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.
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…
Stocks of tech and bank companies plummet as China's retaliation fuels fears of a wider trade war
U.S. tech giants, banks, and oil majors all fell on Friday, after China responded to Trump's new tariffs by imposing steep duties. This heightened fears of an economic recession around the world. China…
Sources say that Elliott met with BP investors in order to discuss further changes.
Two shareholders have confirmed that Elliott Management, an activist investor in BP, has met with several of the company's largest shareholders to form a consensus on more changes. These could include…
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.
US fuelmakers report lower profits in Q3 due to weaker margins and fuel demand
Energy analysts predict that the third quarter profits of U.S. refiners will be lower than last year due to a decline in margins, as fuel demand has slowed and more refining capacity is coming online.
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo…
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo…
US CFTC fines energy traders
The U.S. Commodity Futures Trading Commission ordered TOTSA TotalEnergies Trading SA on August 27 to pay a fine of $48 million for alleged gasoline price manipulation. Ian McGinley, CFTC Director of Enforcement…
Shell to Shut Its Convent, La. Refinery Amid Pandemic
Royal Dutch Shell said on Thursday it will shut down its refinery in Convent, Louisiana, the largest U.S. facility to close since the coronavirus pandemic first hit and devastated economic demand worldwide.The shutdown…
Japan's Seven & i to Buy Marathon Petroleum's Speedway Gas Stations for $21B
The Japanese owner of 7-Eleven convenience stores has agreed to buy Marathon Petroleum Corp's Speedway gas stations for $21 billion, brushing aside coronavirus concerns to return to the table five months…
Hennigan Tapped as New Marathon CEO
Marathon Petroleum Corp.named Michael Hennigan, the head of its midstream business, as its new chief executive officer effective immediately.Hennigan replaces Gary Heminger, whose departure was announced last year when the largest U.S.
Oil Giants Set Health Checks, Work-from-home Rules
Major energy companies in the United States imposed work-from-home rules for office staff and began health checks for remote or critical workers as coronavirus spread and threatened an industry reeling from falling demand and profits.BP…
Upstream Sector Leads O&A M&A in 2019
A latest research revealed that the upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions during the…
New CEO for Marathon After Hedge Fund Campaign
Marathon Petroleum Corp chief Gary Heminger will leave the company next year after almost a decade in charge, launching sweeping changes demanded by investors at the biggest U.S. refiner including the…
ExxonMobil Seeks to Sell Montana Refinery
Exxon Mobil Corp is seeking a potential buyer for its roughly 60,000 barrel per day Billings, Montana refinery, according to three sources familiar with Exxon’s plans.Representatives for large refiners…
Battered U.S. Oil Producers Soar on Saudi Attacks
Shares of U.S. oil and gas companies surged on Monday, as a jump in oil prices in the wake of attacks on Saudi Arabia's oil facilities drove a relief rally in one of the S&P 500's worst performing sectors…
Fuel Futures: Diesel Will Spike on IMO2020
New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels…
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…
Marathon Petroleum Profits Miss
U.S. oil refiner Marathon Petroleum's third-quarter profit missed Wall Street estimates on Thursday, as higher costs offset gains from cheaper crude.Marathon said total costs climbed 22 percent to $21.73 billion in the quarter ended September…
