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Oil and Gas Oil and Gas Refining

  • HOUSTON, Feb 6- Shell Oil Co, the U.S. unit of Royal Dutch Shell Plc, said on Monday it expects to divide the refineries and other assets of the Motiva Enterprises joint venture with co-owner Saudi Aramco in the second quarter of 2017.. Shell and Saudi Aramco said in March 2016 they would divide up the 20- year-old joint venture, which operates three refineries,...

  • *China import demand growth to slow- BMI Research. SINGAPORE, Feb 6- Oil prices edged up on Monday on fears that new U.S. sanctions against Iran could be extended to affect crude supplies, but markets were capped by further signs of growing U.S. production. Tensions between Tehran and Washington have risen since a recent Iranian ballistic missile test which...

  • HOUSTON, Feb 3- Differing estimates between would-be buyers and LyondellBasell Industries over the value of the company's Houston refinery resulted in Lyondell's inability to sell the plant last year, Chief Executive Bob Patel said on Friday. A sale of the plant, with a price tag of about $1.5 billion, would have marked Lyondell's exit from refining and...

  • Phillips posted an adjusted loss from its refining business of $95 million in the fourth quarter ended Dec. 31, compared with adjusted earnings of $376 million a year earlier. Consolidated earnings fell to $163 million, or 31 cents per share, in the quarter from $650 million, or $1.20 per share, a year earlier. The company reported adjusted earnings of 16 cents per...

  • Phillips posted an adjusted loss from its refining business of $95 million in the fourth quarter ended Dec. 31, compared with adjusted earnings of $376 million a year earlier. Consolidated earnings fell to $163 million, or 31 cents per share, in the quarter from $650 million, or $1.20 per share, a year earlier. The company reported adjusted earnings of 16 cents per...

  • Feb 3- U.S. independent oil refiner Phillips 66 reported a 75 percent fall in quarterly profit as refining margins were hit by the narrowing gap between U.S. crude price and globally-traded Brent crude, to which prices of refined products are tied. The company's consolidated earnings fell to $163 million, or 31 cents per share, in the fourth quarter ended Dec. 31...

  • SINGAPORE/ TOKYO, Feb 3- Oil prices edged up on Friday on news that U.S. Brent crude futures had risen 45 cents, or 0.8 percent, to $57.01 a barrel by 0750 GMT, after settling down 24 cents at $56.56 in the previous session. West Texas Intermediate crude futures climbed 48 cents, or 0.9 percent, to $54.02 a barrel, after ending Thursday down 34 cents.

  • *Government wants to end oil theft. OGONILAND, Nigeria, Feb 2- Listening for the engines of navy boats hunting illegal refineries in the swamps of Nigeria's Niger Delta, workers heat up crude oil in a tank next to a waterway. Authorities have spent the last eight months holding peace talks with the militants, whose attacks in the Delta temporarily reduced Nigeria's...

  • Late last year, Nigeria, Ghana, Benin, Togo and Ivory Coast unveiled a plan to reduce the amount of poisonous sulfur they would allow in fuel. That has caused uncertainty, particularly in Nigeria and Ghana, which consume more than half of the fuel used in the region. Nigeria is still drafting its own rules.

  • LONDON, Feb 2- Shell made more money than Exxon Mobil in the second half of 2016, despite the Anglo-Dutch oil major's annual profit hitting its lowest level in more than a decade as it grappled with a deep downturn. With BG Group's operations fully integrated following its $54 billion acquisition a year ago, Shell said on Thursday its full year production rose by...

  • LONDON, Feb 2- Shell made more money than Exxon Mobil in the second half of 2016, despite the Anglo-Dutch oil major's annual profit hitting its lowest level in more than a decade as it grappled with a deep downturn. With BG Group's operations fully integrated following its $54 billion acquisition a year ago, Shell said on Thursday its full year production rose by...

  • LONDON, Feb 2- Royal Dutch Shell's profits were lower than forecast in the last quarter of 2016 due to an unexpected charge relating to foreign exchange moves, but it was still ahead of its larger U.S. rival Exxon Mobil. Shell's full year production rose by nearly a quarter from a year earlier to 3.668 million barrels of oil equivalent, reflecting the integration of...

  • SEOUL, Feb 2- South Korea's S-Oil Corp expects healthy refining profits this year, buoyed by growing demand for oil products in places such as China and Southeast Asia. S-Oil treasurer Shin Kwan- bae said on a call with analysts that the company expected the official selling price for Arab Light crude, supplied by Saudi Arabia, to remain steady in Asia from last year.

  • *OPEC delivers 82 pct of pledged supply cut- Reuters survey. NEW YORK, Feb 1- Crude oil futures rallied late on Wednesday, jumping more than $1 a barrel on geopolitical concerns after Iran confirmed a ballistic missile test and bulls found support in reports on production cuts. Additionally, prices were buoyed by reports that Russia and Iraq were complying with...

  • *OPEC delivers 82 pct of pledged supply cut- Reuters survey. Oil markets have been trapped in a range as traders wait to see whether OPEC production cuts can outweigh U.S. supply growth. "U.S. crude could be in consolidation from $51 to $55 for awhile, until there's more evidence on OPEC production cuts or more evidence of production picking up or stabilizing in the...

  • *OPEC delivers 82 pct of pledged supply cut- Reuters survey. NEW YORK, Feb 1- Oil pared gains on Wednesday after weekly U.S. supply data suggested a crude glut may persist, despite signs that Russia and OPEC producers are delivering on promised supply reductions. Brent crude was up 55 cents at $56.13 a barrel at 10:57 a.m. EST, having risen as high as $56.24.

  • Midwest, Southeast and Gulf Coast, said its refining and marketing gross margin rose to $11.41 per barrel in the fourth quarter from $10.75 in the third quarter. Tudor analysts had an estimate of $10.25 per barrel for the latest quarter, while analysts at Piper Jaffray unit Simmons& Co International had expected $10.38 per barrel. Net income attributable to...

  • Findlay, Ohio- based Marathon also cut its investments in a project, which will integrate its Galveston Bay and Texas City refineries, to $1.5 billion from $2 billion. Net income attributable to the company rose to $227 million, or 43 cents per share, in the fourth quarter ended Dec. 31 from $187 million, or 35 cents per share, a year earlier. Excluding items, the company...

  • Feb 1- Marathon Petroleum Corp reported a 21.4 percent jump in quarterly profit, helped by higher income from its refining business and its unit that transports crude oil and refined products. Net income attributable to the company rose to $227 million, or 43 cents per share, in the fourth quarter ended Dec. 31, from $187 million, or 35 cents per share, a year earlier.

  • Brighter skies ahead for Exxon Mobil?

    Andy Lipow at Lipow Oil Associates says that 2017 looks a little better for Exxon Mobil due to higher oil prices.