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.
US refiners may see Q2 profit recover on stronger diesel margins
Investors expect top U.S. refining companies to report higher profits in the second quarter, rebounding from losses experienced during the first three month of the year. This is due to unseasonably high diesel margins that boost earnings. Fuel producers have made unexpected profits in the last few months from key products. This is a welcome respite from earnings that had fallen from record levels set in 2022 when demand increased after the COVID-19 outbreak and Russia's invasion in Ukraine.
EIA reports that the US has become a net crude exporter to Nigeria for first time.
In February and March the United States became an exporter of crude to Nigeria, due to a slowdown in demand for crude on the U.S. East Coast, which was caused by refinery maintenance. The Dangote refinery also increased Nigeria's need for inputs. This is according to a Tuesday note from the U.S. Energy Information Administration. It is the first instance that the U.S. exported more crude to Nigeria than they imported. Nigeria was ranked ninth in the United States' crude oil imports last year.
Elliott builds $1.5-billion stake in Hewlett Packard Enterprise
A person with knowledge of the matter confirmed on Tuesday that hedge fund Elliott Investment Management had built up a stake in Hewlett Packard Enterprise worth more than $1.5 Billion. Elliott, one the world's largest activist investors, is now among the biggest investors in the company and plans to engage the management, according to the person who wasn't allowed to discuss the campaign publically. It was not immediately clear what Elliott might be trying to convince HPE, a company valued at 20 billion dollars, to do.
Follow This, a group of climate activist shareholders, pauses the big oil campaign
Follow This, a climate activist shareholder group, said that a lack in investor interest has forced them to suspend their campaign to get major oil and gas companies to commit to reducing emissions. The campaign had been going on for nearly ten years. In 2016, the Dutch group began submitting climate resolutions to shareholder meetings. By 2017, it had achieved shareholder support of 80% for Phillips 66 and 60% for Chevron. The surge in oil prices caused by the Russian invasion of Ukraine…
US refiners are unlikely to spend large amounts to process more domestic crude oil
It can be expensive and time-consuming to change refinery configuration. The margins and yields of refineries can be affected by using different types of crude. By Arathy S. Analysts and industry sources said that U.S. refiners do not plan to invest heavily to process more crude oil domestically and less oil imported from Canada and Mexico. This is a major obstacle to President Trump’s plan to increase oil production. Trump's pledge of unleashing U.S. production and lowering prices for consumers focused on increasing domestic drilling.
As Trump tariffs cause demand concerns, refining stocks plummet to levels not seen in two years.
Investors were rattled by fears about a slowdown in oil and fuel consumption and a decline in refining margins after President Trump announced new tariffs. According to LSEG data, the market capitalization of top refiners Marathon Petroleum and Valero Energy, as well as Phillips 66, has dropped by more than 20 billion dollars since Trump announced new tariffs Wednesday afternoon. Alan Gelder is vice president for refining chemicals and oil markets, Wood Mackenzie.
Trump hosts top US oil executives as trade wars threaten
Donald Trump, the U.S. president, will be hosting top oil executives in the White House this Wednesday to discuss plans for boosting domestic energy production amid falling crude prices and trade wars. This will be Trump's first meeting with oil and gas executives since he returned to the White House in January for his second term. According to a source familiar with planning the event, it will include members of American Petroleum Institute (API)'s executive committee.
EIA: US crude oil inventories are rising, but fuel is being drawn down due to ongoing maintenance.
The Energy Information Administration (EIA), which tracks seasonal refinery maintenance, reported on Wednesday that U.S. crude stockpiles increased and fuel inventories decreased last week. The EIA reported that crude inventories increased by 1.4million barrels, to 435.2million barrels for the week ending March 7. This was compared to analysts' expectations in an online poll of a 2million-barrel increase. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 1.2 millions barrels in the past week.
Source: Elliott wants operational changes at Phillips 66 after acquiring a stake of over $2 billion dollars
A person with knowledge of the matter said that Elliott Investment Management, an activist firm, has acquired a stake worth over $2.5 billion in Phillips 66. The company plans to make changes to its operations to increase its stock price. The person who spoke to Elliott said that he plans to encourage Phillips 66's midstream division to be sold or spun off. Elliott, an activist who disclosed a $1 Billion stake in Phillips 66, accepted Phillips 66's performance improvement plan to increase shareholder returns and the share price.
Phillips 66 sells stake in Texas pipeline to $865 million
Phillips 66 announced on Monday that it will sell its 25% stake of the Gulf Coast Express pipeline, located in Texas, to an ArcLight Capital Partners affiliate for $865 millions. This puts the U.S. refiner in a position to surpass its asset sale goal. Phillips 66, despite a decline in refinery profits, has chosen to maintain stable payouts for investors by reducing costs and setting a target of $3 billion via non-core assets sales. Before Monday's announcement…