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(Reuters) – BP’s 440,000-barrel-per-day (bpd) refinery in Whiting, Indiana, shut the reformer unit last weekend, trading sources said. The company did not immediately respond to Reuters’ requests for comment. The Whiting refinery, the largest in the U.S. Midwest, produces a wide range of liquid fuels, including gasoline, diesel and jet fuel. Reporting by Nicole Jao …
(Reuters) – Lyondell Basell Industries permanently shut its 263,776 barrel-per-day (bpd) Houston refinery in February, said Peter Vanacker, the company’s chief executive during a Friday conference call. Reuters reported on Feb. 7 the company completed the shutdown of the refinery. Lyondell first announced plans in 2023 to shut the refinery, which has been in operation …
Lyondell Houston Refinery Ceased Operations in February, Company Says Read More »
(Reuters) – Phillips 66 reported a bigger-than-expected loss for the first quarter on Friday, hurt by lower refining margins amid widespread maintenance and turnaround activities across the U.S. refining sector. U.S. refineries typically undergo seasonal maintenance and turnaround activities in preparation for the summer driving season, when fuel demand significantly increases. However, this scheduled downtime …
US Refiner Phillips 66 Posts Bigger-Than-Expected Quarterly Loss on Lower Margins Read More »
By Nicole Jao Investors keep focus on impact from Trump’s sweeping tariffs Analysts expect top refiners to report lower Q1 profits Earnings under pressure due to heavy maintenance, unplanned outages in Q1 Refining margins showed signs of improvement Trade wars dent refined product demand outloook NEW YORK, April 23 (Reuters) – Investors are expecting top …
US Oil Refiners’ Q1 Profits Likely Fell Despite Stronger Margins Read More »
*Light US crude requires a different configuration at refineries *Changing refinery setup can be a lengthy and expensive process *Running different crude types impacts refinery yields, margin By Arathy Somasekhar U.S. refiners are not planning to make big-ticket investments to process more domestic crude and less oil from top suppliers Canada and Mexico, industry sources …
US Refiners UNLIKELY to Spend Big to Process More Domestic Oil Read More »
(Reuters) – Shares of U.S. refiners fell to two-year lows on Friday in the wake of U.S. President Trump’s announcement of new tariffs, as fears of slower oil and fuel demand and weakening refining margins rattled investors. Top refiners Marathon Petroleum, Valero Energy and Phillips 66 have shed more than $20 billion in market capitalization …
Refining Stocks Plunge to Near Two-Year Lows as Trump Tariffs Spur Demand Worries Read More »
Elliott Investment Management said on Thursday that Phillips 66’s stock price could nearly double to $200 if the oil refiner sells or spins off its midstream business and puts more focus on refining and enhances oversight.The activist investor, which owns a $2.5 billion stake in the company, also slimmed down to four the number of …
Elliott Says Phillips 66 Share Price Could hit $200 if Changes are Made Read More »
By Arathy Somasekhar Cold weather impacts about 1.8 mln barrels of Permian output – analyst Midwest refiners seek Midland crude to cut dependency on Canadian light – analyst U.S., Europe refinery maintenances cut demand at the coast Narrow price differential between WTI Midland and MEH expected to be temporary – analysts to be temporary – …
Weak Refinery, Export Demand Weakens Prices for Midland Crude Along Texas Coast Read More »
(Reuters) – Lyondell Basell Industries’ will lay off 345 workers, or 86% of the workforce, at its shuttered Houston refinery on April 17, according to a filing with the Texas Workforce Commission. There are around 400 Lyondell employees working at the 263,776 barrel-per-day Houston refinery. About 70% of them are hourly workers represented by the …
Lyondell to Lay Off 86% of Workforce at Shuttered Houston Refinery, Filing Shows Read More »
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 »
