US Buyers Turn to Offshore Crude
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 in the region.Those two companies produce notable amounts of crude oil that refiners have…
Valero Reports Oil Product Leak in Britain's Milford Haven Waterway
Valero Energy Corp said on Thursday that an unknown amount of oil product had spilled into the Milford Haven waterway in Pembroke in Wales."Valero is working in coordination with response agencies to contain the effects from the release of oil," it said in an emailed statement.Valero operates the 220,000 barrel per day Pembroke oil refinery.(Reporting by Ahmad Gh
PDVSA to Divert Tankers to Nearby Port after Collision
Venezuela's state-run PDVSA is organizing a contingency plan to address its latest oil-export problem following a minor accident last week at the country's main crude terminal, two sources from the firm told Reuters on Friday.A tanker collision that damaged Jose port's South dock and forced its closure has added to delays in loading crude for export…
Valero, Marathon Beat Profit Estimates as Refining Margins Rise
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, Ohio-based Marathon Petroleum gained as much as 7 percent to $79.43, while those of San Antonio…
Valero Boosts Imports of Venezuelan Oil as Sanctions Loom
U.S. refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of U.S. sanctions over the country's disputed presidential election and as other customers received less of the OPEC-member's exports, according to Thomson Reuters trade flows data.Venezuelan oil production has tumbled to a multi-decade low this year…
Marathon Creates Top U.S. Refiner with Andeavor Acquisition
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, forming a company that would leapfrog Valero Energy Corp as the largest independent U.S. refiner by capacity. Shale oil fields have pushed U.S.
Valero Energy Profit Beats on Higher Refining Margins
Valero Energy Corp posted a better-than-expected first quarter profit as the independent U.S. refiner benefited from higher refining margins.Valero has a diverse set of refineries that allows it to take advantage of volatile crude price differentials and process lower-quality feedstock into high…
Higher Refining Margins Boost Valero Profits
Valero Energy Corp posted a better-than-expected first quarter profit as the independent U.S. refiner benefited from higher refining margins. The company said refining margins, or the difference between buying of crude and average selling price of refined products, rose 6.1 percent to $2.21 billion in the first quarter ended March 31.
Venezuela's Crude Sales to U.S. Falls to 15-year Low in February
Venezuela's crude exports to the United States declined in February to a 15-year low as oil production continues falling and President Donald Trump's administration weighs new sanctions on the OPEC country, according to Thomson Reuters data. Financial sanctions imposed by the United States in…
U.S. Refinery Workers Push Biofuels Reform
A delegation of workers from U.S. oil refining companies that oppose the nation's biofuels policy will converge on Washington on Wednesday to try to convince lawmakers to find a way to lessen the regulation's costs without hurting corn farmers. The trip, organized by the United Steelworkers union…
Trump Wades Deeper into Biofuel Debate
U.S. President Donald Trump on Thursday will gather rivals from the oil and corn industries for the second time this week as the administration seeks elusive common ground on reforms to the nation's controversial biofuels law. The meetings come amid rising concern in the White House over the current state of the U.S.
Big Corn, Big Oil Square off in White House Biofuels Meeting
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. The meeting reflects rising concern in the White House over the current state of the U.S.
Refining Margins Push Phillips 66 Q4 Profits
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. Excluding one-time items, the company earned $1.07 per share…
Valero Beats Street on Better Refining Margins
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, its largest revenue generator, rose 52.2 percent to $982 million, helped by higher distillate and gasoline margins.
Trump Plans to Meet Oil Industry Reps on US Biofuel Policy
U.S. President Donald Trump has agreed to meet with representatives of the oil refining industry and their legislative backers to discuss the nation's biofuels program, according to two sources briefed on the matter. The White House meeting could set the stage for negotiations over possible legislation to overhaul the U.S.
Refinery State Lawmakers Stump for Biofuel Meeting
Nine U.S. senators from states that have oil refineries sent a letter to President Donald Trump on Thursday urging changes to the country's biofuels policy and asking for a meeting to discuss the issue. The letter reflects growing tensions between refiners that oppose the U.S. Renewable Fuel…
Harvey Shores Up U.S. Refiner Margins
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. Marathon Petroleum Corp said its refining system was relatively spared during the hurricane season, with some short, preventive shutdowns.
Oil/Chemical Spills from Harvey Are Big, but Dwarfed by Katrina
More than 22,000 barrels of oil, refined fuels and chemicals spilled at sites across Texas in the wake of Hurricane Harvey, along with millions of cubic feet of natural gas and hundreds of tons of other toxic substances, a Reuters review of company reports to the U.S. Coast Guard shows. The spills, clustered around the heart of the U.S.
USCG, EPA Cleaning up a Dozen Texas Chemical Spills after Harvey
The U.S. Coast Guard and the Environmental Protection Agency are working with Texas state regulators to clean up oil and chemicals spilled from a dozen industrial facilities after flooding from Hurricane Harvey, authorities said. The spills came from oil refineries, fuel terminals and other businesses…
Retail Gasoline Prices Surge in Harvey's Choppy Wake
Nearly a quarter of U.S. refining capacity out; Motiva down for two weeks; Corpus Christi starts to reopen. Retail U.S. gasoline prices hit two-year highs and global shipping routes were scrambled as the nation's largest refiners remained shut on Friday, even as Harvey was losing strength. Major fuel pipelines feeding the U.S.