjusted net loss attributable to Valero stockholders of $429 million, or $1.06 per share, for the fourth quarter and $1.3 billion, or $3.12 per share,

U.S. oil refiners set for worst earnings quarter of the pandemic

January 25, 2021

Reuters NEW YORK – U.S. refiners are girding for a painful slate of fourth-quarter earnings, reflecting the pressure of rising crude prices, weak demand due to renewed COVID-19 travel restrictions, and higher costs of associated with blending of renewable fuels into their products. Seven U.S. independent refiners are projected to post an average earnings-per-share loss of $1.51, down from a

Exclusive: Iraq cuts crude oil supplies for most Indian refiners in 2021 – sources

January 21, 2021

Reuters NEW DELHI – Iraq has reduced annual supplies of Basra crude oil to several Indian refiners by up to 20% for 2021, industry sources said, in a rare move by OPEC’s second-largest producer which is trying to meet its obligations under the group’s production deal. Iraq was the top oil supplier to India in 2020 and a reduction in

Saudi Aramco cuts February crude supply to some Asian refiners – sources

January 13, 2021

Reuters SINGAPORE/NEW DELHI – Top oil exporter Saudi Arabia has cut supplies of February-loading crude for some Asian buyer by up to a quarter while meeting requirements of at least four others, several refinery and trade sources with knowledge of the matter said on Wednesday. This comes after Saudi Arabia pledged additional voluntary output cuts of 1 million barrels per

Exclusive: BP gives Caribbean refinery more time to hit operating targets – sources

January 7, 2021

Reuters NEW YORK – BP Plc has given the operator of a Caribbean refinery more time to fully restart and retain its crude oil supply agreement after the plant failed to hit operating targets last year, according to people familiar with the matter. Last month, BP threatened to walk away from a 2018 agreement to supply up to 200,000 barrels

Citgo plans Q4 2021 overhaul at Corpus Christi refinery; may be postponed

December 22, 2020

Reuters HOUSTON -Citgo Petroleum Corp plans an overhaul at its 167,500 barrel-per-day (bpd) Corpus Christi, Texas, refinery in the fourth quarter of 2021, the company said on Monday. The fourth-quarter 2021 turnaround could be rescheduled, Citgo said. Sources told Reuters on Friday that Citgo was postponing planned maintenance scheduled for 2021 at the Corpus Christi refinery. The move is motivated

Caribbean refinery sells first product after yearlong delay

December 15, 2020

BOE Caribbean refinery Limetree Bay Ventures sold the first oil product to a buyer in the Gulf Coast on Monday, according to a shipbroking source and Refintiv Eikon data, nearly a year after the long-shuttered facility was expected to restart, Reuters reported. Oil major BP Plc took delivery of approximately 216,000 barrels of naphtha, a product used as a solvent as

U.S. gasoline demand during Thanksgiving week lowest since 1997: OPIS

December 7, 2020

Reuters NEW YORK – U.S. gasoline consumption fell during the Thanksgiving holiday week to the lowest in more than 20 years, said OPIS, an IHS Markit company, as coronavirus cases surged and government officials urged residents to stay home. Since March, the coronavirus pandemic has crushed fuel demand in the United States because of lockdown orders to stay indoors to

Shell Convent, Louisiana, refinery workers get severance package details – sources

November 28, 2020

Reuters Hourly employees at Royal Dutch Shell Plc’s Convent, Louisiana, refinery, scheduled for permanent closure as early as next week, received details this week of the severance package negotiated by their union and Shell, three people familiar with the agreement said on Friday. Shell said on Nov. 5 it was closing the refinery after failing to find a buyer for

Exxon, Shell face uphill legal battle over soured Nigerian deal- oil and gas 360

Shell may permanently shut Louisiana refinery – A “no reply” from Shell spokesman

November 24, 2020

BIC Royal Dutch Shell PLC may begin the permanent shutdown of its 211,146 barrel-per-day Convent, Louisiana, refinery early next week, people familiar with plant operations said on Monday to Reuters. Shell announced on Nov. 5 the refinery, located 57 miles (92 km) west of New Orleans, was to close after the company failed to find a buyer amid the COVID-19 pandemic.

India Prime Minister Narencra Modi-oilandgas 360

Modi says India set to double oil refining capacity in 5 years, earlier than expected – just part of the “balanced diet of power”

November 23, 2020

Energyworld Oil & Gas 360 Publishers Note: Narendra Modi, Prime Minister of India, again is demonstrating that his power policies are using the “balanced diet of power” to include fossil and renewable sources. His leadership in power principals should be noted by other countries. He is also targeting lower carbon emissions. The country’s energy minister was quoted in June as

US will fall behind China as world’s largest oil refiner in 2021

November 22, 2020

Bloomberg Earlier this month, Royal Dutch Shell Plc pulled the plug on its Convent refinery in Louisiana. Unlike many oil refineries shut in recent years, Convent was far from obsolete: it’s fairly big by U.S. standards and sophisticated enough to turn a wide range of crude oils into high-value fuels. Yet Shell, the world’s third-biggest oil major, wanted to radically

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