Oil & Gas Refining








Asia

North America

Oil & Gas Refining

LSEG data indicates that Freeport LNG export facility in Texas is on schedule to end its outage by Wed.

According to data provided by financial firm LSEG, the U.S. liquefied gas (LNG), Freeport LNG, export plant in Texas is on track to receive more natural gas after closing on Tuesday. This indicates that the plant has recovered from an outage. Freeport LNG officials were not available to comment immediately. Freeport reported to Texas environmental regulators on Tuesday night that the three liquefaction train at the export facility had been shut down Tuesday morning because of an interruption in the power supply. Freeport has been shut down by power problems in the past. Freeport is more vulnerable to power outages...

Oil & Gas Refining

Suncor, Canada reports first quarter profit beating on strength in refining

Suncor Energy, a Canadian oil company, reported a first-quarter profit that was above analyst expectations on Tuesday. It benefited from increased refinery production and higher sales volumes. The positive results are part of a wider rebound in North American refinery margins. Imperial Oil, a peer company, posted record earnings for the first quarter last week. This was primarily due to higher margins in its fuel and refining business. Suncor reported that its refined products sales increased to 604,900 barrels a day during the third quarter, compared with 581,000 bpd in the previous year. The increase was due to a higher...

Oil & Gas

Sunoco will buy Parkland for $9 billion in a deal that consolidates the fuel suppliers in America

Sunoco LP announced on Monday that it would buy Parkland, a Canadian fuel distributor, for a total of $9.1 billion including debt. The companies claimed this deal would make Sunoco the largest independent fuel retailer in the Americas. The deal is the result of Parkland’s strategic review that was initiated in March. This followed persistent pressure by Simpson Oil, Parkland’s largest shareholder, with nearly 20%, and Engine Capital, an activist investor. Simpson Oil has not responded to our request for comment. Parkland shareholders receive C$19.80 and 0.290 Sunoco shares for every Parkland share they hold. Sunoco shares, which are involved...

Energy Markets

Canada's Imperial Oil reports a rise in profit for the quarter on higher refining margins

Imperial Oil, a Canadian oil company, posted an increase in its first-quarter profits on Friday. This was primarily due to higher margins in the refining and sales of fuels business. The shares, which are listed in the United States, rose nearly 6% prior to the bell. The completion of the Trans Mountain expansion project has benefited Canadian producers, increasing its capacity to 890,000. barrels per day. The pipeline is the only way for producers to export their products internationally without having to go through the United States. Brad Corson, CEO of Corson Energy Inc. said that the upstream business continues...

Oil & Gas

PBF Energy reports quarterly loss amid maintenance and turnaround activities

PBF Energy, a U.S. refiner, posted a loss for the quarter on Thursday as compared to a profit from last year. The fire at the Martinez refinery in California along with other turnaround activities affected refining margins. In preparation for summer driving, U.S. refineries undergo seasonal maintenance and turn-around activities. This reduces the refinery's ability to generate revenue and temporarily lowers its utilization. "Policy volatility and macroeconomic uncertainty combined with the Martinez incident, planned maintenance in PBF's refinery system, as well as policy volatility and macroeconomic uncertainties, created a challenging first quarter environment," said CEO Matt Lucey. A fire had...

Fossil Fuels

US refiner HF Sinclair posts smaller-than-expected loss in first quarter

U.S. refiner HF Sinclair posted a smaller-than-expected loss in the first quarter on Thursday, supported by sequential improvement in refining margins. The 3-2-1 crack is a spread that uses a 3-1-2-1 split. Fuel supply was tightened by nationwide refinery maintenance, which is a key indicator for U.S. refueling margins. It has been under pressure since then due to macroeconomic headwinds. Refiners convert crude oil into gasoline and diesel fuel, as well as jet fuel, jet-fuel, and other products. HF Sinclair’s throughput or total crude processed during the first quarter increased slightly from 643,300 barrels per day a year ago to...

Fossil Fuels

Couche-Tard opens up negotiations for Japan's Seven & i by gaining access to the books

Alimentation Couche-Tard and Japan's Seven & i have signed a non-disclosure (NDA) agreement that will allow the Canadian company to access the Japanese retailer's data in order to pursue a $47 Billion acquisition. The deal represents progress in the takeover negotiations for Couche-Tard. It operates Circle-K convenience store in Canada and in the United States, and has been trying since August to acquire Seven & i. Seven & i, the operator of 7-Eleven, said that the terms and conditions of the agreement would remain confidential. The agreement includes a clause that protects the target companies against hostile takeovers. Couche-Tard said...

