Reuters Following a year of grim losses amid pandemic lockdowns that dented demand for fuel as people stuck close to home, the largest U.S. independent refiners are promoting plans to boost production of renewable fuels. Renewable fuels represent a silver lining for refiners under threat of being left behind by the shift to electric vehicles and away from fossil fuel
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,
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
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
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
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
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
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
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
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
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.
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
