(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
(Yahoo Finance) – NEW YORK – U.S. oil refiners’ third quarter profits are expected to fall from last year on weakening margins as fuel demand softened and new refining capacity came online, energy analysts said. Refiners have come off favorable pricing and strong demand after the pandemic and Russia’s invasion of Ukraine boosted margins to record levels. U.S. gasoline and diesel
(Oil Price) – The United States is exporting gasoline more than any other nation in the world, supplying more than 16% of all exports of the fuel globally, the U.S. Energy Information Administration (EIA) said in an analysis on Tuesday. Last year, U.S. motor gasoline exports (finished gasoline plus gasoline blending components) averaged 900,000 barrels per day (bpd). This is equivalent to
Oil Price Refineries that had to dial down operations ahead of Hurricane Francine’s landfall are starting to reopen, with significant damages unlikely, according to a Reuters report. Exxon, which had cut operation rates at its Baton Rouge refinery to just a fifth of capacity, had now brought the refinery back online. “Our Baton Rouge area facilities are operating as normal. We
Yahoo Finance NEW YORK – U.S. oil refiners are expected to report sharply lower second quarter earnings from a year ago after a listless summer driving season that weakened refining margins, energy analysts said. Refiners ramped up processing capacity in the three months ended June 30 to 93.5%, compared with 91% in the prior-year period, to meet an expected spike
Reuters NEW YORK – A double whammy of record heat and hurricanes should test U.S. refiners’ resilience in coming weeks, raising the risk of extremely volatile fuel prices in the middle of the peak travel season, analysts said. The Atlantic hurricane season from June through November is an annual threat for U.S. refineries. Half of the country’s over 18-million-barrel-per-day refining
Oil Price The court officer who oversees the auction of Venezuela’s PDV Holding, the parent company of refiner Citgo Petroleum, has asked a Delaware court to postpone the hearing on the winning bids by two months until September 19, to have more time to evaluate the bids and negotiate a sales agreement. The deadline for submitting binding bids for Citgo’s
BOE Report Mexican state energy company Pemex is unlikely to produce any commercially viable motor fuels at its new Olmeca refinery before the end of the year, five sources said, despite pressure that it should be ready before the outgoing president’s term ends. President Andres Manuel Lopez Obrador, a resource nationalist, inaugurated the 340,000-barrel-per-day refinery in July 2022 in his
BOE Report U.S. oil refineries have been processing petroleum at the fastest rate for the time of year since before the pandemic, but rising fuel inventories have begun to weigh on crack spreads and likely signal a slowdown ahead. Refineries processed 17.5 million barrels per day (b/d) of crude and other feedstocks over the week ending on June 7, the
