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, Exxon Mobil, Kinder Morgan, Motiva Enterprises and Royal Dutch Shell told most office staff to work from home starting Monday.
Exxon Green Lights Mega Refinery Expansion
Exxon Mobil Corp has given final approval to an expansion that would nearly double the size of its 365,000 barrel-per-day (bpd) Beaumont, Texas, refinery, making it the largest in the United States, said two people familiar with the company's plans.The largest U.S. oil producer, which has been considering a third processing unit at the plant since at least 2014…
Settlement Reached in Petrobras' Texas Refinery Emissions Case
A U.S. unit of Brazilian state-run company Petrobras agreed to pay $3.5 million to settle a lawsuit over alleged toxic emissions from its Pasadena, Texas, oil refinery, two environmental groups said.The settlement comes in the midst of the company's efforts to sell the refinery. The deal is subject…
Petrobras Texas Refinery Shut by Malfunction
The sole crude distillation unit at the 112,229 barrel per day (bpd) Petrobras' Pasadena, Texas, refinery was shut by a malfunction on Wednesday night, sources familiar with plant operations said on Thursday. Petrobras was working to determine what caused the crude unit and an associated vacuum distillation unit to shut down, the sources said.
Saudi Arabia Limits US Crude Shipments, Iraq Steps In
Saudi Arabia's efforts to reduce a worldwide crude supply glut by cutting shipments to the United States means others are now filling in, most notably Iraq, in a trend that is set to accelerate in coming months. Over the summer, normally one of the busiest periods for crude shipments, U.S. imports of crude from Iraq rose by 41 percent from a year ago…
Exxon's Baytown, Texas Refinery Operations Normal
ExxonMobil Corp said on Monday operations at the company's 560,500 barrel per day (bpd) Baytown, Texas, refinery, the country's second largest, have returned to normal for the first time since Aug. 27. Sources familiar with plant operations told Reuters earlier on Monday that all production units were back in operation at the Baytown refinery.
US Gasoline Prices Climb as Refineries Gradually Restart
U.S. retail gasoline prices climbed Tuesday, even as oil refineries rumbled back into service after Hurricane Harvey disrupted operations along the Texas coast. The average gasoline price was $2.648, 30.2 cents higher than a month ago, according to motorist advocacy group AAA. Gasoline prices normally retreat after the U.S. Labor Day holiday weekend. Benchmark U.S.
Largest US Refinery May Be Shut for up to Two Weeks
Motiva Enterprises' Port Arthur, Texas refinery, the nation's largest, may be shut as long as two weeks for assessment of the plant and repair of any damage, sources familiar with plant operations said on Thursday. The 603,000 barrel per day (bpd) Port Arthur Refinery was shut on Wednesday due to flooding from Tropical Storm Harvey. Reporting by Erwin Seba
U.S. Gulf Coast Energy Infrastructure Shuttered by Harvey
Tropical Storm Harvey made landfall in Louisiana early on Wednesday after hammering Texas, threatening more infrastructure in the heart of the U.S. oil and natural gas industry. The U.S. National Hurricane Center said Harvey came ashore just west of Cameron, Louisiana, and was expected to weaken to a tropical depression by Wednesday evening.
Crude Slips, Gasoline Jumps in Storm's Choppy Wake
Goldman Sachs says 23 pct of U.S. refining capacity is shut. Crude oil slid and gasoline futures hit their highest since mid-2015 on Wednesday as flooding and damage from Tropical Storm Harvey shut over a fifth of U.S. refineries, curbing demand for crude while raising the risk of fuel shortages.
Harvey's Rains Shut in More Refineries, Sending Fuel Prices Higher
U.S. fuel prices surged on Monday as two more Gulf Coast refiners cut output and a third considered reductions, leaving more than 13 percent of the country's refining capacity offline after Tropical Storm Harvey flooded plants and shut seaports. The storm swung back over the Gulf of Mexico on Monday…
Harvey Throws a Wrench into US Energy Engine
A hurricane in the heart of the U.S. energy industry is expected to upend years of U.S. excess oil capacity and low prices, with the impact expected to reverberate globally and affect energy markets for weeks. Harvey hit the Texas shore as a fierce Category 4 hurricane, causing massive flooding that knocked out 11.2 percent of U.S.
As IOC Books Cargoes, Nigerian October Liftings Mixed
India's IOC booked a total of 4 million barrels from traders Shell and Total, while Nigeria's initial October export plans mostly showed slipping levels. Export plans for Forcados, Qua Iboe, Bonny Light, Bonga Erha, Amenam and Usan nearly all showed lower figures compared with September. Forcados exports were scheduled to rise to 256…
Higher-cost Crude Could Squeeze Margins at US Refiners
U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to higher-priced but easier-to-refine light, sweet crude. The shift also could mean higher prices for consumers in the…
Petrobras Divestment to Include TX Refinery, African Assets
Petróleo Brasileiro SA will include its Pasadena, Texas refinery and its African assets in a divestment plan, the Brazilian state-controlled oil company said in a Wednesday securities filing. Petrobras, as the company is known, reaffirmed its target of divesting up to $21 billion in assets by the end of 2018.
Petrobras Looks to Sell Texas Refinery
Brazilian state-controlled oil company Petróleo Brasileiro SA is looking to sell its refinery in Pasadena, Texas, for less than $200 million, Bloomberg News reported on Tuesday, citing two sources, far less than its purchase price. Petrobras, as the company is known, paid $1.2 billion in two installments in 2006 and 2012.
ExxonMobil Earns $7.8 Bi in 2016
Exxon Mobil Corporation today announced estimated 2016 earnings of $7.8 billion, or $1.88 per diluted share. An asset recoverability review was completed in the fourth quarter and resulted in a U.S. Upstream asset impairment charge of about $2 billion mainly related to dry gas operations with undeveloped acreage in the Rocky Mountains region of the U.S.
In Tesoro's buy of Western Refining, a bet on Texas
U.S. oil refiner Tesoro Corp's $4.1 billion purchase of Western Refining Inc is a bet on many things, but above all it may be a bet on Texas. The largest refining acquisition since 2011, announced earlier on Thursday, will make Tesoro the fourth-biggest U.S. refiner by capacity. The acquisition fills…
Total No Longer Seeking Buyer for Texas Refinery Stake
Total SA has decided not to sell a 50 percent stake in its Port Arthur, Texas, refinery almost a year after it retained investment bank Lazard to advise on the deal, according to three people familiar with the matter. The move is a shift for Total, which has considered selling refineries over the last several years.
Colonial Pipeline Restarted Line 1 on Sunday
Colonial Pipeline said Line 1 began shipping gasoline between Houston and Linden, New Jersey, on Sunday morning for the first time since a deadly Oct. 31 explosion and fire near Helena, Alabama. The outage of Line 1, which can carry 1.3 million barrels of gasoline daily from the U.S. Gulf Coast to…
