Oil rises after inventory report
Oil for December delivery rose $1.49 to settle at $78.68 a barrel on the New York Mercantile Exchange. More »
Valero’s profit triples in third quarter
Valero attributed the results to wider discounts for crude oils relative to the international benchmark crude and stronger gasoline margins in most regions. More »
Moody’s: Refineries face flat demand, new competition
Shale oil will continue to give U.S. refineries a cost advantage over their European peers, but a few big refinery expansions in Saudi Arabia could steal market share. More »
Chevron’s profits climb 13 percent thanks to refining boost
The second-largest U.S. oil company also benefited from selling off some some of its assets as part of three-year divestment program. More »
Exxon sees profit rise on refining strength
Exxon CEO Rex Tillerson said that the earnings growth was “driven by higher margins and improved operations in the downstream and chemical businesses.” More »
Marathon Petroleum warns against lifting crude export ban as profits triple
Marathon Petroleum Corp. saw its profits triple on the widening price spread between crude and refined products and a record quarter for its convenience store segment. More »
Phillips 66 profits double on crude price plummet
Plummeting crude prices worldwide doubled Phillips 66′s profits in the third quarter, providing the company with a cheaper feedstock to run its refineries. More »
Sasol approves plan for $8.1 billion ethane cracker near Lake Charles
The project is driven by the abundance of low-cost ethane and natural gas in the U.S., which has prompted many chemical makers to beef up their U.S. facilities. More »
Citgo not for sale, Venezuela says
Venezuela has ruled out selling its U.S.-based refining subsidiary Citgo Petroleum Corp, Finance minister Rodolfo Marco Torres told Caracas-based El Universal newspaper in an interview published Sunday. More »
Natgasoline clears EPA hurdle for $1 billion methanol plant in Beaumont
The massive Beaumont project is expected to require thousands of construction workers and carry a more than $20 million annual payroll once it begins producing methanol at the end of 2016 More »
Gulf Coast crude imports fall to lowest level in 6 years
Advances in technology have unleashed vast new supplies of U.S. oil, reducing the nation’s need for foreign crude. More »
Refiners: We can take all your oil
Refiners opposed to oil exports said Thursday they have more than enough plants and equipment to swallow up all of the light, sweet crude flowing out of U.S. wells, countering the chief argument of oil producers hoping for a new era of overseas sales. More »
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