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Activist Elliott Investment Management has built an over $2.5 billion stake in U.S. oil refiner Phillips 66 and plans to push for operational changes to boost its stock price, the Wall Street Journal reported on Monday. Elliott plans to push Phillips 66 to sell or spin off its big midstream business as it plans to …
Activist Elliott Builds Over $2.5 Billion Stake in Phillips 66, WSJ Reports Read More »
Lyondell Basell Industries completed the final shutdown of its 263,776 barrel-per-day Houston refinery, people familiar with plant operations said on Friday. Lyondell began the previously announced shutdown of the refinery on January 27. Lyondell, in an emailed statement on Friday night, declined to discuss the status of the refinery. Some units at the refinery are …
Lyondell Completes Shutdown of Houston Refinery, Sources Say Read More »
Summary • Trump orders 10% tariffs on Canadian oil, 25% tariffs on Mexican crude • U.S. refineries face higher costs for heavier crude grades • U.S. refinery earnings already under pressure (Reuters) – U.S. President Donald Trump’s trade tariffs on Canadian and Mexican oil imports will offer European and Asian refineries a competitive advantage against …
Trump’s Oil Tariffs a Boost for European and Asian Refiners Read More »
Summary • Oil executives offer little optimism that refining business will improve in 2025 • Exxon, Chevron Q4 profits hurt by weak refining sector • Independent refiners face challenges as fuel demand falters in US and China Big Oil executives this week saw little prospect of a near-term improvement in refinery profits after Chevron, Exxon …
Big Oil Bleak on Refining Profits Going into 2025 Read More »
Summary Valero to kick off Q4 US refiner earnings on Thursday Soft fuel demand continues to weigh on Q4 refining margins US gasoline futures crack spread hit one-year low in December Investors to focus on refiners’ plans to limit impact of Trump’s tariffs (Reuters) – Wall Street is bracing for a sharp decline in U.S. …
Wall Street Braces for Oil Refiners’ Lower Q4 Earnings, Tariff Plans Read More »
Lyondell Basell Industries began shuttering its 263,776 barrel-per-day (bpd) Houston refinery on Monday for permanent closure, said people familiar with plant operations.The shutdown of the refinery is expected to be completed by early February as the refinery has only a few days of supply of crude oil on hand, the sources said.
By Erwin Seba HOUSTON, Jan 22 (Reuters) – LyondellBasell Industries (LYB.N) will begin the permanent closure of its 263,776 barrel-per-day Houston refinery this coming weekend, said people familiar with plant operations. Layoffs of up to 400 employees at the refinery are scheduled to begin two months after the shutdown begins, the sources said. A Lyondell …
Lyondell to Begin Closure of Houston Refinery This Weekend, Sources Say Read More »
Summary Refiner profits fall as new capacity and normal margins return Gasoline and diesel crack spreads hit lows in December Analysts lower earnings expectations amid weak crack spreads Uncertainty over Trump’s tariffs impacts refiner margins and costs (Reuters) – Investors are souring on the U.S. oil refining sector, citing forecasts for softer fuel demand and …
U.S. Oil Refiners Brace for a Tough Year as Investor Sentiment Turns Negative Read More »
By Reuters Dec 15 (Reuters) – Teamsters members working at Marathon Petroleum’s Detroit refinery have voted to ratify a seven-year collective bargaining agreement, the company and the union said on Sunday, three months after workers walked off the job. “The process to safely welcome our employees back to the refinery is already in progress,” the Findlay, Ohio-based …
Marathon, Teamsters Reach Pay Deal at Detroit Refinery Read More »
(Reuters) – The return to service of BP’s Whiting, Indiana refinery has been delayed, industry sources said. BP started the planned turnaround activity at its 435,000 barrel-per-day refinery in late September. The refinery began restarting units involved in the turnaround in early November. A source said at least two of the units have experienced startup …
BP’s Whiting Refinery in Indiana Delays Return to Service, Sources Say Read More »
