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Oil and Gas Refining

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  • LONDON, Nov 4- A deal to rescue the UK's Milford Haven oil refinery has collapsed, operator Murphy Oil said late on Tuesday, forcing it to permanently shutter the plant as the latest victim of a deep slump in the European refining industry. Klesch Refining Limited, run by billionaire investor Gary Klesch, had agreed to buy the idled plant in July, but the deal was...

  • LONDON, Nov 4- The sale of the Milford Haven refinery and terminal assets to Klesch Refining Limited has been canceled, according to a statement by Murco Petroleum, a subsidiary of the U.S.-based Murphy Oil Corporation. Sources familiar with the matter said earlier on Tuesday that Gary Klesch and Murphy Oil had extended a deadline to later this week to negotiate...

  • *Saudi Arabia cuts oil prices for U.S. customers. NEW YORK, Nov 4- Oil markets retreated from multi-year lows on Tuesday but still fell more than 2 percent after Saudi Arabia cut export prices to the United States threatening to deepen a global supply glut that has driven prices down 30 percent since June. U.S. crude futures settled down $1.59 at $77.19 after...

  • NEW YORK, Nov 4- Canada's Come by Chance refinery, on the far eastern tip of the country, has swapped out its mainstay Iraqi crude to run almost wholly on U.S. shale oil, industry sources say, the latest sign of how the shale boom is redrawing global oil trade. Some two months after South Korea's national energy firm agreed to sell the refinery to a newly formed New York-...

  • Nov 4- TransCanada Corp, Canada's No.2 pipeline company, on Tuesday raised estimated capital costs for its controversial Keystone XL project to C $8 billion from an initial projection of C $5.4 billion, citing lengthy delays. TransCanada Chief Executive Officer Russ Girling said he could not predict what effect the election might have on Keystone XL, but he...

  • Saudi Arabia adds to oil power with new refineries Tuesday, 4 Nov 2014 | 3:00 AM ET

    *With excess volumes, Riyadh seeks foothold in global market. DUBAI/ KHOBAR, Saudi Arabia, Nov 4- Saudi Arabia's tighter grip on the oil market from the desert derrick to the petrol pump, thanks to two new refineries, is redefining its role as a crude exporter and OPEC kingpin. Crude exports from the OPEC heavyweight have been sliding in recent months to their lowest...

  • HOUSTON, Oct 31- Tesoro Corp doesn't expect to add stabilizers that remove flammable natural gas liquids from crude in North Dakota's prolific Bakken shale, where the company is expanding its pipeline infrastructure, Chief Executive Officer Greg Goff said on Friday. North Dakota plans to issue new rules for the treatment of crude on Nov. 13 to address the...

  • Oct 31- A surge in refining profits boosted quarterly results for Exxon Mobil Corp and Chevron Corp, helping to offset lower oil and gas output and slumping crude oil prices. "Exxon Mobil's quarterly results demonstrate the strength of our integrated business model," Chief Executive Officer Rex Tillerson said in a statement after his company posted results.

  • LONDON, Oct 31- OPEC's oil supply in October has fallen by 120,000 barrels per day due to lower production in Angola and Nigeria, a Reuters survey found, although recovery in Libya and growth in Iraq kept output close to September's two-year high. OPEC pumps a third of the world's oil and meets in November to set output policy for early 2015. Despite oil's drop below...

  • Oct 31- Imperial Oil Ltd, Canada's second largest integrated oil producer and refiner, reported a 45 percent jump in third-quarter profit as it refined more crude oil at higher margins. Imperial, which is 69.6 percent owned by Exxon Mobil Corp, said it sold synthetic crude at an average of C $102.58 per barrel, down 10 percent from a year earlier.

  • Oct 31- A surge in refining profits boosted quarterly results at Exxon Mobil Corp and Chevron Corp, helping to offset declining oil and gas production and falling crude oil prices. "Exxon Mobil's quarterly results demonstrate the strength of our integrated business model," Chief Executive Officer Rex Tillerson said in a statement after his company posted...

  • Oct 31- Chevron Corp posted a higher-than-expected quarterly profit on Friday as lower crude prices boosted its refinery operations, helping to offset sagging oil and gas production. The company posted third-quarter net income of $5.59 billion, or $2.95 per share, compared with $4.95 billion, or $2.57 per share, a year earlier. Analysts on average expected...

  • Imperial Oil's quarterly profit jumps 45 pct Friday, 31 Oct 2014 | 8:05 AM ET

    Oct 31- Imperial Oil Ltd, Canada's second largest integrated oil producer and refiner, reported a 45 percent jump in quarterly profit as revenue rose in its downstream and chemical businesses. Net income rose to C $936 million, or C $1.10 per share, in the third quarter ended Sept. 30 from C $647 million, or 76 Canadian cents per share, a year earlier.

  • NYMEX-Crude falls below $82/bbl on strong dollar Wednesday, 29 Oct 2014 | 8:25 PM ET

    TOKYO, Oct 30- U.S. crude futures edged below $82 a barrel on Thursday in early Asian trade, pressured by a strong dollar and a supply glut, following overnight gains on the back of a less-than-expected rise in U.S. oil stockpiles. *NYMEX crude for December delivery was down 32 cents at $81.88 a barrel by 0004 GMT, after settling up 78 cents at $82.20 on Wednesday.

  • *Current low oil prices do not reflect fundamentals, OPEC says. Benchmark Brent crude oil for December settled up $1.09 at $87.12 a barrel, after touching an intraday high of $87.94. "I think the numbers are supportive, and suggest there's no big surplus of oil forming in any place," said Dominick Chirichella, senior partner at the Energy Management Institute in New...

  • *OPEC says fundamentals do not reflect low oil prices. Benchmark Brent crude oil for December was up $1.73 at $87.76 a barrel at 11:41 a.m. after touching an intraday high of $87.94. Crude inventories in the United States rose by 2.1 million barrels in the last week, compared with analysts' expectations for an increase of 3.4 million barrels, data from the...

  • *PetroChina posts drop in third-quarter net profit. *CNOOC's third-quarter revenue falls, production flat. HONG KONG, Oct 29- Chinese state-run oil giants PetroChina and CNOOC Ltd posted weaker third-quarter results on Wednesday, hit by a slump in crude prices as a result of ample supplies and weakening demand.

  • HOUSTON, Oct 29- U.S. refiner Phillips 66 said on Wednesday its third-quarter net profit more than doubled to $1.14 billion as margins benefited from the North American onshore oil boom. Earnings per share after certain items were $2.02, up from $0.85 a share in the year earlier period. Although profits at the company's chemical, midstream, and marketing units...

  • Secretary of State John Kerry said on Tuesday during a visit to Canada that he would like to make a decision soon on TransCanada Corp's Keystone XL crude oil pipeline. TransCanada has waited more than six years for the Obama administration to make a decision on the line, which would take as much as 830,000 barrels per day of Alberta tar sands crude to refineries on...

  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, Oct 28- As counter-intuitive as it sounds, it's possible that some major Asian oil refiners are actually trying to boost the price of crude, at least in the short term. Consider the recent actions of Chinaoil, the trading arm of PetroChina, the state-controlled oil major.