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Oil and Gas Oil and Gas Refining

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  • Imperial Oil's profit plunges 90 pct Friday, 31 Jul 2015 | 8:06 AM ET

    July 31- Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, reported a 90 percent fall in quarterly profit, hurt by the slump in crude prices and a tax-related charge. The company, majority owned by Exxon Mobil Corp, took a C $320 million charge in the second quarter due to an increase in Alberta's corporate tax rate. Imperial's net income fell to C...

  • With almost 80 million people and annual output of some $400 billion, Iran could be the biggest economy to rejoin the global trading and financial system since Russia emerged from the collapse of the Soviet Union more than two decades ago. Iran has already outlined plans to rebuild its main industries and trade relationships, saying last week it was targeting...

  • HOUSTON, July 30- U.S. motorists are using more "premium" high-octane gasoline as low oil prices led to cheaper fill-ups at the pump. But even if prices rebound, octane demand will keep growing in the long term as fuel economy standards strengthen, Marathon Petroleum Corp Chief Executive Gary Heminger said on Thursday. Valero Energy Corp, the largest independent...

  • *HollyFrontier shares surge, Tesoro falls. July 30- Tesoro Corp held talks to buy smaller rival oil refiner HollyFrontier Corp earlier this year in a bid to join the top echelons of the competitive U.S. refining industry, according to people familiar with the matter. The sources did not disclose Tesoro's offer price for HollyFrontier, which has a market...

  • July 30- U.S. refiner Valero Energy Corp reported a better-than-expected quarterly profit as its refining margins rose due to a steep fall in crude oil prices. Valero said on Thursday that it was on track to start operations at two light crude processing units at the Corpus Christi and Houston refineries in the first quarter of 2016.. Net income from continuing...

  • Oil to hit low $30s by the end of 2015: Kilduff Thursday, 30 Jul 2015 | 7:56 AM ET
    Pump jacks and wells are seen in an oil field on the Monterey Shale formation, March 23, 2014, near McKittrick, Calif.

    By Christmas, oil will be rebounding off the mid to lows $30s, John Kilduff told CNBC.

  • Refiner Valero Energy's quarterly profit doubles Thursday, 30 Jul 2015 | 7:39 AM ET

    July 30- U.S. refiner Valero Energy Corp's quarterly profit more than doubled as refining margins rose due to a steep fall in oil prices. Net income from continuing operations attributable to Valero's stockholders rose to $1.35 billion, or $2.66 per share, in the second quarter ended June 30 from $651 million, or $1.22 per share, a year earlier.

  • July 30- Refiner Marathon Petroleum Corp said it authorized an additional $2 billion share buyback, a day after it raised its quarterly dividend by 7 cents to 32 cents. Net income attributable to the company fell to $826 million, or $1.51 per share, for the quarter ended June 30 from $855 million, or $1.48 per share, a year earlier. The company's total revenue and other...

  • "Prices are at unsustainable lows after an exaggerated selloff," said Carsten Fritsch, analyst at Commerzbank in Frankfurt. Benchmark Brent hit a low of $52.28 a barrel on Tuesday, its cheapest since Feb. 2 as an oversupply of crude and the rising dollar combined with worries over China, the world's biggest energy consumer. The Reuters survey forecast Brent would...

  • MILAN— Italian oil and gas company Eni on Thursday reported second-quarter losses of 113 million euros amid a sharp decline in oil prices, but raised its forecasts on production this year as new fields come on line. Eni increased its full-year guidance to 7 percent growth in production, up from 5 percent, with new fields starting or ramping up in Venezuela, Angola,...

  • NEW YORK, July 29- U.S. crude oil inventories declined far more than expected last week, while gasoline stocks decreased amid robust demand for the motor fuel, data from the Energy Information Administration showed on Wednesday. U.S. crude was up $1.02 at $49 a barrel at 11:13 a.m. EDT, well above its session low of $47.39. Brent crude was up 58 cents at $53.88, having...

  • BEIJING/ SINGAPORE, July 29- Any attempt by Iran to sell to China millions of barrels of ultra light crude built up in tankers over the last 2-1/ 2 years of sanctions is likely to be thwarted by poor refining margins and an outage at a major importer of the oil. Traders and company officials say Iran has little choice but to target China to buy the crude known as...

  • State-owned KNPC commissioned a consortium including Spain's Tecnicas Reunidas, China's Sinopec and South Korea's Hanwha Engineering and Construction to build the main process units of the refinery, KUNA said. A consortium including Daewoo Engineering and Construction, Hyundai Heavy Industries and Fluor Corp of the United States will build support...

  • NEW YORK, July 24- French oil major Total S.A. is selling a 50 percent stake in its sole U.S. refinery in Port Arthur, Texas, and has retained investment bank Lazard to advise on the deal, according to a source familiar with the matter. Lazard and Total both declined to comment. In June, Exxon Mobil Corp and Petroleos de Venezuela SA sold their 192,500 bpd Chalmette,...

  • LONDON, July 24- Oil prices neared four-month lows on Friday, set for their fourth straight week of declines, after data showed a contraction in China's factory sector and the dollar rose against a basket of currencies. Data showing activity in China's manufacturing sector shrank at the fastest pace in 15 months in July adds to concern about demand at a time when...

  • An energy play that nobody's talking about Thursday, 23 Jul 2015 | 12:38 PM ET
    Flared natural gas is burned at an Apache natural gas plant in the Permian Basin in Garden City, Texas.

    Companies are plowing billions into infrastructure projects, making long-term bets that demand for nat gas will keep growing.

  • CAPE TOWN, July 23- Using the world's first dedicated crude oil blending terminal, South Africa will by 2017 mix different grades of crude oil for export to refineries across Asia, enabling them to produce cleaner fuels more cheaply, an official said on Thursday. Construction of the 2 billion rand fuel blending farm, which consists of 12 massive concrete bunkers,...

  • NEW YORK, July 23- U.S. motorists' habit of filling up with costlier "premium" gasoline when pump prices drop is delivering extra profits to refiners, such as Royal Dutch Shell and traders like Noble Group. In the first four months of the year, sales of premium grade gasoline- which makes up around a tenth of the market- surged by 12.6 percent, according to the latest data...

  • *OPEC members say expect price fall to be short-lived. "The crude oil inventory rise was driven by a strong rebound in crude oil imports, which neared 8 million barrels per day," said John Kilduff, partner at Again Capital LLC in New York. Imports from several other OPEC- member countries also rose.

  • *OPEC members say expect price fall to be short-lived. It was trading at $50, down 86 cents, at 1450 GMT. "The crude oil inventory rise was driven by a strong rebound in crude oil imports, which neared 8 million barrels per day," said John Kilduff, partner at Again Capital LLC in New York.