Court rules that Glencore can sue refinery for $236 million in the UK
The London High Court ruled that commodities trader Glencore could sue the now insolvent Prax’s Lindsey Refinery for around $236 millions worth of crude oil they supplied before the collapse of the firm. The London-listed ?firm is seeking to recoup ?losses after last year's demise of ?Prax ?Lindsey Oil Refinery Limited, which operated the 113,000-barrel-per-day site in northern England that provided around 10% of the UK's petrochemical supply. Glencore…
ConocoPhillips CEO Lance retires, finance chief will take over.
ConocoPhillips, an oil and?gas producer, announced on Thursday that Chief Executive Officer Ryan Lance will retire after 14 years of?leading? the oil producer. Andy O'Brien is set to become CEO in September. Lance became the CEO of the company?in 2012. This was after ConocoPhillips separated from Phillips 66's refining division, leaving the company as a pure exploration company. He was responsible for a number of portfolio changes, including the sale?of billions of dollars worth of non-core assets after?the 2014 oil?price?collapse.
Cumberland Farms files US IPO in a market that is booming for new listings
Cumberland Farms, a convenience?store retailer in the United States, filed for an initial 'public offering (IPO) on Thursday. This is adding to a busy stock market summer as favorable market conditions have swelled a swollen IPO pipeline. After nearly three years in which the U.S. IPO Market was subdued, due to higher interest rates and market volatility, many companies stayed away from the market. In 2026 the market is expected to recover, with companies of all sectors returning.
US Energy Shares Fall, Crude Prices Drop as US and Iran Make Deal
U.S. energy shares fell on Monday as crude prices dropped after Washington and Tehran agreed terms to end their months-long conflict and reopen the Strait of Hormuz, a vital oil transit chokepoint.The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, said the prime minister of Pakistan, which helped mediate talks between the two sides.U.S. President Donald Trump said on Sunday the Strait of Hormuz, which carries roughly a fifth of global oil consumption, would be open "toll free" and that a U.S.
Energy shares drop as Iran deal reduces Hormuz disruption risks
U.S. Energy shares fell on Monday in premarket trading as crude prices dropped after Washington and Tehran reached a preliminary deal that could end the months-long conflict and open?the Strait of Hormuz. The?U.S. The?U.S. U.S. president Donald Trump announced on Sunday that the Strait of Hormuz would be "toll-free" and a U.S. navy blockade of Iranian ports would cease. Investors should monitor how quickly Gulf producers can resume oil production and exports after the war…
Energy shares drop as Iran deal reduces Hormuz disruption risks
U.S. Energy shares fell on Monday in premarket trading as crude prices dropped after Washington and Tehran reached an initial agreement that could end months-long conflict, and reopen the Strait of Hormuz. Pakistan's Prime Minister said that the U.S. will sign a Memorandum of Understanding with?Iran? in Switzerland this Friday after his country mediated talks between both sides. U.S. president Donald Trump announced on Sunday that the Strait of Hormuz would be "toll-free" and that an American naval blockade of Iranian port?would come to an end.
Phillips 66 will expand its gas processing capabilities in the Permian basin and Gulf Coast
Refiner 'Phillips 66' said on Monday that it will'move forward with the Zeus Gas Plant and a third Coastal Bend -?Fractionator?in?Texas to expand its network and capture the growing volumes of natural gas and liquids coming from the largest U.S. shale fields. In premarket trading, shares of the company rose 2.3%. The company stated that the Zeus Gas Plant would have the capacity to process 300,000,000 cubic feet of gas per day and will include the new Midland Express Pipeline. The approximately 45-mile-long, 20-inch-wide?pipeline?
Due to high fuel prices and mandates, US oil refiners are finally able to profit from biofuels.
U.S. refiners have finally reaped profits from renewable fuels. These fuels had been squeezing margins for many years. But now, demand has risen due to government mandates on biofuels and the rising price of diesel as a result of the U.S. - Israel war?on Iran. The U.S. Environmental Protection Agency (EPA) mandated in late March that refiners blend record volumes of biofuels with gasoline and diesel for this year and the next. The plan calls for a 60% increase of the use of renewable diesel and biodiesel…
First Venezuela Oil Cargoes Chartered Since US Supply Deal
Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, which is set to speed up shipments starting in March while boosting deliveries to India, according to four sources and data.Trading firms Vitol and Trafigura have been exporting Venezuelan crude and fuel since January as part of a $2 billion deal between the U.S. and Venezuela after the capture of President Nicolas Maduro by U.S.
Phillips 66, Citgo Look to Directly Buy Venezuelan Crude
U.S. refiners Phillips 66 and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron, according to sources familiar with the efforts.Trading houses Trafigura and Vitol in January secured the first U.S. licenses to export Venezuelan oil as part of a $2 billion deal between Caracas and Washington. Chevron has held an authorization to operate there and ship crude since last year.Refiners in the U.S.
