Post Tagged with: "Refining"

U.S. crude oil production increases; imports remain strong to support refinery operations

U.S. crude oil production increases; imports remain strong to support refinery operations

EIA


In the Annual Energy Outlook 2020 Reference case, EIA projects that the United States will remain a net exporter of total petroleum liquids; however, the United States will remain a net importer of crude oil through 2050.

United …

Source: SEACOR

Galveston Company Enters Race to Supply IMO 2020 Fuels

From The Houston Chronicle


With a massive shift in the marine fuel market just months away from implementation, a Galveston fuel storage operator says it plans to operate a 50,000 barrel a day crude processing facility to meet new stricter …

Source: Citgo

Citgo’s New CEO Confident in an Uncertain Time

From The Houston Chronicle


Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it …

Source: Citgo

U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition

From The Houston Chronicle


In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner.

On Wednesday …

Source: Citgo

CITGO Board Appoints Former Venezuelan Oil Executive as CEO

From The Houston Chronicle


CITGO’s board of directors has appointed former Venezuelan oil executive Carlos Jorda as CEO of the embattled Houston refining company.

In a statement released on Wednesday morning, the company’s board reported that the year-long search for …

Source: Ithaca Energy Limited

Exxon Mobil Profit Sinks, Chevron Rises as Both Boost Output

From Reuters


Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), the two reported on Friday.

Exxon’s topped analysts’ reduced estimates for the quarter but net …

Source: Delek

New Biz Dev Boss at Delek US

By Tyler Losier, Energy Reporter, Oil & Gas 360

Daryl Schofield named EVP of business development at Delek US Holdings
Delek US Holdings (stock ticker: DK), a downstream subsidiary of the Israeli-based Delek Group, has hired Daryl Schofield as the

Source: Royal Caribbean ---    World’s 3 largest cruise ships converge off Florida Coast:  Royal Caribbean International’s Oasis of the Seas, Allure of the Seas and Harmony of the Sea meet off the coast of Florida November 4, 2016.

Refiners Struggle As Low-Sulphur Upgrade Nears $1 Billion Per Plant

From gCaptain/Reuters

(Reuters) – Global energy trader Gunvor Group has put on hold plans to upgrade its Rotterdam refinery that intended to make the plant more competitive ahead of new global rules on shipping fuel quality, it said on Tuesday, …

August 29, 2018 - 11:36 am Closing Bell Story‎, Downstream, Energy News
Venezuela Eyes First-Ever Refining of Foreign Oil

Venezuela Eyes First-Ever Refining of Foreign Oil

From Reuters

Venezuela is considering producing fuels from foreign crude oil for the first time, according to planning documents seen by Reuters, as the country struggles to meet its obligations despite having the world’s largest crude reserves.

State-run oil company …

June 14, 2018 - 2:41 pm Closing Bell Story‎, Energy News, International
Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery

Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery

Saudi Aramco and Total (ticker: TOT) have signed a memorandum of understanding to build a giant petrochemical complex in Jubail, Saudi Arabia.

Located next to the SATORP refinery in the same industrial area, the complex will comprise a mixed-feed steam …

Lackawana Energy Center Project Rendering. Source: http://lackawannaenergy.com/

Encana, Keyera Deal Will Add 33,000 Barrels of Montney Condensate Processing Capacity at Pipestone

Deal struck between Encana and Keyera Partnership adds 33,000 barrels of raw condensate processing capacity and 170 MMcf/day of net inlet gas processing; Keyera will own the facilities at Pipestone

Encana Corporation (ticker: ECA) and Keyera Partnership have reached an …

Canada Needs Higher Takeaway Capacity and Lower Oil Price Differential

Canada Needs Higher Takeaway Capacity and Lower Oil Price Differential

Canada is hurting for takeaway capacity—the industry needs pipelines to take its oil and gas production to market, or more locomotive hauling capacity—or both.

Cenovus Energy Inc. (ticker: CVE) said it has reduced production rates due to pipeline constraints and …

More PetroChem Plants: PetroLogistics II Formed with $500 Million Initial Commitment

More PetroChem Plants: PetroLogistics II Formed with $500 Million Initial Commitment

Quantum Energy Partners and Stonecourt Capital LP have announced the formation of PetroLogistics II LLC, with founders David Lumpkins and Nathan Ticatch.

PetroLogistics II, headquartered in Houston, Texas, plans to continue the strategy of its predecessor, PetroLogistics Company LLC. The …

Rendering of the future Heartland Complex

Inter Pipeline Building a $3.5 Billion Propane to Plastics Plant with Help From Canadian Govt.

Incentives to draw PetroChem developers was Alberta’s royalty credits

Inter Pipeline Ltd. (ticker: IPL) is getting help from the Canadian Government to build a world-scale integrated propane dehydrogenation (PDH) and polypropylene (PP) plant with a price tag of $3.5 billion.…

Hurricane Harvey Likely to Reduce U.S. Refinery Output: Baird

Hurricane Harvey Likely to Reduce U.S. Refinery Output: Baird

Hurricane Harvey, which is expected to make landfall around one o’clock in the morning on Saturday, August 26, may have an impact on the near-term energy outlook for the U.S.

