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Oil and Gas Refining

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  • May 5- U.S. oil refiner Western Refining Inc reported a better-than-expected quarterly profit, helped by lower crude costs. Western Refining, which has refineries in El Paso, Texas and Gallup, New Mexico, said cost of products sold fell 45 percent to $1.74 billion in the quarter. Net profit attributable to Western Refining rose 24 percent to $106 million, or $1.11...

  • May 5- U.S. oil refiner Western Refining Inc reported a 24 percent rise in quarterly profit, helped by lower crude costs. Net profit attributable to company rose to $106 million, or $1.11 per share, in the first quarter ended March 31, from $85.5 million, or 88 cents per share, a year earlier. The El Paso, Texas- based company's revenue fell nearly 38 percent to $2.32...

  • *Iraq exports reach 3.08 million bpd in April. NEW YORK, May 1- Oil prices eased off 2015 highs on Friday after Iraq said its crude oil exports hit a record in April, and on pressure from a stronger dollar. June Brent crude fell 32 cents to settle at $66.46 a barrel, after falling to $65.52 and having earlier matched Thursday's 2015 peak of $66.93.

  • *Iraq exports reach 3.08 million bpd in April. NEW YORK, May 1- Oil prices eased off 2015 highs on Friday after Iraq said its crude oil exports hit a record in April, and on pressure from a stronger dollar. June Brent crude fell 32 cents to settle at $66.46 a barrel, after falling to $65.52 and having earlier matched Thursday's 2015 peak of $66.93.

  • May 1- Oil and natural gas producer Chevron Corp reported a 43 percent drop in quarterly profit on Friday, though results beat analysts' expectations as cost cuts and robust refining margins helped offset the impact of tumbling crude prices. The help from refining operations mirrored results at large, integrated peers such as Exxon Mobil Corp and Royal Dutch...

  • *Shell, Total restructure to combat falling oil prices. LONDON, May 1- Top oil firms Royal Dutch Shell and Total are bringing their refining and trading operations closer together, seeking alternative ways to drive profits as oil prices fall and independent trading houses expand into their territory. Snapping at their heels are energy brokerages Vitol and...

  • May 1- Oil and natural gas producer Chevron Corp reported a 43 percent drop in quarterly profit on Friday, though results beat analysts' expectations as cost cuts and robust refining margins helped offset the impact of tumbling oil prices. The reliance on refining operations mirrored results at large, integrated rivals Exxon Mobil Corp and Royal Dutch Shell, as...

  • LONDON, May 1- The world's top oil companies can expect only limited solace from refining for the rest of the year, even as the often-troubled segment proved valuable in the face of sinking oil prices. Overcapacity in the sector previously made it the bane of integrated oil majors such as BP, Royal Dutch Shell, Exxon Mobil, Chevron, Total and Eni.

  • CALGARY, Alberta, April 30- Canadian Oil Sands Ltd, the largest shareholder in the Syncrude Canada Ltd joint venture, said on Thursday it swung to a loss in the first quarter as oil prices dropped by more than half. The company, which has a 37 percent stake in the Syncrude project, said its net loss was C $186 million, or 38 Canadian cents per share, compared with a net...

  • NEW YORK, April 30- U.S. Expiring front-month May RBOB rose 3.18 cents to settle and go off the board at $2.0497 a gallon, having reached $2.0556 intraday. The U.S. average retail price for regular gasoline increased 9 cents to $2.57 per gallon in the week to April 27, according to the Energy Information Administration.

  • Canadian Oil Sands posts loss, says cost cut paying off Thursday, 30 Apr 2015 | 4:50 PM ET

    CALGARY, Alberta, April 30- Canadian Oil Sands Ltd, the largest shareholder in the Syncrude Canada Ltd joint venture, said on Thursday it swung to a loss in the first quarter as oil prices dropped by more than half. The other Syncrude partners are Imperial Oil Ltd; Mocal Energy; Murphy Oil Corp; Nexen, a wholly owned subsidiary of China's CNOOC Ltd; Sinopec and Suncor...

  • April 30- Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, on Thursday reported a 55 percent fall in quarterly profit as global crude prices halved. Imperial Oil Chief Executive Rich Kruger said the company, which is 69.6 percent owned by Exxon Mobil Corp, would maintain a cautious spending outlook in the months to come. The company is close to...

  • April 29- Suncor Energy Inc, Canada's largest oil and gas company, reported a loss on Wednesday as oil prices tumbled by half and a foreign exchange loss outweighed higher production. Operating earnings, which exclude one-time items like the C $940 million foreign exchange loss on the value of the company's U.S.-dollar denominated debt, fell sharply to C $175...

  • NEW YORK, April 29- U.S. crude inventories rose last week to hit a record high for the 16th straight week but the build was smaller than expected as supplies at the Cushing, Oklahoma, oil hub declined for the first time since November, data from the Energy Information Administration showed on Wednesday. Crude stocks at Cushing, the delivery point for U.S. crude...

  • Marathon Petroleum approves dividend, stock split Wednesday, 29 Apr 2015 | 9:50 AM ET

    NEW YORK— Marathon Petroleum's board has approved a dividend and a two-for-one stock split, the oil refiner said Wednesday. Under the stock split, Marathon Petroleum's shareholders as of May 20 will receive one additional share of the company's stock on June 10, for each one they already own. "We believe the stock split will make our shares more affordable for a...

  • LONDON/ PARIS, April 28- BP and Total reported higher than expected profits on Tuesday thanks to steep increases in profits from refining, showing the resilience of global oil firms in the face of slumping oil prices. At Europe's largest refiner Total, adjusted net operating income from refining and chemicals more than tripled from the first quarter last year to...

  • April 28- Fair and stable oil prices will benefit producers and consumers, allowing global supply and demand to grow at a steady pace, Saudi Arabia's Oil Minister Ali al-Naimi said on Tuesday. The slide in oil prices since the middle of last year deepened after Saudi Arabia and other OPEC nations refused to cut production in November in a bid to maintain market...

  • *Saudi Arabia tells China ready to supply more oil if needed. NEW YORK, April 27- Crude settled lower on Monday as ample global supply blunted support from the conflict in Yemen and the falling number of U.S. rigs drilling for oil and kept traders cautious after prices reached 2015 peaks last week. "While the situation in Yemen and the falling U.S. rig count have...

  • LISBON, April 27- Portugal's Galp Energia said adjusted first-quarter net profit more than doubled from a year earlier, in line with expectations, thanks to a sharp increase in refining margins and rising oil output. In his first news briefing as chief executive, Carlos Gomes da Silva also said Shell's acquisition of BG Group, which is Galp's partner in some...

  • BEIJING— The general manager of China's largest oil refiner, Sinopec, has been placed under criminal investigation amid an ongoing crackdown on corruption. China's state-dominated energy sector has come under special scrutiny amid President Xi Jinping's wide-ranging anti-graft crackdown. Those arrested include the former head of China's biggest...