Friday, July 10, 2020

Marathon Petroleum News

Hennigan Tapped as New Marathon CEO

Michael Hennigan (Photo: Marathon Petroleum)

Marathon Petroleum Corp.named  Michael Hennigan, the head of its midstream business, as its new chief executive officer effective immediately.Hennigan replaces Gary Heminger, whose departure was announced last year when the largest U.S.

Oil Giants Set Health Checks, Work-from-home Rules

© denisismagilov / Adobe Stock

Major energy companies in the United States imposed work-from-home rules for office staff and began health checks for remote or critical workers as coronavirus spread and threatened an industry reeling from falling demand and profits.BP…

Upstream Sector Leads O&A M&A in 2019

Graph: GlobalData

A latest research revealed that the upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions during the…

New CEO for Marathon After Hedge Fund Campaign

Marathon Petroleum Corp chief Gary Heminger will leave the company next year after almost a decade in charge, launching sweeping changes demanded by investors at the biggest U.S. refiner including the…

ExxonMobil Seeks to Sell Montana Refinery

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Exxon Mobil Corp is seeking a potential buyer for its roughly 60,000 barrel per day Billings, Montana refinery, according to three sources familiar with Exxon’s plans.Representatives for large refiners…

Battered U.S. Oil Producers Soar on Saudi Attacks

Photo: Exxon Mobil

Shares of U.S. oil and gas companies surged on Monday, as a jump in oil prices in the wake of attacks on Saudi Arabia's oil facilities drove a relief rally in one of the S&P 500's worst performing sectors…

Fuel Futures: Diesel Will Spike on IMO2020

© bluedesign/Adobe Stock

New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels…

US Buyers Turn to Offshore Crude

Thunder Horse (Photo: BP)

U.S. sanctions on Venezuela's oil industry have made winners out of Royal Dutch Shell Plc and BP Plc, Gulf of Mexico offshore heavyweights, as refiners in need of substitutes are scooping up oil produced…

Marathon Petroleum Profits Miss

(Photo: Marathon Petroleum)

U.S. oil refiner Marathon Petroleum's third-quarter profit missed Wall Street estimates on Thursday, as higher costs offset gains from cheaper crude.Marathon said total costs climbed 22 percent to $21.73 billion in the quarter ended September…

Valero, Marathon Beat Profit Estimates as Refining Margins Rise

Photo courtesy of Valero

Two of the biggest independent oil refiners in the United States beat Wall Street profit estimates on Thursday as greater processing of cheap, light crude from West Texas helped boost margins.Shares of Findlay…

Big Crude Oil Margins Should Boost US Refiner Earnings

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U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road.U.S.

Marathon Creates Top U.S. Refiner with Andeavor Acquisition

Marathon Chief Executive Gary Heminger

Marathon paying $152/share to create biggest independent refiner; Andeavor assets include pipelines, refineries, gas stations. Marathon Petroleum Corp said on Monday it would buy rival Andeavor for more than $23 billion…

Cushing's Market Clout Wanes Amid U.S. Crude Export Boom

File Image (CREDIT: AdobeStock / © mikesjc)

The volume of oil sitting in 300 steel tanks in a nine-square-mile radius in Cushing, Oklahoma has long been a key barometer for the health of U.S. crude supply and the nation's benchmark for daily trading of billions of dollars in the commodity.

Big Corn, Big Oil Square off in White House Biofuels Meeting

File Image: a midwest ethanol plant. (CREDIT: AdobeStock / (c) Jason Lee)

U.S. President Donald Trump gathered with senators and Cabinet officials on Tuesday to discuss ways to lower the cost of the nation’s biofuels policy to refiners, a meeting pitting Big Corn against Big Oil.

U.S. Senator's Biofuel Overhaul Faces Resistance

Texas Senator John Cornyn (Photo: John Cornyn Senate)

Texas Senator John Cornyn’s plan to overhaul U.S. biofuels policy faces resistance from the oil and ethanol sectors, reducing chances of a reboot to the controversial regulations, sources familiar with the matter said.

Refining Margins Push Phillips 66 Q4 Profits

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

U.S. refiner Phillips 66 on Friday beat analysts' quarterly profit estimates, largely helped by higher refining margins. The company said realized refining margins rose to $8.98 per barrel in the fourth quarter, from $6.47 a year earlier.

Valero Beats Street on Better Refining Margins

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

U.S. refiner Valero Energy Corp's fourth-quarter profit beat Wall Street estimates on Thursday, as the company benefited from higher margins. San Antonio, Texas-based Valero said operating income from its refining business…

Colonial Pipeline Demand at 2-Month Nadir

File Image (CREDIT: AdobeStock / (c) Maksym Yemelyanov)

Demand to ship gasoline on Colonial Pipeline has sunk to a two-month low as Gulf Coast supplies are increasingly being exported or sent to the Midwest rather than to the New York harbor, three sources familiar with the matter said on Wednesday.

Harvey Shores Up U.S. Refiner Margins

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

Surging prices for gasoline and diesel in the aftermath of Hurricane Harvey spiked margins to a more than two-year high, helping two big U.S. refiners record quarterly profits on Thursday that blew past Wall Street estimates.

U.S. Midwest Refiners Boost Output

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

U.S. refineries from Ohio to Minnesota are capitalizing on access to cheap crude from Western Canada and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while redrawing oil trade maps.