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Oil and Gas Refining

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  • Feb 2- Imperial Oil Ltd's Kearl oil sands project expansion will start ahead of schedule, the company said on Monday, in the latest sign that weak crude prices are failing to dent oil sands growth. Imperial, Canada's second-largest integrated oil producer and refiner, said construction on the Kearl expansion in northern Alberta is essentially complete.

  • Feb 2- Imperial Oil Ltd, Canada's second-largest integrated oil producer and refiner, posted a 36.5 percent fall in quarterly profit, hurt by lower crude prices as well as weaker refining and marketing margins. Imperial Oil joins a list of Canadian and U.S. oil and gas producers who have scaled back capital spending plans for 2015, following a sharp decline in oil...

  • Imperial Oil profit slumps as oil prices plunge Monday, 2 Feb 2015 | 8:11 AM ET

    Feb 2- Imperial Oil Ltd, Canada's second-largest integrated oil producer and refiner, posted a 36.5 percent fall in quarterly profit, hurt by lower crude prices and weaker refining margins. The company's net income fell to C $671 million, or 79 Canadian cents per share, in the quarter ended Dec. 31 from C $1.06 billion, or C $1.24 per share, a year earlier.

  • HOUSTON, Feb 2- Union workers were on strike for a second day on Monday at nine U.S. refineries and chemical plants as they sought a new national contract with oil companies covering laborers at 63 plants. One of the plants, Tesoro Corp's 166,000- barrel-per-day Martinez, California, refinery, was being shut because it was in the midst of planned maintenance work.

  • LONDON, Feb 2- Crude oil prices fell on Monday after U.S. unions called a refinery strike and activity in China's factory sector shrank for the second month in a row, quashing Friday's bullish mood. At 0938 GMT Brent crude oil futures were down $1.05 at $51.94 a barrel while U.S. crude futures were down $1.13 at $47.11 a barrel. "So far only a handful of refineries have...

  • *China factory activity slows for 2nd mth- private survey. Brent crude oil futures were trading at $51.93 a barrel at 0733 GMT, down $1.06, while U.S. "Manufacturing activities are likely weakening amid slackening demand growth, even taking potential distortion from Lunar New Year into account," Morgan Stanley said.

  • The sudden slump in the tank car market has more to do with narrowing crude oil spreads and ample tank car supply from manufacturers such as Greenbrier and American Railcar Industries than with more than 50 percent dive in U.S. crude prices over the past seven months. The rates for cars, used to transport more than half of North Dakota's crude, are at their lowest in...

  • NEW YORK, Feb 2- The last time U.S. oil workers went on strike in support of a nationwide pact, Jimmy Carter was president and KC and the Sunshine Band flew high in the Billboard chart with "Please Don't Go." In 1980, the companies also relied upon retired workers and people from other plants to run the refineries where strikes occurred, recalled Bob Landry, a retired...

  • SINGAPORE, Feb 2- Oil prices fell early on Monday after U.S. unions called a refinery strike and traders cashed in on strong price gains last week when the market soared more than 8 percent on a sharp drop in U.S. drilling. Brent crude oil futures were trading at $51.92 a barrel at 0100 GMT and U.S. WTI futures were at $47.17 a barrel, both down $1.07 a barrel.

  • HOUSTON, Jan 31- Union leaders and oil companies were unable to agree on a new labor accord on Saturday for workers at 63 U.S. refineries as a deadline passed that could lead to a strike. Royal Dutch Shell Plc, the lead negotiator for U.S. refinery owners, has said it does not comment on details of labor negotiations. "We remain committed to resolving our differences...

  • Union strikes at 9 US refineries amid contract war Sunday, 1 Feb 2015 | 12:04 AM ET
    Tesoro's oil refinery in Los Angeles

    Union leaders called strikes on Sunday at nine U.S. refineries in a bid to pressure oil companies to agree to a new national contract covering workers at 63 plants.

  • HOUSTON, Jan 31- Union negotiators rejected the latest offer from oil companies covering workers at 63 U.S. refineries on Saturday night, just hours before a strike deadline, according to a message sent to union members. This is the fourth contract proposal rejected by the USW since negotiations for a new three-year agreement began on Jan. 21.

  • The Exxon Mobil Corp refinery in Beaumont, Texas, received a strike notice on Friday night, according to the company. The Beaumont plant was the only Exxon refinery to receive a notice. Royal Dutch Shell Plc and Motiva Enterprises refineries have not received strike notices, a spokesman said on Saturday.

  • Where is global oil money going? To health care Saturday, 31 Jan 2015 | 11:00 AM ET
    A gas flare is seen at an oil well site outside Williston, N.D.

    Oil prices are in the midst of a prolonged slump, squeezing bottom lines everywhere. How do sovereign wealth funds cope?

  • LONDON, Jan 30- OPEC's oil supply has risen this month due to more Angolan exports and steady to higher output in Saudi Arabia and other Gulf producers, a Reuters survey showed, a sign key members are standing firm in refusing to prop up prices. Supply from OPEC has averaged 30.37 million barrels per day in January, up from a revised 30.24 million bpd in December,...

  • CALGARY, Alberta, Jan 29- Canadian Oil Sands Ltd, the largest-interest owner in the Syncrude oil sands project, slashed its dividend and further reduced 2015 capital spending on Thursday as fourth-quarter profit dropped 87 percent due to lower oil prices. Canadian Oil Sands said net income in the quarter was C $25 million, or 5 Canadian cents per share, down from C...

  • WASHINGTON, Jan 29- Republicans in the U.S. Senate made good on a pledge to pass the long-pending Keystone XL oil pipeline on Thursday, a measure the White House said President Barack Obama would veto. Approving Keystone has been the top priority of Republicans in the new Congress after they won control of the Senate in November. While the project would create...

  • WASHINGTON, Jan 29- The U.S. Senate will likely pass a bill approving the long-pending Keystone XL oil pipeline on Thursday, a measure the White House said President Barack Obama would veto. Republicans have made approving Keystone their top priority of the new Congress after winning control of the Senate in November. The Senate will vote after 2:30 p.m. EST on...

  • WASHINGTON, Jan 29- The U.S. Senate will likely pass a bill approving the long-pending Keystone XL oil pipeline on Thursday, a measure the White House has said President Barack Obama would veto. Republicans have made approving Keystone their top priority of the new Congress after winning control of the Senate in November's elections, but they are four votes shy...

  • LONDON, Jan 29- U.S. commercial crude oil stocks last week hit their highest level since 1931- when the opening of giant oil fields in the United States coincided with the Great Depression to create an enormous glut and sent prices tumbling to just 13 cents per barrel. In October 1929, U.S. commercial crude stocks peaked at a staggering 545 million barrels, following...