With crude oil prices hitting multiyear lows, refinery stocks offer the best promise in the energy sector, Stuart Frankel's Steve Grasso says.» Read More
NEW YORK, Nov 7- As the prospect of a global glut of oil sends shares of once-booming U.S. energy companies lower, some fund managers see value in pipeline and refinery companies, whose fortunes are tied more to the volume of oil than to its price. "They're like toll roads," said ClearBridge Investments' Chris Eades, who oversees about $8 billion in energy strategies at...
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.
SAN FRANCISCO, Oct 22- Shipments of Bakken crude oil from North Dakota to California by barge have quietly overtaken those by train for the first time, showing how the state's isolated refiners are using any means necessary to tap into the nation's shale oil boom. While tough permitting rules and growing resistance by environmentalists have slowed efforts to...
*IBM slumps after quarterly results. NEW YORK, Oct 20- U.S. stocks ended higher on Monday on investor hopes for a strong earnings season, but IBM's disappointing results limited gains. IBM shares slumped 7.1 percent to $169.10, the biggest drag on both the Dow and S&P 500, after third-quarter earnings fell well short of Wall Street expectations.
*IBM slumps after quarterly results. NEW YORK, Oct 20- U.S. stocks were mixed on Monday, with the S&P 500 and Nasdaq posting modest gains, but the Dow falling as quarterly results from IBM disappointed. IBM shares slumped 7.3 percent to $168.69 as the biggest drag on both the Dow and S&P 500 after the company's third-quarter earnings fell well short of Wall Street...
After the financial crisis of 2007-2009, a number of ailing U.S. refineries were sold to investors such as Carlyle Group and Delta Air Lines Inc, which lacked the credit agreements or oil trading expertise to efficiently supply their new plants. On Tuesday, Philadelphia Energy Solutions LLC, the biggest refinery on the East Coast, became the latest to join the...
Savvy investors know these stocks have the best chance for big-time profit growth, the USAToday reports.
Some of Wednesday's midday movers:
Venezuela's state-run oil company is seeking offers for its U.S. unit Citgo Petroleum in a deal that could fetch up to $10 billion.
NEW YORK, Sept 9- Venezuela's state-run oil company PDVSA is seeking preliminary offers for its U.S. unit Citgo Petroleum Corp by the end of September, a deal that could fetch up to $10 billion, according to two people familiar with the matter.
The "Fast Money" traders share their final trades of the day.
Aug 15- The first new crude-by-rail project at a California refinery is likely to win approval next month after more than a year of scrutiny, the head of the Kern County planning division told Reuters, and it could help reopen the shuttered plant.
Aug 15- The first crude-by-rail project at a California refinery is likely to win approval next month after more than a year of scrutiny, the head of the Kern County planning division told Reuters, and it could help reopen the shuttered plant.
A crush of big cap earnings and arguably the most important economic reports until September make next week the busiest of the summer for markets.
The train originated in North Dakota and was bound for Tesoro Corp's 120,000 barrel-per-day Anacortes oil refinery, 80 miles north of the city, Tesoro confirmed.
July 24- A Burlington Northern Santa Fe train carrying crude oil derailed as it departed a railyard in north Seattle on Thursday but there were no immediate reports of a spill or injury, BNSF said in a statement.
HOUSTON, July 21- California refiners remain far behind peers elsewhere in the country in replacing expensive imports with cheaper North American crudes from a new production boom. More than half of the 1.7 million barrels of crude processed by California refineries each day is imported, largely from Saudi Arabia, Ecuador, Iraq and Colombia.
VANCOUVER, Washington, July 21- California's chance to keep a lid on some of the nation's highest gas prices and join in the spoils of a domestic oil production boom is threatened by quickly growing opposition to a rail terminal in Washington state.
NEW YORK, July 14- A $6 billion takeover to create the biggest oil producer in the Bakken shale may also open up new opportunities for some big traders who ship oil from North Dakota and Montana to market.