Oil & Gas Refining

In a joint statement, the Angolan government and Chevron said that 17 people, including four serious injuries, were injured when a fire broke in the early morning hours of Tuesday on the deep-water Benguela, Belize, Lobito, Tomboco oil platform. Investigations are currently underway to determine the cause of a fire that occurred on the basement level of the multi-storey production platform of Block 14 in the Block 14 concession, some 60 miles (97 kilometers) off the coast of Cabinda. Angola's National Agency for Petroleum, Gas and Biofuels issued a statement referring to the injured. Chevron stated that the incident took...

Phillips 66 announced on Thursday that it would sell a 65% share in its German-Austrian fuel retail business, valued at $2.8 billion. The U.S. refiner is attempting to simplify its portfolio under pressure from activist investor Elliott Investment Management. Elliott, which owns a $2.5-billion stake in Phillips 66 has been pressing for major changes to the company. This includes the possible spin-off or sales of its midstream businesses. It is also seeking to refresh its board to align its strategic goals. Elliott did not respond immediately to a question about the divestment. Institutional Shareholder Services and Glass Lewis, two proxy...

The U.S. Environmental Protection Agency sent a proposal rule to the White House, asking for its review. It outlines the amount of biofuels that oil refiners will have to blend into their fuel starting in 2026. Since President Donald Trump's inauguration in January, the politically powerful oil and fuel lobbies have been waiting for this proposed rule. This will be the first opportunity for the Republican President to demonstrate his support for the biofuels policies, which have historically pitted Big Oil against the Farm Belt. This dynamic changed in the run-up to the proposed rule. A coalition of oil and...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines ISS proxy adviser Elliott backs in the fight against Phillips 66 - Perplexity is nearing its second fundraising in 6 months at a valuation of $14 billion - Cobalt Holdings to IPO in London with Glencore taking a 10% stake UK announces "backstop" plan to force pension funds into private assets View the full article The activist investor Elliott Management won the support of Institutional Shareholder Services, a powerful proxy adviser in its campaign to stop Phillips...

As part of a broader tax reform bill, Republicans in the U.S. House of Representatives proposed Monday to kill the electric vehicle credit and repeal fuel efficiency regulations designed to encourage automakers to build more zero-emission cars. The proposal is scheduled for a House Ways and Means Committee Hearing on Tuesday. It would repeal the $7,500 tax credit for new vehicles and the $4,000 credit for used vehicles on December 31, but it would keep the credit for new cars for an extra year for automakers who haven't sold 200,000 electric cars. Genevieve Cullen - the president of the Electric...

Elliott Investment Management won a major victory in the board fight it waged against Phillips 66 on Monday when Institutional Shareholder Services, a prominent proxy advisory firm, recommended that investors elect each of its four activist nominees for director. Elliott, which has a stake of approximately $2.5 billion in Phillips and is valued at $48, billion, wants to see the refiner make changes, including spinning off or selling the midstream business. It also wants to see investors re-energize the board to accomplish these goals. Analysts and investors believe that the hedge fund has gained significant support with the backing of...

Citgo Petroleum, a refiner owned by Venezuela, reported a $82 million loss for the first quarter of this year. This compares to a $410 million profit in the same period the previous year. The company based in Houston said that the result was due to the weak margins in refining. Citgo, which is being pursued for its assets by Venezuelan expropriated firms and bondholders who defaulted through an auction organized by a U.S. Court, has registered red numbers once again in its most recent period. This follows a loss of $146 million in the fourth quarter. In a press release,...

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...

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...

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...

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...

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...

The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli...

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...

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...

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...

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...

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....

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...

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...

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...

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...

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...

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...