As of now, Harvey is classified as a Category-2 storm …

Long Bets on Oil Increase as Summer Approaches

Long Bets on Oil Increase as Summer Approaches

Refinery utilization hits 90.8%, the highest since the first week of the year

U.S. refiners are picking up activity as the summer driving months approach, encouraging markets to increase the number of long bets on oil.

Utilization is expected to …

China Lowers Export Quotas 40% for Majors

China Lowers Export Quotas 40% for Majors

Larger quotas expected later in 2017

China will cut its export quotas to the country’s oil majors by 40% in the first round of licenses for 2017, reports Reuters, even as traders expect allowances for overseas sales to meet …

December 29, 2016 - 5:34 pm China, Closing Bell Story‎, Oil and Gas 360 Articles
Tesoro Becomes the Fifth-Largest U.S. Refiner with $6.4 Billion Acquisition

Tesoro Becomes the Fifth-Largest U.S. Refiner with $6.4 Billion Acquisition

Tesoro Corporation purchases Western Refining

Tesoro Corporation (ticker: TSO) announced a definitive agreement Thursday under which it will acquire Western Refining Inc. (ticker: WNR) at an implied current price of $37.30 per Western share in a stock transaction, representing a …

November 17, 2016 - 6:44 pm Closing Bell Story‎, Downstream, Oil and Gas 360 Articles
China May Be Storing More than 150% More Oil than Official Estimates

China May Be Storing More than 150% More Oil than Official Estimates

New third-party estimates put Chinese strategic oil reserves at 600 MMBO, 366 MMBO more than official reports

The actual amount of crude oil stored in China may be significantly higher than official reports indicate, according to geospatial analytics company Orbital …

September 30, 2016 - 6:02 pm Closing Bell Story‎, International, Oil and Gas 360 Articles
Dynamic Materials Corporation – Day Two Breakout Notes

Dynamic Materials Corporation – Day Two Breakout Notes

Dynamic Materials presents at EnerCom’s The Oil & Gas Conference®

 During Dynamic Materials’ breakout session, management was asked the following questions:

  • Given the fact that the perforating gun product is preassembled, is there a cost reduction payback?
  • What is the
August 17, 2016 - 11:09 am Closing Bell Story‎, Oil and Gas 360 Articles, TOGC21
China Crude Imports Down Over 4%

China Crude Imports Down Over 4%

China net fuel exports down 76% month-over-month

China’s net fuel product exports fell 76% in January from the final month of 2015 to 350,000 metric tons, the lowest level since June, according to Bloomberg. China’s net exports reached the …

Warren Buffett Stockpiles More Shares of Phillips 66

Warren Buffett Stockpiles More Shares of Phillips 66

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.…

Western Refining Pitches $2.56 Billion Buyout Offer for Northern Tier Energy

Western Refining Pitches $2.56 Billion Buyout Offer for Northern Tier Energy

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 …

Refining Sector Attracts U.S. Mutual Funds

Refining Sector Attracts U.S. Mutual Funds

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 …

October 9, 2015 - 4:35 pm Downstream, Oil and Gas 360 Articles
Hess Battles $1.5 Billion Suit Over Closed Refinery in the U.S. Virgin Islands

Hess Battles $1.5 Billion Suit Over Closed Refinery in the U.S. Virgin Islands

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 …

September 16, 2015 - 3:49 pm Downstream, International, Oil and Gas 360 Articles
Oil Prices Fall Below $44 as Rigs Continue Climb

Oil Prices Fall Below $44 as Rigs Continue Climb

Oil rig counts climb for third straight week

The total number of rigs actively drilling in the United States rose by ten this week, reaching 884, according to the latest rig count from Baker Hughes (ticker: BHI). The number of …

Medium Crude Imports Down 45% from 2014

Medium Crude Imports Down 45% from 2014

Bakken, Permian and Eagle Ford replacing Saudi imports of light and medium crudes

Imports of medium-grade crude oil to Gulf Coast refineries were down 45% in the first quarter of 2015 compared with the first quarter of 2014, reports the

June 22, 2015 - 12:27 pm Downstream, International, Oil and Gas 360 Articles
PBF Purchases 189 MBOPD of Refining Capacity

PBF Purchases 189 MBOPD of Refining Capacity

PBF purchases Chalmette Refinery and other assets for $322 million

PBF Energy (ticker: PBF) announced today that its subsidiary has signed an agreement to purchase Chalmette Refining, LLC in New Orleans, Louisiana for $322 million plus working capital including inventory …

First Quarter Refining Profits:  Up 95% from Q1 2014

First Quarter Refining Profits: Up 95% from Q1 2014

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 …

Refining Margins at Several Year Highs

Refining Margins at Several Year Highs

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), …

May 20, 2015 - 1:02 pm Downstream, Oil and Gas 360 Articles