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Oil and Gas Oil and Gas Refining

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  • July 30- Refiner Marathon Petroleum Corp said it authorized an additional $2 billion share buyback, a day after it raised its quarterly dividend by 7 cents to 32 cents. Net income attributable to the company fell to $826 million, or $1.51 per share, for the quarter ended June 30 from $855 million, or $1.48 per share, a year earlier. The company's total revenue and other...

  • "Prices are at unsustainable lows after an exaggerated selloff," said Carsten Fritsch, analyst at Commerzbank in Frankfurt. Benchmark Brent hit a low of $52.28 a barrel on Tuesday, its cheapest since Feb. 2 as an oversupply of crude and the rising dollar combined with worries over China, the world's biggest energy consumer. The Reuters survey forecast Brent would...

  • MILAN— Italian oil and gas company Eni on Thursday reported second-quarter losses of 113 million euros amid a sharp decline in oil prices, but raised its forecasts on production this year as new fields come on line. Eni increased its full-year guidance to 7 percent growth in production, up from 5 percent, with new fields starting or ramping up in Venezuela, Angola,...

  • NEW YORK, July 29- U.S. crude oil inventories declined far more than expected last week, while gasoline stocks decreased amid robust demand for the motor fuel, data from the Energy Information Administration showed on Wednesday. U.S. crude was up $1.02 at $49 a barrel at 11:13 a.m. EDT, well above its session low of $47.39. Brent crude was up 58 cents at $53.88, having...

  • BEIJING/ SINGAPORE, July 29- Any attempt by Iran to sell to China millions of barrels of ultra light crude built up in tankers over the last 2-1/ 2 years of sanctions is likely to be thwarted by poor refining margins and an outage at a major importer of the oil. Traders and company officials say Iran has little choice but to target China to buy the crude known as...

  • State-owned KNPC commissioned a consortium including Spain's Tecnicas Reunidas, China's Sinopec and South Korea's Hanwha Engineering and Construction to build the main process units of the refinery, KUNA said. A consortium including Daewoo Engineering and Construction, Hyundai Heavy Industries and Fluor Corp of the United States will build support...

  • NEW YORK, July 24- French oil major Total S.A. is selling a 50 percent stake in its sole U.S. refinery in Port Arthur, Texas, and has retained investment bank Lazard to advise on the deal, according to a source familiar with the matter. Lazard and Total both declined to comment. In June, Exxon Mobil Corp and Petroleos de Venezuela SA sold their 192,500 bpd Chalmette,...

  • LONDON, July 24- Oil prices neared four-month lows on Friday, set for their fourth straight week of declines, after data showed a contraction in China's factory sector and the dollar rose against a basket of currencies. Data showing activity in China's manufacturing sector shrank at the fastest pace in 15 months in July adds to concern about demand at a time when...

  • An energy play that nobody's talking about Thursday, 23 Jul 2015 | 12:38 PM ET
    Flared natural gas is burned at an Apache natural gas plant in the Permian Basin in Garden City, Texas.

    Companies are plowing billions into infrastructure projects, making long-term bets that demand for nat gas will keep growing.

  • CAPE TOWN, July 23- Using the world's first dedicated crude oil blending terminal, South Africa will by 2017 mix different grades of crude oil for export to refineries across Asia, enabling them to produce cleaner fuels more cheaply, an official said on Thursday. Construction of the 2 billion rand fuel blending farm, which consists of 12 massive concrete bunkers,...

  • NEW YORK, July 23- U.S. motorists' habit of filling up with costlier "premium" gasoline when pump prices drop is delivering extra profits to refiners, such as Royal Dutch Shell and traders like Noble Group. In the first four months of the year, sales of premium grade gasoline- which makes up around a tenth of the market- surged by 12.6 percent, according to the latest data...

  • *OPEC members say expect price fall to be short-lived. "The crude oil inventory rise was driven by a strong rebound in crude oil imports, which neared 8 million barrels per day," said John Kilduff, partner at Again Capital LLC in New York. Imports from several other OPEC- member countries also rose.

  • *OPEC members say expect price fall to be short-lived. It was trading at $50, down 86 cents, at 1450 GMT. "The crude oil inventory rise was driven by a strong rebound in crude oil imports, which neared 8 million barrels per day," said John Kilduff, partner at Again Capital LLC in New York.

  • *Indian refiners owe Iran more than $6.5 billion. NEW DELHI, July 22- India's top financial official will visit Iran this weekend to discuss how to pay its oil import dues, sources said on Wednesday after the deal Tehran struck with world powers to curb its nuclear program in return for the lifting of sanctions. The rest was settled in rupees through UCO Bank and...

  • LONDON, July 21- California motorists are paying $1 per gallon more for gasoline than drivers in the rest of the country as problems at state refineries leave the state fuel market unusually tight. The gap between fuel prices in California and the rest of the country hit a record $1.06, up from just 43 cents at the start of the year. California levies almost 61 cents...

  • *China domestic diesel sales fall in June. Expectations of more Iranian supply following a nuclear deal and concerns that economic worries in China and Europe will weigh on demand have put pressure on oil prices this month. "Pessimism about oil prices because of the Iran nuclear deal and economic concern about China and Europe are overblown," analysts at PIRA...

  • The Coast Guard said it took over four hours to extinguish the blaze on one of the barges, which was carrying 1 million gallons of the highly volatile gasoline additive naphtha. The Coast Guard and the Texas General Land Office said it was unclear if any of the naphtha spilled into the waterway. A Coast Guard spokesman said naphtha evaporates quickly and that...

  • LONDON, July 20- Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity. Crude prices have fallen for three weeks in a row on expectations of increased oil sales from Iran following a deal to ease sanctions against the OPEC producer. Brent crude for September was down 35 cents at...

  • UPDATE 4-Oil steadies as Saudi crude exports fall Monday, 20 Jul 2015 | 4:41 AM ET

    LONDON, July 20- Oil prices steadied on Monday after data showing a sharp drop in Saudi Arabia's crude oil exports balanced signs of rising refined products stocks. Brent crude for September was 5 cents up at $57.15 a barrel by 0825 GMT. Oil prices have fallen for three weeks in a row on expectations of increased exports from Iran following a deal to ease sanctions...

  • —July 5, 2013: A runaway Montreal, Maine& Atlantic Railway train that had been left unattended derailed, spilling oil and catching fire inside the town of Lac-Megantic in Quebec. The oil was being transported from the Bakken region of North Dakota, the heart of an oil fracking boom, to a refinery in Canada. —Jan. 7, 2014: A 122- car Canadian National Railway train...