Oil & Gas

Neste, a biofuel manufacturer, expects a limited impact of tariffs. However, the supply glut is still weighing on them.

Neste, a Finnish biofuel producer and oil refiner, expects U.S. Tariffs to have only a small direct impact on their business. However, they warned about the oversupply of renewable fuels and market volatility. Heikki malinen, Neste's Chief Executive Officer said that "we expect European policymakers will safeguard an equal playing field and the competitiveness of European Industrial Companies." The Finnish group warned that it would continue to face challenges in the future due to the excess supply of renewable fuels, the weak global economy and the low demand for these fuels. Neste, a company that has a joint-venture with Marathon...

Renewable Fuels

Trump Administration allows temporary sale of higher-ethanol summertime fuel

The Trump administration issued an emergency waiver on Monday to allow a higher-ethanol blend of gasoline to be sold nationwide this summer. They said it would increase fuel supply and lower costs during the U.S. peak driving season. This move will likely benefit corn farmers and biofuel producers, as the market is expected to grow for their products. Both industries are pushing for year-round nationwide sales of E15 blends, which contain 15% ethanol. U.S. Agriculture Secretary Brooke Rollins stated that the decision to allow summer sales of E15 would provide immediate relief for consumers. It will also provide more choice...

Oil & Gas

Investors are worried that Big Oil may reduce its share buybacks if crude prices fall

Investors will pay attention to how the falling oil price has increased the risk of dividends and share purchases for the remainder of 2025. Big Oil's efforts to win over Wall Street have been based on returning cash to investors via dividends and stock repurchases. U.S. president Donald Trump's announcements of global tariffs have caused fears of a weaker oil market and a possible recession, leading forecasters to reduce their oil price expectations. If prices were lower, Big Oil would have less money to give to its shareholders. In a research note, Paul Cheng, a Scotiabank analyst, wrote: "We believe...

Crude Oil

US court launches 30-day competition to buy parent company's shares of Citgo

According to a late Thursday court filing, a U.S. court official overseeing the auction of shares of Citgo Petroleum's parent company in Venezuela has proposed opening a 30-day period for bids on April 28. The final winner of the process will be chosen on June 11. The Delaware Judge Leonard Stark must approve the proposed calendar. It follows confirmation of a $3.7 Billion starting bid from Contrarian Funds affiliate Red Tree Investments. Red Tree's "stalking horse" bid was selected, and the 16 creditors who remain in this 8-year old case began a fight. Some parties thought the offer was too...

Refined Products

Phillips 66, a US refiner, reports a larger-than-expected quarter loss

Phillips 66 announced a larger-than-expected first-quarter loss on Friday. Lower refining margins due to widespread maintenance and turnaround activities across the U.S. refinery sector weighed down on its performance. In preparation for summer driving, U.S. refineries undergo seasonal maintenance and turn-around activities. This scheduled downtime can temporarily impact refinery performance and revenue capture. Mark Lashier, CEO of the company said: "Our results are not only reflective of a macro-environment that is challenging but also reflect our biggest spring turnaround program ever." The refining division of the company posted a $937 million loss during the first quarter of this year, compared...

Europe

Fossil Fuels

South Korea's SK Innovation claims that refinery margins will improve following a surprise Q1 loss

SK Innovation Co Ltd, the owner of South Korea’s largest oil refiner SK Energy swung into an unexpected operating loss during the first quarter due to lower oil prices. However, the company forecasts a recovery in the refining margins for the second quarter. The company reported an operating loss for the third quarter ended March 31 of 45 billion won (32 million dollars), a sharp drop from the 625 billion won profits it recorded a year earlier. According to LSEG SmartEstimate, analysts had estimated a profit of 393 billion won. "Operating Income declined despite improving earnings from the Battery Business,...

Energy Markets

Sources say that the top Turkish refiner Tupras has resumed buying Urals crude from Russia.

