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Oil and Gas Oil and Gas Refining

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  • NEW YORK, Aug 7- Crude oil dipped on Friday, plumbing multi-month lows and headed for a sixth straight week of losses, pressured by tumbling gasoline prices as the approaching end of the U.S. summer driving season suggested a growing surplus in fuel supply. Traders and investors were awaiting the latest weekly reading on the U.S. oil rig count from industry firm...

  • LONDON, Aug 7- Crude oil futures slid further on Friday due to gains in the dollar, sending it rolling towards its longest run of weekly losses since the turn of the year. Brent crude futures fell by 40 cents to $49.12 at 1249 GMT. It had already been under pressure as physical markets braced for the return of 2 million barrels of North Sea oil that turned back from its...

  • LONDON, Aug 7- Oil was on track for another weekly drop as oversupply concerns weighed on the world's oil benchmark, facing a sixth consecutive week of losses, the longest run since the turn of the year. WTI crude oil, but Brent slid as physical markets braced for the return of 2 million barrels of North Sea oil that turned back from its path to South Korea earlier this...

  • LONDON, Aug 6- Low crude prices and strong demand for gasoline are creating near-perfect conditions for oil refineries across the United States, especially those geared towards maximising gasoline production. Valero, the country's largest independent refiner, made a gross margin of more than $13 on every barrel of oil processed in the second quarter, and a net...

  • HOUSTON, Aug 5- Plains All American Pipeline LP's ruptured California oil pipeline may have spilled 41 percent more crude than currently estimated, the company said on Wednesday. The line, which can move up to 48,000 barrels per day of offshore California crude to onshore refineries, has been shut for nearly three months after fouling Santa Barbara County...

  • "The resulting lower refining margins will decrease the incentive for crude oil processing, leading eventually to a renewed rise in crude oil stocks from an already lofty level," Carsten Fritsch, senior commodity analyst at Frankfurt- based Commerzbank AG, told the Reuters Global Oil Forum. U.S. crude futures were down 65 cents, or 1.4 percent, at $45.09 a barrel by...

  • NEW YORK, Aug 5- U.S. crude futures hit 4-1/ 2 month lows on Wednesday as the market fretted about a surge in gasoline stockpiles as the summer season, which is the country's biggest demand period for motor fuels, neared its end. Ignoring a bigger-than-expected weekly drawdown in U.S. crude stockpiles announced by the Energy Information Administration, traders and...

  • *Q2 refinery margins up to $17.42/ bbl from $14.54. Aug 5- HollyFrontier Corp posted a better-than-expected profit for the second straight quarter, showing that the U.S. refiner had put behind it a disruptive start to the year when it made a failed attempt at an acquisition and rebuffed a takeover offer. HollyFrontier was among the bidders for Citgo Petroleum Corp,...

  • Aug 5- U.S. refiner HollyFrontier Corp reported a better-than-expected quarterly profit as its refining margins rose due to a steep fall in crude oil prices. HollyFrontier's refinery gross margin rose to $17.42 per produced barrel in the second quarter ended June 30 from $14.54 a year earlier. Reuters reported last week that Tesoro Corp held unsuccessful...

  • HollyFrontier profit doubles on higher margins Wednesday, 5 Aug 2015 | 7:37 AM ET

    Aug 5- U.S. refiner HollyFrontier Corp's quarterly profit more than doubled, helped by a rise in refining margins due to lower crude prices. Net income attributable to the company's shareholders rose to $360.8 million, or $1.88 per share, in the second quarter ended June 30, from $176.4 million, or 89 cents per share, a year earlier. Sales and other revenue declined...

  • LONDON/ SINGAPORE, Aug 4- Oil prices are unlikely to recover soon as Saudi Arabia's drive to boost its refining activities is expected to force refineries elsewhere to slow down their operations, thus creating an even bigger glut of unwanted crude oil. Two big new refineries in Saudi Arabia are adding to growing supplies of diesel and jet fuel, which could mean...

  • Chevron's ugly earnings put focus on oil dividends Friday, 31 Jul 2015 | 2:12 PM ET

    Chevron earnings fell well below expectations Friday, raising new questions about shareholder returns at a time when oil prices are sliding again.

  • *OPEC output up more than 1.7 mln bpd since policy shift. LONDON, July 31- OPEC oil output reached the highest monthly level in recent history in July, a Reuters survey found on Friday, as Saudi Arabia and other key members show no sign of wavering in their focus on defending market share instead of prices. OPEC supply has risen in July to 32.01 million barrels per day...

  • July 31- Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, reported a lower-than-expected quarterly profit, hurt by the slump in crude prices. Imperial, majority owned by Exxon Mobil Corp, said on Friday that its capital expenditure fell about 41 percent to C $819 million in the second quarter. Excluding a C $320 million charge related to an...

  • 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.