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...It is one of the biggest western refining companies, with 12 plants spread across the US and Europe....
...It was backed by several deep-pocketed investors, including BlackRock, US oil refiner Valero Energy and Poet, a top US biofuel refiner....
...executive of large refining company Valero Energy, said in an earnings call last month....
...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....
...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....
...Shareholders of two independent refiners, Valero Energy and Marathon Petroleum, have enjoyed stock price rises of at least 78 per cent in the last year....
...“As long as inventories remain low, you would expect that to translate into a very strong refining margin environment,” said Joseph Gorder, chief executive of refiner Valero, referring to the profit margins...
...US refining capacity averaged 18.8mn barrels a day in 2019 but has fallen below 18mn b/d this year — due in part to the collapse of refining margins during the pandemic and the high cost of maintaining operations...
...Valero Energy, a Texas-based refining company which imports heavily from Russia, has reportedly suspended all future purchases of Russian oil....
...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.”...
...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....
...All told, up to 500,000 b/d has been cut from gulf refining runs, said market sources. Valero and Motiva didn’t respond to requests 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....
...Other refiners involved in renewable diesel include Valero Energy, whose Diamond Green Diesel joint venture with the fats recycler Darling Ingredients is more than doubling the size of a plant in Louisiana...
...Marathon’s refining segment suffered a $1bn ebitda loss in the second quarter. It lost money in the first quarter, too....
...This week Valero, a US refining company, announced a deal to expand its fuel tank capacity in Mexico, a leading market for petrol exports....
...That would be about 8 times ebitda, in line with peers such as Germany’s BASF and US refiner Valero....
...But the explosion in US energy production has been good for roughnecks in oil refining too....
...Exxon and Valero did not respond to requests for comment....
...They will also force US refining companies that have been customers for Venezuelan crude, including Valero Energy, to find other sources for the heavy oil they have been buying from PDVSA....
...ExxonMobil’s Fawley refinery and Valero’s Pembroke plant have both been consistent users of shale, according to Clipper Data....
...Up to 4.5m barrels of crude oil may now be distributed from the Strategic Petroleum Reserve at the request of three refining companies, the US energy department said Friday....
...Total refining capacity in Texas is 5.6m barrels a day, 31 per cent of total US refining capacity. It also produces 36 per cent of US crude....
...However, the White House decided against embargoing Venezuela’s oil exports, much of which are shipped for refining in Houston....
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