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  • LAGOS, Nigeria— Nigeria's state oil company lost 267 billion naira in 2015, even as it tried to pump more oil to counter slashed world prices, the Nigerian National Petroleum Corp. said Thursday. Nigeria is Africa's biggest oil producer but imports most refined products because its refineries are inefficient. According to the report, profits came from the...

  • LAUNCESTON, Australia, Feb 4-- The new entrants to China's crude market will not only boost the amount of oil imported, but are also likely to affect the supply sources and method of delivery. China more than doubled the non-state crude import quota for 2016 to 87.6 million tonnes, equivalent to 1.75 million barrels per day, part of efforts to boost competition and...

  • NEW YORK, Feb 3- U.S. crude oil and gasoline inventories jumped more than expected last week to record highs, data from the Energy Information Administration showed on Wednesday. "I didn't expect to see that big of a build, but it didn't surprise me," said Tariq Zahir of Tyche Capital in Laurel Hollow, New York. "The bears are controlling the market, the bulls are only going...

  • Feb 3- Refiner Marathon Petroleum Corp said on Wednesday its pipeline unit would increases dividends at a slower-than-expected pace this year, as its cash flow is hit by a fall in volumes of natural gas and natural gas liquids. The cut in the targeted distribution rate was negative, given that MPLX closed its $15.63 billion purchase of natural gas processor...

  • Feb 3- Refiner Marathon Petroleum Corp reported a better-than-expected quarterly profit as low crude costs and strong gasoline demand pushed up margins. Marathon Petroleum, which was spun off from Marathon Oil Corp, said the crack spread increased to $6.65 per barrel in the fourth quarter from $5.43 per barrel a year ago. Marathon Petroleum earned 79 cents per...

  • Marathon Petroleum profit falls 77 pct Wednesday, 3 Feb 2016 | 6:48 AM ET

    Feb 3- Refiner Marathon Petroleum Corp reported a 77 percent fall in quarterly profit as it took an inventory valuation adjustment charge of $370 million. Net income attributable to the company fell to $187 million, or 35 cents per share, for the quarter ended Dec. 31 from $798 million, or $1.43 per share, a year earlier. Revenue and other income fell nearly 30 percent...

  • Trafigura's China oil chief released on bail - sources Wednesday, 3 Feb 2016 | 1:56 AM ET

    BEIJING, Feb 3- The head of Swiss trading giant Trafigura's Beijing office was released on bail this week after eight months in detention, while a probe into alleged fraudulent oil trading continues, two sources with direct knowledge of the matter said. A spokesperson for the Cangzhou Police Bureau, the north China- based police authority in charge of the probe,...

  • Exxon's profit tumbles 58% as low crude hurts Tuesday, 2 Feb 2016 | 11:01 AM ET
    Exxon Mobil

    Exxon reported a steep drop in earnings as low oil prices hurt results at the world's largest publicly traded oil company.

  • NEW YORK, Feb 1- U.S. gasoline margins jumped on Monday on news that PBF Energy was forced to abandon the restart of its 212,000 barrel-per-day Delaware City, Delaware refinery, after a leak was discovered in the fluid catalytic cracker. The refinery has halted production since Jan. 23, when the company said the blizzard that blanketed the East Coast caused a power...

  • LAUNCESTON, Australia, Feb 1- It's probably no coincidence that Saudi Aramco revealed it is in advanced talks to buy stakes in Chinese refineries just as data came out showing that Russia toppled Saudi Arabia as China's biggest crude provider in December. This was the fourth month this occurred in 2015, underscoring that state-owned Saudi Aramco, the world's...

  • *Venezuela has called for meeting of OPEC, non- OPEC members. BAGHDAD, Jan 30- Iraq's oil minister said on Saturday his country was ready to accept a decision by OPEC and non- OPEC members to cut crude production and was preparing to revive its national oil company, moves aimed at boosting profits amid dropping prices. "Iraq will agree and cooperate if producers really...

  • Expect dividend cuts in big oil: Analyst Friday, 29 Jan 2016 | 4:33 PM ET
    Fadel Gheit is Oppenheimer, Managing Director and Senior Analyst covering the Oil and Gas sector.

    An analyst says investors should expect dividend cuts after Chevron reported a quarterly loss for the first time since 2002.

  • Chevron posts 1st loss since 2002 as oil sinks Friday, 29 Jan 2016 | 12:43 PM ET
    Chevron gas station

    Chevron reported a fourth-quarter loss on Friday as the oil producer grappled with how best to handle plunging crude prices.

  • LONDON, Jan 29- Saudi Arabia has successfully defended its share of the U.S. oil market even as rising domestic production from shale and growing pipeline imports from Canada have cut seaborne imports from other countries. Saudi Arabia has been fortunate in that the oil produced from shale is not in direct competition with its own crude exports.

  • DUBAI/ LONDON, Jan 29- Iran is on track to raise oil production by 500,000 barrels per day after the lifting of sanctions this month and has already sold 6 supertankers with additional crude to buyers in Europe and Asia, a Iranian oil source said. "Iran raised its crude oil production by at least 500,000 bpd and the market will see it in the next few days," said the Iranian...

  • The company's shares were up about 1 percent at $79.75 in premarket trading on Friday. Adjusted earnings, excluding special items of $60 million, were $710 million, or $1.31 per share, beating analysts' average estimate of $1.25 per share, according to Thomson Reuters I/B/E/S. The company's consolidated earnings fell to $650 million, or $1.20 per share, in the...

  • HOUSTON, Jan 26- County planners want to squash Phillips 66' s proposal to transport heavy crude by rail to one of its California refineries, saying it is too risky to public health and the environment. The Benicia Planning Commission will hold a similar hearing Feb. 8, with more if necessary, on Valero Energy Corp's proposed 70,000 bpd rail project- also delayed...

  • BEIJING, Jan 26- China's oil demand will grow 4.3 percent this year to surpass 11 million barrels per day, compared to 4.8 percent growth last year, the country's top energy group forecast on Tuesday. The CNPC demand forecast was higher than a recent report by the International Energy Agency that put growth in China's demand for oil products in 2016 at 3.1 percent,...

  • Asian oil capex down 15% this year: JPMorgan Tuesday, 26 Jan 2016 | 12:15 AM ET
    Asian oil capex down 15% this year: JPMorgan

    Scott Darling, regional head of oil & gas research at JPMorgan, says this could be the second year of a three-year cost deflation cycle for upstream oil companies.

  • MUMBAI, Jan 25- Three Indian state-run oil refiners will jointly build a 60 million tonnes a year, or 1.2 million barrels per day, refinery on the country's west coast, the federal oil minister said on Monday, adding the investment for the first phase of the refinery could exceed 1 trillion rupees. Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Hindustan...