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...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....
...Exxon produced 11.2mn metric tonnes of polyethylene last year and operates a chemical recycling plant for plastic in Baytown, Texas....
...Analysts estimate Chevron will bring in net income of about $25bn for 2023, according to S&P Global Market Intelligence....
...The S&P 500 Energy index advanced 1 per cent on Friday, making it the benchmark’s best-performing sector. Valero Energy was a top performer, rising more than 4 per cent....
...Under-investment is not just a feature of production and mining but can also occur in refining....
...West Texas Intermediate, the US marker, gained 2.1 per cent. The S&P 500 was 0.2 per cent lower at pixel time....
...Morgan Stanley has boardroom links to the oil and gas industry too; director Rayford Wilkins Jr is a sitting board member of Texas-based oil refining company Valero Energy....
...executive of large refining company Valero Energy, said in an earnings call last month....
...However, investors scored a win at Valero Energy, a fuel refining and retail company, which agreed to make pay changes based on climate without a shareholder vote....
...But Lukasz Bednarski, lithium analyst at S&P Global Commodity Insights, says the US’s refining capacity could be woefully short....
...The S&P Refining & Marketing index is up nearly 50 per cent this year, even as the broader market has fallen....
...Chevron’s second-quarter profit was $11.6bn, easily beating analyst forecasts of $9.9bn, according to estimates compiled by S&P Capital IQ....
...Exxon’s second-quarter net profit was $17.9bn, beating analysts’ estimates of $16.9bn, according to data compiled by S&P Capital IQ....
...West Texas Intermediate crude settled at $90 a barrel on Wednesday....
...Valero Energy, a Texas-based refining company which imports heavily from Russia, has reportedly suspended all future purchases of Russian oil....
...But filings last month showed the EV maker has applied for tax breaks to build a potential lithium refinery in Texas or Louisiana....
...and marketing at S&P Global Commodity Insights....
...“There was a significant increase in mobility in the second quarter, driving higher demand for refined products, particularly in the US,” Joseph Gorder, chief executive of Texas-based Valero, the biggest...
...“Supply chain may be something where Barry needs support, but the fiscal side of things, what does the P&L actually look like? Barry is as good as they come.”...
...The storm that swept through the Gulf of Mexico in late August initially took about 95 per cent of the region’s oil production and refining offline....
...The project, which would have carried Alberta’s heavy, bituminous crude oil to Gulf Coast refineries in Texas, had been opposed for years by environmentalists, owing to the oil sands’ associated ecological...
...Others, including the Saudi-owned Motiva plant in Port Arthur, Texas, have throttled back fuel production. All told, up to 500,000 b/d has been cut from gulf refining runs, said market sources....
...Some refiners, including New York-listed Valero, were seeking to park fuels on vessels, said S&P Global Platts. Valero did not respond to a request for comment....
...Refineries in Lake Charles owned by Phillips 66 and Citgo Petroleum were halted, as were others in Texas owned by Motiva Enterprises, ExxonMobil, Valero Energy, Total and Chevron, S&P said....
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