Oil and Gas Oil and Gas Refining

  • *Sees Q3 refining capacity at mid-90 pct vs. 100 pct in Q2. July 29- Phillips 66 joined larger rival Valero Energy Corp in saying that refiners are expected to process less crude in the second half of the year as margins shrink due to a gasoline glut. "My personal view is we've got a lot of inventory stacked up," Chief Executive Greg Garland said on a post-earnings call.

  • July 29- Phillips 66 joined larger rival Valero Energy Corp in saying that refiners are expected to process less crude in the second half of the year as margins shrink due to a gasoline glut. "My personal view is we've got a lot of inventory stacked up," Chief Executive Greg Garland said on a post-earnings call. Smaller rival Alon USA Energy Inc said on Friday it...

  • Shares of Phillips 66, whose second-quarter profit halved, fell as much as 3.2 percent to $73.82 in morning trade. Refining margins, the difference between the cost of crude and refined products, were $7.13 per barrel, well below Wells Fargo Securities analysts' estimate of $8.22 per barrel. The company has 14 refineries located in the United States, the United...

  • *OPEC supply rises by 100,000 bpd to 33.41 million bpd. *Gabon return boosts absolute level of OPEC supply. LONDON, July 29- OPEC's oil output is likely in July to reach its highest in recent history, a Reuters survey found on Friday, as Iraq pumps more and Nigeria manages to export additional crude despite militant attacks on oil installations.

  • *Simple European refiners begin run cuts of up to 5 pct. LONDON, July 29- Energy companies' lifeline during the rout in oil prices- refining and downstream- has withered but the fall in margins is hardly a surprise for European refiners, which are turning again to survival strategies honed during the tough years. "Last year was the best year on record for European...

  • *Says Alberta wildfires reduced net income by C $170 mln. July 29- Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, reported a surprise quarterly loss due to the impact of wildfires in Fort McMurray, Alberta. The Alberta wildfires reduced output by about 60,000 barrels per day and net income by an estimated C $170 million, Imperial said on Friday.

  • *Iran's crude oil exports to Asia surge. LONDON, July 29- Oil prices fell to their lowest levels since April on Friday, with Brent on track for its biggest monthly loss since December 2015, pressured by slowing economic growth that threatened to increase a supply overhang of crude and refined products. Brent crude oil futures were trading at $42.20 by 1322 GMT, down...

  • July 29- Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, reported a quarterly loss due to the impact of wildfires in Fort McMurray, Alberta. The Alberta wildfires reduced output by about 60,000 barrels per day and net income by an estimated $170 million, Imperial said on Friday. The company reported net loss of C $181 million, or 21 Canadian...

  • LONDON, July 29- Middle distillates remain the one ray of hope for U.S. oil refiners still struggling to clear a glut of gasoline caused by over-production earlier in the year. Stocks of distillate fuel oil are higher than normal but have been trending down for the last 15 weeks according to the U.S. Energy Information Administration. By July 19, hedge funds had...

  • Earnings from Phillips 66' s refining business plunged 75.3 percent to $149 million in the second quarter. Phillips 66' s consolidated earnings fell to $496 million, or 93 cents per share, in the second quarter from $1.01 billion, or $1.84 per share, a year earlier. Adjusted earnings of 94 cents per share edged past analysts' estimate of 93 cents, according to Thomson...

  • July 29- U.S. refiner Phillips 66' s quarterly profit more than halved as earnings from its refining business were compressed by record supplies of gasoline and diesel. The company's consolidated earnings fell to $496 million, or 93 cents per share, in the second quarter, from $1.01 billion, or $1.84 per share, a year earlier. Adjusted earnings were $499 million, or 94...

  • *Iran's crude oil exports to Asia surge. LONDON, July 29- Oil prices fell to their lowest levels since April on Friday, with on Brent track for its biggest monthly loss since December 2015, pressured by slowing economic growth that threatened to increase a supply overhang of crude and refined products. Brent crude oil futures were trading at $41.89 by 0908 GMT, down...

  • *Iran's crude oil exports to Asia surge. West Texas Intermediate crude fell 27 cents, or 0.7 percent, to $40.87 a barrel, slipping below $41 for the first time since April. Because refiners produced too much fuel from cheap crude, margins in the Americas, Europe and Asia have fallen sharply this year, eroding revenues for oil producers and refiners like Royal Dutch...

  • *Iran's crude oil exports to Asia surge. West Texas Intermediate crude fell 26 cents, or 0.6 percent, to $40.88 a barrel, slipping below $41 for the first time since April. Because refiners produced too much fuel from cheap crude, margins in the Americas, Europe and Asia have fallen sharply this year, eroding revenues for oil producers and refiners like Royal Dutch...

  • *Officials say smuggling in Iraq down 90 pct since 2014 peak. BAGHDAD, July 28- Islamic State, pushed off more than half the Iraqi territory it seized in 2014, has suffered a near collapse in revenue from oil smuggling, officials say, forcing it to cut fighters' pay, levy new taxes and raise fines for breaking its religious code. At one point it made millions of dollars a...

  • CAPE TOWN, July 28- South Africa's largest oil refinery, jointly operated by Shell and BP, has not shut down due to a workers' strike over wages, a spokeswoman said on Thursday, contradicting an earlier union claim. A senior union official had said the refinery, situated in the east coast Durban port and capable of refining 190,000 barrels per day of crude oil, had come...

  • LONDON, July 28- The accumulation of gasoline stocks in the United States has been driven by excess gasoline production rather than lack of demand, according to Valero, the largest independent refiner in the United States. Valero's comments corroborate data from the U.S. Energy Information Administration showing refineries running at record rates between...

  • *Current cost of supplies of $1 bln miss analysts' estimates. LONDON, July 28- Royal Dutch Shell reported a more than 70 percent fall in quarterly profit on Thursday, well below analyst estimates, blaming weak oil prices, poor refining profits and higher charges resulting from its $54 billion acquisition of BG Group. Shell's current cost of supplies-- its definition...

  • NEW YORK, July 27- Oil prices tumbled 3 percent on Wednesday, with U.S. crude futures hitting three-month lows, as U.S. crude and gasoline stocks surged on weak demand during the peak summer driving season. The U.S. Energy Information Administration said crude stockpiles soared 1.7 million barrels last week, instead of falling 2.3 million barrels as forecast.

  • NEW YORK, July 27- Oil prices tumbled 3 percent on Wednesday, with U.S. crude futures hitting three-month lows, as U.S. crude and gasoline stocks surged despite the peak summer driving season as weak demand and profits forced refinery cutbacks. The U.S. Energy Information Administration said crude stockpiles soared 1.7 million barrels last week, instead of...