Oil and Gas Refining
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*Marathon now owner of refinery with deadly past under BP. HOUSTON, Feb 1- Marathon Petroleum Corp on Friday closed its $2.4 billion acquisition of BP Plc's Texas City, Texas, refinery, both companies said.
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HOUSTON/ SAN FRANCISCO, Feb 1- Renewed strength in refining and chemicals led to higher-than-expected fourth-quarter earnings for Exxon Mobil Corp and Chevron Corp, the two largest U.S. oil companies.
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Chevron Corp., the second largest U.S. oil and gas company, posted a sharp increase in earnings for the fourth quarter on higher production, better refinery performance, and a gain from an asset swap that increased the company's position in a gas field in Australia. Fourth quarter net income jumped 41 percent to $7.2 billion on revenue of $60.6 billion.
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*Kearl budget rises by C $2 bln to C $12.9 bln. *Q4 EPS C $1.26/ shr vs year-earlier C $1.18/ shr. CALGARY, Alberta, Feb 1- Imperial Oil Ltd said on Friday the cost of its recently completed Kearl oil sands project in northern Alberta ballooned to C $12.9 billion, nearly 20 percent above its last estimate, because of transportation delays and a harsh winter.
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TRAVERSE CITY, Mich.-- Regulators granted permission Thursday for Enbridge Inc. to finish replacing the underground pipeline that ruptured and spilled more than 800,000 gallons of oil into a southwestern Michigan river. It will extend through 10 Michigan counties: Berrien, Cass, St. Joseph, Kalamazoo, Calhoun, Jackson, Ingham, Oakland, Macomb and St. Clair.
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*Q4 earnings per share ex-items $3.27 vs Street view $3.03. The second-largest U.S. oil producer said fourth-quarter net income rose to $7.2 billion, or $3.70 per share, from $5.1 billion, or $2.58 per share, a year earlier.
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Feb 1- Chevron Corp posted a rise in quarterly profit on Friday as its refining arm managed to improve earnings despite the crippling of the company's oldest refinery last August by a fire. The second-largest U.S. oil producer said fourth-quarter net income rose to $7.2 billion, or $3.70 per share, from $5.1 billion, or $2.58 per share, a year earlier.
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LAUNCESTON, Australia, Feb 1- The easy thing to predict about China's crude oil imports this year is that they will be higher than in 2012, the trickier question is by exactly how much.
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Iran's crude exports to its biggest customer, Asia, fell by a quarter in 2012 and shipments this year are expected to drop by at least 12 percent under U.S. sanctions pressure, but ample alternative supplies will keep refiners flush with oil.
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WASHINGTON, Jan 31- The Obama administration's decision on the Keystone XL oil pipeline will not be made until at least June, a U.S. official said, which would delay the project for months and frustrate backers of Canada's oil sands.
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SINGAPORE/ TOKYO, Feb 1- Iran's crude exports to its biggest customer, Asia, fell by a quarter in 2012 and shipments this year are expected to drop by at least 12 percent under U.S. sanctions pressure, but ample alternative supplies will keep refiners flush with oil. From Asia, Iran lost $14 billion worth of oil exports for the year, according to Reuters calculations.
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LONDON, Jan 31- OPEC crude oil output has fallen in January to its lowest in more than a year as Iranian exports dipped from December's unexpectedly high rate and top exporter Saudi Arabia cut output further, a Reuters survey found on Thursday.
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ConocoPhillips said its total realized price fell to $67.45 per barrels of oil equivalent, down from $69.99 a year ago. In May, ConocoPhillips spun of its refining and pipeline unit into Phillips 66, so some of its earnings and revenue decline was because it no longer has those operations.
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LONDON, Jan 31- North Sea Forties oil exports to South Korea, a specialised trade that has supported crude prices, may drop in coming weeks due to maintenance at refineries, potentially weakening a source of support for Brent oil prices.
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Rio Tinto's Sam Walsh faces his first difficult decision as chief executive -- whether to shut the 1,400-staff Gove alumina refinery in Australia -- as under-performing units come under tougher scrutiny following $14 billion in writedowns this month.
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*Hess' looking carefully' at breakup proposal. *4th- qtr earnings $1.66/ share vs loss $0.39 year earlier. Jan 30- Hess Corp, which is under pressure from an activist investor to break up the company, is "looking carefully" at that proposal, Chief Executive John Hess told analysts on Wednesday.
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Jan 30- The uneven impact of the shale oil boom on the U.S. refining industry was brought into stark relief this week as Midwest and Gulf Coast refiners with easy access to cheap domestic crude posted strong earnings, while weak margins spelled the death of another East Coast plant.
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*Sale of California plants not ruled out. HOUSTON, Jan 30- Phillips 66 is studying "any and all options" for its California refineries given challenges with state regulatory requirements and high costs, Chief Executive Greg Garland told analysts on Wednesday.
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SYDNEY, Jan 31- Rio Tinto's Sam Walsh faces his first difficult decision as chief executive-- whether to shut the 1,400- staff Gove alumina refinery in Australia-- as under-performing units come under tougher scrutiny following $14 billion in writedowns this month.
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Jan 30- U.S. ethanol production has fallen to its lowest level since the government started collecting data more than two years ago, as poor demand and the high cost of corn prompt a series of plant closings. Gasoline demand is down and that is the big driver, "said R.J. O'Brien& Associates ethanol trader Julie Ward."