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Oil and Gas Refining

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  • 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.

  • HOUSTON, Oct 27- Venezuela's surprise move to scrap the sale of its U.S. refining unit Citgo was prompted when bids came in well below its $10 billion asking price, and sovereign and corporate bondholders criticized selling a reliable source of cash during a liquidity crunch, a source familiar with the situation said on Monday. State oil company PDVSA had hired...

  • CARACAS/ HOUSTON, Oct 27- It sounds embarrassing: Venezuela, an OPEC nation with the world's largest oil reserves, is for the first time in its history importing crude. Indeed, oil production is slipping and Venezuela has struggled to invest enough to reverse the trend. However, experts and traders who deal with Venezuela say the imports of Russian and Algerian...

  • HOUSTON, Oct 27- Venezuela's PDVSA has confirmed it will import light crudes as a diluent for its extra heavy oil production, a cost-saving move for the state-run company that also reveals delays and problems in its main output strategies. The Petrocedeno upgrader, operated with Norway's Statoil ASA and France's Total SA, will be under maintenance as of early...

  • Oil's slide a blow, not a boon to Asian refiners Sunday, 26 Oct 2014 | 5:00 PM ET

    *Asian refiners bought crude through year-end at over $90. SEOUL/ SINGAPORE, Oct 27- A 25 percent slide in crude prices since June should mean a windfall for Asian refiners, but instead they are facing a major drag on profits. "As unexpected, they are causing earnings shocks," said Andrew Yoon, a senior analyst at Daishin Securities, noting the knock-on impact that cuts...

  • NEW YORK, Oct 23- A highly anticipated study by the U.S. Energy Information Administration will show that domestic oil prices will not rise if the U.S. ban on oil exports is lifted, the agency's top administrator said Thursday. Sieminski, a former chief energy economist for Deutsche Bank, made the comments while taking questions about the issue during an energy...