Exxon Pipeline Reversal Sends Texas Crude to Louisiana
Exxon Mobil Corp has reversed part of an oil pipeline from northeastern Texas to northern Louisiana in the first step of a bigger plan to link Permian Basin output to Louisiana refineries. Exxon last month reversed a 71-mile (114 km) segment of its North Line pipeline from Longview, Texas, to Shreveport and Finney in northern Louisiana, the company said on Tuesday. That segment is helping feed about 15,000 barrels per day of Texas crude to Delek U.S. Holdings' Arkansas refinery…
HollyFrontier's Profit Disappoints, Costs Up
U.S. refiner HollyFrontier Corp reported a lower-than-expected profit for the first time in four quarters, hurt by higher operating expenses. The company said operating expenses rose 10 percent to $280.9 million, or $6.39 per barrel, in the third quarter ended Sept. 30. A revamp of HollyFrontier's El Dorado refinery in Kansas and a temporary shutdown of a pipeline to the Cheyenne refinery in Wyoming weighed on refining operations. However, the company's refinery gross margins shot up 47 percent to $15.59 per produced barrel in the third quarter.
