Monday, May 20, 2019

Marathon Petroleum News

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

© Oleksii Fadieiev / Adobe Stock

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.

U.S. GoM Energy Producers Evacuating Ahead of T/S Nate

File Image (CREDIT: AdobeStock / (c) mode_list)

Oil and natural gas producers began evacuating staff at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to threaten Gulf Coast oil and refining facilities.

US Gasoline Prices Climb as Refineries Gradually Restart

U.S. retail gasoline prices climbed Tuesday, even as oil refineries rumbled back into service after Hurricane Harvey disrupted operations along the Texas coast. The average gasoline price was $2.648, 30.2 cents higher than a month ago…

Harvey's Rains Shut in More Refineries, Sending Fuel Prices Higher

U.S. fuel prices surged on Monday as two more Gulf Coast refiners cut output and a third considered reductions, leaving more than 13 percent of the country's refining capacity offline after Tropical Storm Harvey flooded plants and shut seaports.

Harvey Throws a Wrench into US Energy Engine

On August 26 NASA-NOAA's Suomi NPP satellite captured a visible image of Tropical Storm Harvey over Texas. (Credit: NOAA/NASA Goddard Rapid Response Team)

A hurricane in the heart of the U.S. energy industry is expected to upend years of U.S. excess oil capacity and low prices, with the impact expected to reverberate globally and affect energy markets for weeks.

Venezuela Ships More Oil to US in July vs June

Venezuela's PDVSA and its joint ventures last month shipped 638,325 barrels per day (bpd) of crude to the United States, a 30 percent increase over June due to larger sales of upgraded oil, according to Thomson Reuters trade flows data.

Distillates to Boost US Refiners' Bottom Line

©  Francis Bonami / Adobe Stock

U.S. refiners such as PBF Energy and Valero Energy are heading into the winter season on their best footing in years, as months of surprisingly robust distillate demand has eaten away at stubbornly high inventories and boosted margins.

Higher-cost Crude Could Squeeze Margins at US Refiners

© Morad Hegui / Adobe Stock

U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to higher-priced but easier-to-refine light, sweet crude.