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Oil and Gas Oil and Gas Refining

  • KUALA LUMPUR, May 8- Saudi Arabia's energy minister Khalid Al-Falih said on Monday that oil markets were rebalancing after years of oversupply, but that he still expected an OPEC- led deal to cut output during the first half of the year to be extended to all of 2017.. The Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de-facto leader,...

  • A 55 percent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts, while reducing debt following its $54 billion acquisition of BG Group last year. Shell remains on track to hit its $30 billion asset disposal programme by 2018 to finance the BG acquisition, selling...

  • A 55 percent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts, while reducing debt following its $54 billion acquisition of BG Group last year. Shell remains on track to hit its $30 billion asset disposal program by 2018 to finance the BG acquisition, selling...

  • A 55 percent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts, while reducing debt following its $54 billion acquisition of BG Group last year. Shell remains on track to hit its $30 billion asset disposal programme by 2018 to finance the BG acquisition, selling...

  • HOUSTON, May 3- Tallgrass Energy Partners on Wednesday said it had identified 42 potential acquisitions or new projects totaling more than $6.1 billion in investment that could fuel the midstream operator's growth. On Wednesday, rival Magellan Midstream Partners said it was evaluating a new pipeline to transport crude and condensate from the Permian Basin...

  • May 3- U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said on Wednesday, keeping concerns about global supply on a simmer. U.S. crude futures was down 16 cents at $47.50 a barrel by 10:50 a.m. EDT, while Brent fell 10 cents to $50.36 a barrel.

  • DUBAI, May 3- Iraqi fuel oil exports have soared since January despite a reduction in the country's crude production in line with OPEC supply cuts, industry sources said, in what could be a way to boost output of refined products and maintain oil revenues. Iraq on average exported between 80,000 and 160,000 tonnes of fuel oil per month in 2016, data collected by...

  • DUBAI, May 3- Iraqi fuel oil exports have soared since January despite a reduction in the country's crude production in line with OPEC supply cuts, industry sources said, in what could be a way to boost output of refined products and maintain oil revenues. Iraq on average exported between 80,000 and 160,000 tonnes of fuel oil per month in 2016, data collected by...

  • *Global supplies remain near record high despite OPEC cuts. SINGAPORE, May 3- Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output and near record supplies capped gains. On Tuesday, WTI slid 2.4 percent to its lowest close since March 21 and Brent closed at...

  • *Global supplies remain near record high despite OPEC cuts. SINGAPORE, May 3- Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output and near record supplies capped gains. On Tuesday, WTI slid 2.4 percent to its lowest close since March 21 and Brent closed at...

  • SINGAPORE, May 3- Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output capped gains. West Texas Intermediate crude rose 48 cents, or 1 percent, to $48.14 a barrel by 0030 GMT. Benchmark Brent futures gained 59 cents, or 1.2 percent to $51.05 a barrel.

  • LONDON, May 2- Commodities trader Vitol has agreed to buy an 85,000 barrel per day condensate splitter in the Netherlands from Koch Supply and Trading, a subsidiary of U.S. conglomerate Koch Industries, Vitol said in a statement on Tuesday. Its acquisition will enhance our offering to our customers across the region, " Russell Hardy, Vitol CEO for Europe, Middle East...

  • NEW DELHI, May 2- India plans to order about a quarter less Iranian crude oil than it bought last year, people familiar with the matter said, as state refiners cut term purchase deals over a row between New Delhi and Tehran on development of a natural gas field. The drop in volumes follows India's threat to order state refiners- Hindustan Petroleum, Bharat Petroleum,...

  • NEW YORK, May 1- Carl Icahn's big bet on falling prices for biofuels credits generated a rare profit in that area last quarter for the billionaire investor's refining company CVR Energy, according to public filings. CVR Energy's refining unit posted a net gain of $6.4 million associated with the credits, a $50 million turnaround from the year-ago period when CVR...

  • HOUSTON, April 28- Phillips 66 expects its refineries to run in the mid-90 percent range of their combined capacity in the second quarter, according to a document prepared for a Friday morning conference call with Wall Street analysts to discuss first quarter earnings. Phillips 66' s refineries ran at 84 percent of capacity in the first quarter, primarily due to...

  • Three energy earnings movers

    The "Halftime Report" traders weigh in on three stocks that reported earnings today in an "energy edition" of our trader blitz.

  • April 28- Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, on Friday reported a quarterly profit compared with a year-ago loss, helped by higher global crude prices and a C $151 million gain from the sale of a property. The company, 69.6 percent owned by Exxon Mobil Corp, said net income was C $333 million, or 39 Canadian cents per share, in the first...

  • April 28- U.S. independent oil refiner Phillips 66 reported a 39 percent rise in quarterly profit, helped by a $423 million one-time gain from the consolidation of a petroleum coking venture. Excluding one-time items, loss in Phillips 66' s refining business narrowed to $2 million in the first quarter, from $95 million, a year ago. Phillips 66' s consolidated...

  • April 28- U.S. independent oil refiner Phillips 66 reported a 39 percent rise in quarterly profit, helped by a $423 million one-time gain from the consolidation of a petroleum coking venture. The company's consolidated earnings rose to $535 million, or $1.02 per share, in the first quarter, from $385 million, or 72 cents per share, a year earlier.

  • NEW YORK, April 28- U.S. refiners have come out of maintenance season betting that big exports to Mexico and South America will help alleviate high product inventories and boost margins as the critical summer driving season nears. Instead, they are taking advantage of demand from places like Mexico and South America, where sputtering local refineries cannot...