Refineries

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Exxon Sees $1.6 Billion Earnings Hit From Oil, Refining Margins

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By

Exxon Mobil Corp. said lower oil prices and refining margins reduced third-quarter earnings by $1.6 billion compared with the previous period. The oil giant revealed quarterly earnings guidance in a regulatory filing Thursday. The impacts of lower oil prices and shrinking refining margins will be partly mitigated by gains of about $900 million from timing effects and …

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Elliott Affiliate Wins Citgo Share Auction with $7 Billion Conditional Offer

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By

Summary Investment firm tops rival offers by CVR Energy, Gold Reserve Bid combining cash, credit is subject to court case resolutions Elliott’s interest in Citgo follows good results from stakes in Marathon Petroleum, Phillips 66 HOUSTON, Sept 27 (Reuters) – An affiliate of Elliott Investment Management on Friday was named the presumptive winner in a …

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Global Refiners Face Profit Slump as New Plants Come Online

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Oil, Refineries / By

(Reuters) – Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand. The weakness is a further sign of soft consumer and industrial demand, …

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Oil Prices Jump Nearly 2% on Fears Over Hurricane Impact on U.S. Output

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, Tri-Pinned, US News / By

Summary Hurricane Francine makes landfall in Louisiana Nearly 39% of Gulf of Mexico oil production offline IEA’s 2024 oil demand growth forecast cut by 7.2% EIA data shows U.S. oil stockpiles rose last week Sept 12 (Reuters) – Oil prices rose almost 2% on Thursday, extending a rebound spurred by concern over Hurricane Francine’s impact …

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U.S. Gulf Coast-Bound Fuel Oil Cargoes Hit 5-Yr Low as Refinery Demand Weakens

Conventional Energy, Energy Topics & Technology, Gasoline, Latest, Refineries, US News / By

(Reuters) – Fuel oil exports bound for the U.S. Gulf Coast slumped to their lowest level since January 2019 last month, a sign of weakened refinery demand as margins have softened, analysts said. Feedstocks like high sulfur fuel oil and other heavy residues can be refined into higher value products such as gasoline and diesel …

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U.S. Refiners Trim Q3 Output Amid Weaker Margins, Plant Overhauls

Energy Topics & Technology, Latest, Oil, Refineries, US News / By

U.S. crude oil refiners are trimming third-quarter production plans, company executives said in recent earnings calls, as summer fuel demand ebbs and profit margins remain weak. Operators say they are budgeting more maintenance downtime into forecasts after running at an industry average 95% of capacity earlier this year. Those high oil processing levels led to …

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Marathon Petroleum’s Second-Quarter Profit Hit by Lower Refining Margins

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By

Marathon Petroleum’s second-quarter profit hit by lower refining margins (Reuters) – Top U.S. refiner Marathon Petroleum   posted lower second-quarter profit on Tuesday, hurt by lower refining margins. The company posted net income of $1.5 billion, or $4.33 per share, for the three months ended June 30, compared to the $2.23 billion, or $5.32 per share, …

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Cenovus Shuts Unit at 183,000-BPD Refinery in Lima, Ohio

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries / By

 Cenovus Energy shut down a unit at its 183,000-barrel-per-day (bpd) refinery in Lima, Ohio, on Tuesday, the company said. “Lima Refining Company is responding to an issue at its facility,” a Cenovus spokesperson said, without giving a reason for the shutdown.“As the Refinery responds, community members will see larger than normal flaring as part of …

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Record U.S. Summer Heat, Hurricanes Could Roil Fuel Prices as Oil Refiners Sweat

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, Tri-Pinned, US News / By

(Reuters) – A double whammy of record heat and hurricanes should test U.S. refiners’ resilience in coming weeks, raising the risk of extremely volatile fuel prices in the middle of the peak travel season, analysts said. The Atlantic hurricane season from June through November is an annual threat for U.S. refineries. Half of the country’s …

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