According to three trading sources, and shipping data, Turkey's biggest oil refiner Tupras is now buying Russian Urals crude after stopping earlier this year because of stronger U.S. Sanctions against Moscow. Tupras didn't immediately respond to a comment request. Three sources confirmed that Tupras had resumed purchases following the price of Urals crude falling to its lowest level since 2023 earlier this month. The price was comfortably below the $60 per barrel G7 cap. The price cap imposed on Russian oil by the Group of Seven, the European Union, and Australia prohibits the use of Western services like insurance, flagging,...

Fossil Fuels

BP discovers new oil off US Gulf Coast

By Sheila Dang BP, a UK-based oil company, announced on Monday that it had made a discovery of oil in the Far South Field in the U.S. Gulf of Mexico. The exploration well was located in Green Canyon Block 584, about 120 miles from the coast of Louisiana. The company stated in a release that both the original well and the sidetrack found oil. Preliminary data indicated a potential commercial volume of gas and oil. BP announced a radical shift in strategy in February, reducing planned investments in renewable energy to refocus its efforts on oil and natural gas production....

Western Europe

East Asia

Refined Products

Sources say that ADNOC, the UAE's LPG supplier, will supply US LPG in India after China and US tariffs.

Industry sources have confirmed that Abu Dhabi National Oil Company will begin replacing some of its liquefied gas supplies to India from June with cheaper U.S. cargoes, as U.S. China tariffs are reshaping global trade flows. ADNOC will be able to ship more LPG from its own production to China. Buyers in China are paying higher prices to replace U.S. supplies after Beijing raised tariffs on U.S. products. This move also reduces LPG costs for India. 2 importer. India imports more than 80% its LPG from the Middle East including Saudi Arabia and the United Arab Emirates. It also sources...

Oil Refineries

Sources say that ADNOC, the UAE's LPG supplier, will supply US LPG in India after China and US tariffs.

Industry sources have confirmed that Abu Dhabi National Oil Company will begin replacing some of its liquefied gas supplies to India from June with cheaper U.S. cargoes, as U.S. China tariffs are reshaping global trade flows. ADNOC will be able to ship more LPG from its own production to China. Buyers in China are paying a higher price to replace U.S. supplies after Beijing raised tariffs on U.S. products. This move will also reduce LPG prices for India, which is the No. 2 importer. India imports more than 80% its LPG from the Middle East including Saudi Arabia and the...

Fossil Fuels

Sources say Sinopec has resumed its Russian oil purchases after a short break amid sanctions risk

Sinopec, Asia’s largest refiner, has resumed its purchases of Russian crude oil following a short pause in last month to assess the risks posed by sanctions imposed on Russian entities by the United States, according to trade sources on Wednesday. Sources said that Unipec, a trading division of China's state run Sinopec, had purchased Russian Far East ESPO blend oil for May loading, after being absent from the March and April loading ESPO cargoes. Unipec's decision to resume purchases was not immediately apparent. Sinopec didn't immediately respond to an inquiry for comment. Sources claim that the number of cargoes purchased...

Oil & Gas

Republican lawmakers are faced with a clean-energy dilemma as they work on a tax bill

Republican lawmakers who are working to extend President Donald Trump’s tax cut legislation face a clean-energy dilemma at home. Major clean energy investments are being made in their districts, but Trump’s skepticism about the industry is at odds. The Ways & Means committee of the House of Representatives, which is responsible for drafting the tax legislation to extend the 2017 tax cuts, has 11 Republicans who represent regions that have seen green energy investments of hundreds of millions or billions of dollars over the past few years. Clean energy investments boomed after former President Joe Biden's Inflation Reduction Act passed...

Crude Oil

First time ESPO blend oil from Russia dips below the $60/bbl Western cap

On Monday, the price of Russia's ESPO blend oil fell below $60 per barrel Western cap for the first ever time as Brent international benchmark dropped to its lowest levels in many years. Calculations based on data from three trading sources showed this on Tuesday. Brent futures dropped $1.37 or 2.1%, to settle at $64.21 a barrel on Monday. This is the lowest price since April 2021. According to three traders who were involved in the market for ESPO blend oil, the price of the grade was a few dollars below $60 per barrel at the Kozmino port loading basis....