Trafigura Makes First Venezuelan Crude Sale Under Supply Deal
Trading house Trafigura has sold its first cargo of Venezuelan crude oil as part of a 50-million-barrel supply deal between Caracas and Washington, industry sources said on Thursday, with Spanish refiner Repsol taking the shipment.The cargo is expected to be delivered to Repsol in Spain in February, two of the sources said.Trafigura did not immediately respond to a request for comment. Repsol declined to comment.The deal would mark one of the first…
Climate activist shareholder group pushes BP, Shell on plans for declining oil demand
The group Follow This, a climate activist shareholder group, and more than?20 investors filed resolutions on Wednesday asking BP and Shell how they would create value if the global demand for gas and oil declined. The resolutions are a strategic change on the part the Dutch activist group. In April, it announced that it had been forced to stop its campaign to get major oil and gas producers to commit to emissions reductions due to a lack investor interest. Follow This filed climate resolutions during shareholder meetings starting in 2016.
Climate activist shareholder group pushes BP, Shell on plans for declining oil demand
The group Follow This, a climate activist shareholder group, and'more than '20 other investors filed resolutions on Wednesday calling on BP to explain how it will generate value if the global demand for gas and oil declines. The resolutions are a strategic change on the part the Dutch activist group. In April, it announced that it had to suspend its campaign to get major oil and gas companies to commit to emission?cuts due to lack of investor interest. Follow This filed climate resolutions during shareholder meetings starting in 2016.
Venezuelan oil will boost US refiners but hurt Canadian producers
Refiners in the United States would be able to absorb most of the approximately 1 million barrels of crude oil per day if U.S. Sanctions on Venezuela are lifted. According to a report on Tuesday, the U.S. has been in talks with Venezuela about exporting crude oil from the South American country to the United States. Sources say that U.S. oil executives will visit the White House Thursday to discuss Venezuela. The increase in Venezuelan oil exports may hurt Canadian firms that sell similar heavy oils…
Venezuelan oil will boost US refiners but hurt Canadian producers
Refiners in the United States would be able to absorb the majority of the approximately 1 million barrels of crude oil per day that would be traded freely if the sanctions were lifted. The sanctions against the South American nation are lifted. Canadian oil companies, who sell heavy crude similar to that of Venezuela, and small Chinese refiners would suffer higher costs, if Venezuelan crude was diverted to the U.S. The U.S. president Donald Trump is asking for billions of dollars in order to rebuild Venezuela's oil sector…
Phillips 66 claims that two Gulf Coast refineries are capable of processing 100,000 bpd Venezuelan crude
Kevin Mitchell, Chief Financial officer of Phillips 66, said on a Tuesday conference call that the refiner can use Venezuelan crude in two U.S. Gulf 'Coast refining facilities as production increases. Mitchell, speaking at the Goldman?Sachs?Energy, CleanTech & Utilities Conference, said that its Lake Charles refinery and Sweeny refining plant in Texas can process 100,000 barrels of Venezuelan crudes each day. Donald Trump announced over the weekend that the U.S. will "take control" after U.S. troops ousted Venezuelan president Nicolas Maduro.
US oil companies benefit after Trump signals access Venezuelan reserves
U.S. Oil Companies' Shares jumped Monday fueled by the prospect that the U.S. could gain access to Venezuela's vast reserves of oil after President Donald Trump announced that the U.S. was taking control of Venezuela following the arrest of their president. Venezuela has the largest oil reserves in the world, but its production has plummeted over the past decades because of?mismanagement?, a lack of foreign investment after the nationalization and sanctions on the oil industry. Trump stated on Saturday that the U.S.
BB Energy, a Houston-based trader, has parted ways with several Houston traders as part of a major reorganization.
Sources familiar with the situation said that commodities trader BB Energy laid off more than a dozen employees from its Houston office and parted ways with some oil traders as part of a major restructuring. A spokesperson for BB Energy confirmed that the company had made adjustments to focus its efforts on its most profitable core businesses, while also diversifying into new high-potential markets. The company didn't say how many people were affected by the changes.
White House review of waiver plan for biofuel pits refiners against farmers
The White House is reviewing an important rule that could change the balance between oil refiners, farmers and the Renewable Fuel Standard. It will determine how to redistribute large volumes of biofuel blend obligations that have been recently exempted. The result, which is expected in the next few weeks, will determine what happens to billions of gallons U.S. demand for ethanol and biodiesel. This demand is vital for farmers who provide the corn…
Phillips 66 fined $800 Million in Biofuel Trade Secrets Case
According to a California court document, U.S. refiner Phillips 66 has been ordered to pay Propel Fuels $820 million in damages after stealing trade secrets from the company to improve its renewable fuel capabilities. On Wednesday, a state court in Alameda in California ordered Phillips 66 pay $195 in punitive damages in addition to the $604.9 in compensation that was ordered by a separate jury. "In summary, this court finds Phillips 66's conduct to be'reprehensible.' From a business standpoint.