Higher crack spreads led to better refining margins for Integrated Oils, but can’t offset their upstream loses Integrated oil and gas companies saw much higher profits from their refining operations in the first quarter of this year than in Q1 2014, but it is not enough to offset the effects of the precipitous fall of crude oil prices on the
Petrochemicals will need in excess of 150 thousand skilled workers by next April Demand for skilled labor in the U.S. chemicals industry is expected to peak in April 2016, according to Daniel Groves, workforce director at the construction Users Roundtable (CURT) and chief executive of data provider Construction Industry Resources. Groves expects that around 156,000 skilled workers will be needed
Lower crude prices and higher demand for gasoline driving higher margins Gasoline crack spreads in the United States, especially on the U.S. East Coast, have reached several-year highs in recent months. A recent note from the Energy Information Administration (EIA), looked at crack spreads in order to get an idea of refiner profitability. In April 2015, wholesale conventional gasoline in
Shale gas is making U.S. plastic manufacturing competitive globally The shale gas revolution is bringing plastic manufacturing back to the United States and making U.S. refiners more competitive globally, reports the American Chemistry Council (ACC). Due largely to plentiful and affordable natural gas and natural gas liquids from shale formations, U.S. jobs related to plastics manufacturing are expected to grow
The EIA released a report showing its expectations for the refining sector based on U.S. oil production and whether or not crude oil export laws are reversed How increased production and U.S. export laws might affect refiners has been a topic of considerable debate, so much so in fact that the Energy Information Administration (EIA) decided that not only would
Dakota Prairie Refinery Commences Startup Operations MDU Resources Group, Inc. (MDU) and Calumet Specialty Products Partners, L.P. (CLMT) today announced that the Dickinson, North Dakota-based Dakota Prairie refinery, the first greenfield fuels refinery built in the U.S. in nearly 40 years, has commenced operations. The facility has begun producing diesel fuel and is expected to begin sales of diesel as
Expects to Significantly Expand its Midstream Business Long Term Valero Energy (ticker: VLO), the largest refiner in the United States with throughput capacity of 2.90 MMBOPD, reported net income of $964 million, or $1.87 per share, in its Q1’15 results on April 28, 2015. The results are a record for VLO’s first quarter operations and are 16% higher than Q1’14
Russia buys 49% stake in Vietnamese refinery Gazprom Neft (ticker: GZPFY), the oil arm of Russian state-owned Gazprom (ticker: OGZPY), and Vietnam Oil and Gas Group (PetroVietnam) have signed a series of agreements to strengthen ties between the oil and gas industries in the two nations. As part of the agreement, Gazprom Neft will acquire a 49% stake in the
U.S. refiners using most domestic oil in 29 years Refineries in the United States are relying on domestically produced crude oil now more than any other time since 1986. Domestic production and imports from Canada and Mexico made up 85% of crude processed at U.S. plants in January, the most since March 1986, reports Bloomberg. Crude output in the U.S.
North Dakota has been the poster child of the United States shale boom, boasting skyrocketing production, high economic growth rates and miniscule unemployment numbers. The discovery and exploitation of the Williston Basin has increased crude output in the state by more than six times from 2008 to 2014, ending the most recent year with average volumes of 1,087 MBOPD. North
Refineries in India are importing oil from more varied sources in order to diversify supply Indian refineries continue to reduce imports from traditional markets like Saudi Arabia and Iran and have stepped up purchasing from other markets, including Mexico, Iraq and Venezuela while building inventories as crude prices remain low. Availability of cheaper crude variants and softening of shipping costs
Western Refining reports fourth quarter results Western Refining Inc. (ticker: WNR) today reported its fourth quarter 2014 results. The company reported net income of $116.8 million, or $1.19 per diluted share. This represents a 51% increase from the company’s Q4’13 net income of $57.3 million. The company’s full-year 2014 net income reached $559.9 million, or $5.61 per diluted share, a
