From CBC News At least 200 gas stations affected And it’s not just Edmonton’s pumps that are covered in yellow tape — gasbuddy.com analyst Dan McTeague said there could be as many as 200 stations in Western Canada sitting empty. McTeague said the refinery that went down processes 140,000 barrels of oil a day and supplies gas to cities in interior British Columbia
Reported first-quarter earnings of $1 million Results include pretax charges of $0.06 per diluted share related to the impairment of goodwill and the valuation of inventories at the lower of cost or market Completed major turnaround activity and refinery light crude upgrade project Delivered strong earnings and cash flow from Speedway and Midstream segments Returned $244 million to shareholders MPLX
The EIA released new data on ethanol’s and biodiesel’s movements by rail. Unlike other liquid fuels that are most commonly transported by pipeline, ethanol and biodiesel are more often transported by rail because both fuels attract water and other impurities in pipelines, according to the EIA. The estimates cover rail movements of ethanol and biodiesel within each Petroleum Administration for Defense
More than $50 million of crude destined for Chinese teapot refiners rerouted China is making a push to open its markets to competition and increase its crude oil refining capacity by allowing smaller “teapot” refiners to handle 1.5 MMBOBP of crude oil, about one-fifth of the country’s refining needs. It is hoped that that teapot refiners, called such because of
Some analysts say U.S. refiners won’t be hurt by exports Don’t count Warren Buffett as a participant in the energy market selloff – the legendary investor has purchased nearly $5 billion of Phillips 66 (ticker: PSX) stock since August 2015. Berkshire Hathaway (ticker: BRK), a multinational holding company chaired by Buffett, now owns 13% of the refiner and has a
Purchased First NTI Stake in 2013 Western Refining (ticker: WNR) is attempting to enhance its Midwest footprint, proposing a $2.56 billion buyout deal of Northern Tier Energy LP (ticker: NTI). WNR already owns 100% of the partnership and 38% of NTI shares. The proposal consists of a cash-and-stock offer that includes $17.50 and 0.2266 shares of WNR in exchange for
Kinder Morgan (ticker: KMI), the largest energy infrastructure company in North America, is adding to its footprint. On October 20, 2015, KMI announced a joint venture agreement with a subsidiary of BP plc (ticker: BP) for 15 terminals at a cost of $350 million. As part of the arrangement, KMI acquires a 75% interest in 14 terminals and will operate
Plans US$7.1 Billion in Divestitures Spending Cuts of 38% Madrid-based Repsol (ticker: REPYY) touted value creation, efficiency and a significant divestiture program in its 2016-2020 Strategic Plan, unveiled on October 15, 2015. The latest program starkly contrasts its 2012-2016 Strategic Plan, which focused on “high growth of Upstream” and a dedicated investment of more than €19 billion. Repsol kicked off
Supply from India, Russia and the UK Heading to the West Coast Gasoline prices in California has historically been among the highest in the United States, and the drop in supply after a refinery shutdown earlier this year is not helping. The Energy Information Administration (EIA) reports gasoline imports to California increased tenfold in the five months following a refinery
Tesoro and Valero bright-spots on S&P500 Energy Index The outlook for the refining sector continues to be a bright spot in an otherwise gloomy outlook for the energy industry. While E&Ps look for the best ways to cut costs amid the continued low oil prices, refineries are enjoying stronger margins on cheaper feedstock. In August, gross inputs to U.S. refineries
ETE Becomes Largest Energy Infrastructure Group Enterprise Value Now Exceeds that of BP, Total and Petrobras Energy Transfer Equity’s (ticker: ETE) long pursuit of Williams Companies (ticker: WMB) has come to an end. On September 28, 2015, ETE announced the acquisition of WMB for total consideration of $37.7 billion, including debt, representing a 10% premium to WMB stock price prior
The U.S. Virgin Islands filed a lawsuit against Hess Corp. (ticker: HES) for approximately $1.5 billion, saying the company violated its contract by shuttering its refinery in St. Croix. Prior to being shuttered, the facility was once the world’s largest refinery, and was responsible for employing 2,500 people, or about one in four workers in the Virgin Islands. The facility