Oil & Gas Refining

Seven & i Japan saw its Q4 profits fall by 24%, increasing takeover pressure

Seven & i Holdings, a Japanese retailer, is expected to report a 24% decline in its quarterly profit on March 28, as the underperformance of its convenience stores hampers its ability fend off a Canadian takeover bid by Alimentation CoucheTard. Seven & i will likely book an operating profit of 94.45 trillion yen (US$639.52 millions) for the period December-February. This is according to a LSEG average of eight analyst predictions. This compares to 124.23 bn yen for the same period last year. 7-Eleven's profits have fallen in recent quarters, as its domestic convenience stores underperformed their competitors. Its North American...

Oil & Gas

China's retaliation against Trump tariffs is a blow to tech and bank stocks

U.S. banks, oil companies, and tech giants all extended their losses on Friday, after Beijing responded with an additional 34% duty on U.S. products. This heightened investor concern over a escalating trade war, which has led to fears of a global recession. Beijing's tariffs will go into effect on April 10. Beijing also announced restrictions on the export of heavy and medium rare-earths and added 11 U.S. companies to its "unreliable entities" list. Tesla and Apple, two of the companies that have the most revenue exposure to China, both saw their shares plummet by more than 6%. Alphabet and Microsoft...

Oil & Gas

Maruzen Petrochemical Japan to close ethylene unit at Chiba

Maruzen Petrochemical in Japan, a subsidiary of Cosmo Energy Holdings will close its ethylene plant in Chiba during the fiscal year 2026/27 and consolidate its production at Keiyo Ethylene - its joint venture with Sumitomo Chemical - the companies announced on Tuesday. The three companies released a joint statement saying that the move is intended to improve the utilization rate of Keiyo Ethylene. Keiyo Ethylene is owned by Maruzen and Sumitomo, respectively. Low operating rates have plagued Japanese ethylene plants due to a global oversupply caused by China's large-scale capacity expansions, as well as a declining domestic market. Energy transportation...

Oil & Gas

Chinese Premier warns of "rising instabilities" at key business conference

At a Beijing business forum on Sunday, Chinese Premier Li Qiang called for countries to expand their markets in order to combat the "rising uncertainty and instability" as China prepares to face further U.S. trade tariffs. State media reported that Li said, "In an increasingly fragmented and uncertain world, with rising instabilities and uncertainties, it's more important for countries to open their markets and enterprise... to resist challenges and risks." He was speaking to dozens of visiting U.S. Republican senator Steve Daines and dozens other foreign CEOs at the China Development Forum. Sources previously said that foreign CEOs, including Tim...

Fossil Fuels

Sources say that the supply of Saudi crude oil to China will fall in April.

Trade sources reported on Thursday that Saudi Arabia's crude shipments to China, its largest customer, will drop to the lowest level for more than a full year in April. This is partly due to maintenance programs at Sinopec-owned Chinese refineries. Data shows that the OPEC producer, Saudi Arabia, allocated 34 million barrels to its Chinese clients in April, down from 41 millions barrels the previous month. China's drop in demand for Saudi crude oil is despite the Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreeing to continue with their plan to increase production in April. Sinopec intends...

Fossil Fuels

After board shakeup, Couche-Tard launches charm offensive against Japan's Seven & i

Alimentation Couche-Tard wants to convince the Japanese people to accept its $47 billion offer for Seven & i. It also wants to address the antitrust concerns which have become a major stumbling-block in its bid to purchase the 7-Eleven owners. Canada's Couche-Tard which owns Circle-K has been pursuing Seven & i since months despite the cold reception it received from the Japanese retailer. If the deal goes through, this would be the largest foreign acquisition in Japan's history. On Thursday, executives from Couche-Tard held their first press conference at Tokyo. This was months after announcing a takeover bid for Seven...

Fossil Fuels

Couche-Tard on charm offensive with Seven & i in Tokyo

Alimentation Couche-Tard's management will address the antitrust concerns raised by Japan's Seven & i during a visit to Tokyo to advance talks on its $47 billion offer for 7-Eleven's convenience store operator. Circle-K's owner has been pursuing Seven & i since months, despite the cold reception it received from the Japanese retailer giant. If the deal goes through, this would be the largest foreign acquisition in Japan's history. Couche-Tard is holding its first press conference on Thursday in Tokyo since it announced a purchase bid for Seven & i back in August. This was part of their efforts to convince...