Hints and tips:
...The stock had risen 27 per cent over the past five years to Tuesday, compared with a 64 per cent rise in the S&P 500 oil refining and marketing index over the same period....
...The disclosures relate to its oil production and refining operations there, where the company can trace its history back more than 140 years....
...Nigeria is Africa’s largest oil producer but has had to import fuels due to a lack of refining capacity....
...Wirth, who has a degree in chemical engineering from the University of Colorado, led the company’s refining business before becoming CEO, where tight margins mean “you have to watch every penny”....
...Consumer oil prices have fallen from last year’s peak by about $60 per barrel in tandem with Brent, as well as on a weakening of record-high refining margins and a softer dollar....
...At Exxon and Chevron, the windfalls were driven by higher oil production and natural gas prices, along with strong earnings from their “downstream” oil refining businesses....
...“I think they have a responsibility to act in the interest of their consumers, their community and their country to invest in America by increasing production and refining capacity,” the president said in...
...Exxon and Chevron’s “downstream” oil refining businesses drove their soaring results after profit margins from selling refined fuels above the cost of buying crude oil exploded to record highs....
...Soaring refining margins — the difference between the cost of buying crude oil and selling refined fuel — are also padding the bottom line. This will moderate as demand slows....
...Biden has also said he could use emergency powers to add oil refining capacity, while criticising the industry for closing down refineries in recent years....
...And they won’t just be burning the midnight oil. They’ll be burning the 3am oil. So they won’t even leave the factory type of thing....
...The pattern suggested a period of higher profit margins for the US refining industry, the bank added....
...Garland said that refining companies were still under pressure. “Volumes are improving substantially,” he said, “but we need the whole world to get back to where it was.”...
...And they won't just be burning the midnight oil. They'll be burning the 3:00 AM oil. So they won't even leave the factory type of thing....
...The International Energy Agency named lithium as the mineral for which there was the fastest growing demand as the world transitions from oil and gas to a green energy grid....
...A ban on the sale, supply, transfer or export to Russia of technologies in oil refining and restrictions for related services....
...Saudi Arabia has held talks about taking a stake in the refining and petrochemicals arm of India’s Reliance Industries....
...The family had something extra to celebrate that year: Mr Vadell had recently been promoted to the post of vice-president of refining at Citgo Petroleum Corp, a US-based, Venezuelan-owned oil company....
...Marathon Petroleum, Phillips 66 and HollyFrontier are among the refining companies exploring or pursuing projects to produce “renewable diesel”, which can substitute petroleum-based diesel in trucks and...
...Like Opec’s leveraging of its oil production advantages in the past to suit its governments’ strategic goals — from the 1973 oil crisis to the 2020 Saudi-Russian price war — there is little to stop China...
...(Myles McCormick) The world has too much refining capacity — and more is coming The fundamentals have turned against the global refining business....
...Selling Speedway will leave Marathon far more reliant on refining and midstream operations at a time when oil groups’ refining margins — the profit from processing crude oil into fuels — are being squeezed...
...“Pure play refining can be pretty rough,” said Matthew Blair, head of refining research at investment bank Tudor, Pickering, Holt & Co. “It's going to be more volatile....
...“Although tanks at commercial storage companies have been almost fully contracted, [state-owned] Korea National Oil Corp can still rent out some space” to refiners in need of storage, said Yoon Chang-hyun...
...Marathon Petroleum, the US’s biggest oil refiner, posted a first-quarter loss of $9.2bn after taking a $12.4bn impairment charge, as fuel demand began to fall during the coronavirus lockdowns....
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