Oil & Gas Refining

The price of heavy crude oil produced in Americas soared to multi-year-highs on Wednesday as U.S. and Israeli attacks on Iran slowed down the exports of Middle East-produced oil. Prices also jumped in Europe and Africa for heavier grades. Brent crude is at its highest level since January 2025. In retaliation, Iran has threatened to fire at any vessel that passes through the shipping lanes of Strait of Hormuz near its southern coast. This has effectively shut down the Strait of Hormuz, cutting off around one-fifth of the global oil supply and leaving hundreds anchored nearby. The price of heavy...

HF Sinclair revealed in a filing that Atanas Atanasov has taken a 'voluntary leave from duty.' This comes just a week following a similar request by top boss Tim Go. In premarket trading, shares of the company dropped 4%. The company announced last week that it had begun an internal review of their disclosure processes. The company said on Friday that the review started on January 26 after Atanasov expressed concerns about certain actions taken by Go creating an "unfavorable" "tone at top" with respect to the 2025 disclosure process. At a later stage of the review the board expressed...

Four sources with knowledge of the talks say that the United States has slowed down the sale of the international assets owned by the Russian oil giant Lukoil to use as a bargaining tool in the Ukraine peace talks. A document reviewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for transactions to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during talks in Geneva and Abu Dhabi, or in Miami, in order to negotiate a deal...

The U.S. Supreme Court has agreed to hear ExxonMobil and Suncor Energy's bid to quash a lawsuit filed by Boulder, Colorado officials who want to hold oil companies responsible for climate change. The Supreme Court heard an appeal from the companies against a ruling of the lower court that allowed the lawsuit to proceed. The lawsuit alleging violations of state law by the companies seeks unspecified damages for "costs incurred" by Boulder in mitigating climate change. Boulder is just one of the dozens of climate-related cases filed by U.S. states against companies that produce, extract, distribute, or sell fossil fuels....

U.S. officials say that they are in "active negotiations" to sell Venezuelan crude oil to India, helping India diversify their sources of crude oil. Sergio Gor, the Envoy to India said Friday. The U.S. made diversification from Russian crude an important condition to reducing tariffs on Indian goods, the third largest oil consumer and importer in the world. Gor, a reporter on the sidelines of a New Delhi event where India joined the U.S. led Pax Silica initiative to build a silicon supply for high-tech devices, said: "The Department of Energy speaks with the Ministry of Energy in this country....

Indian share benchmarks recovered from initial jitters to rise?by mid-day on Friday as heavyweight stocks clawed back some?of the previous session's loss. As of 12:11 p.m. IST, the Nifty '50?added 0.54%, to 25,592.6. The BSE Sensex rose 0.48%, to 82897.3. The indexes had dropped about 0.3% on the opening, adding to a drop of 1.5% in the previous session. This was their biggest single-day decline in over two weeks. 15 of 16 major sectors were higher. The small-caps, mid-caps, and large-caps all added 0.1% to 0.5% respectively. Naveen Vyas is the head of the?family office of Anand Rathi Global Finance....

Reliance and Adani, two of India's largest conglomerates, are increasing their investments in?AI infrastructure and data. Reliance has committed about $110 billion while Adani has pledged $100 billion. Both companies want to establish India as a hub for AI. India offers tax breaks to foreign companies operating out of domestic data centres. It also takes measures to attract more AI talent. Mukesh Amani, chairman of Reliance Industries, said that cheaper computing would spur innovation. His company wants to apply the same strategy it used in 2016 to disrupt the telecom industry by slashing prices for data and expanding access. The...

According to sources familiar with these efforts, U.S. refiners 'Phillips 66' and 'Citgo Petroleum" are looking to purchase heavy crude from Venezuelan oil company PDVSA directly starting in April, to maximize profits. They do not want to buy through trading houses or U.S. oil giant Chevron. Trafigura, Vitol and other trading houses secured the first U.S. licenses for exporting Venezuelan oil in January as part of an agreement between Washington and Caracas worth $2 billion. Chevron holds an authorization to ship and operate in Venezuela since last year. Refiners have purchased cargoes of oil from these three companies in the...

HF Sinclair CEO Tim Go will take a 'voluntary leave' amid a 'disclosure review. The U.S. refinery announced this?on a Wednesday. Its shares plummeted despite a higher-than expected fourth-quarter profit. Dallas-based refiner Go said he has requested an internal review of the company's disclosure processes. Franklin Myers, the board chair, has been appointed interim CEO. The shares of the refiner dropped 14% during the morning trading after the company announced that the audit committee was evaluating the disclosure processes. Myers said during a conference called that the company is working to finish this review as quickly as possible. He said...

According to sources who are familiar with these efforts, Phillips 66, Citgo Petroleum, and other U.S. refiners want to purchase heavy crude oil directly from Venezuelan oil giant PDVSA in order to maximize their profits. They do not plan to use trading houses or the U.S. oil giant Chevron. Trafigura Trading and Vitol secured the first U.S. export licenses for Venezuelan oil in January as part of a $2 Billion deal between Caracas & Washington. Chevron holds an authorization to ship and operate in Venezuela since last year. Refiners have purchased cargos from these three companies in the U.S. as...

The Federal Court of Australia fined 'Mobil Oil Australia' A$16m ($11.3m) for misleading claims about fuel sold in petrol stations located in certain parts of Queensland, said the country’s competition regulator on Tuesday. Exxon Mobil owns Mobil Oil Australia, which supplies petroleum, diesel and fuel products to retailers throughout Australia. The Australian Competition and Consumer Commission took the local unit in 2024 to court. They alleged that the company misled customers about the fuel sold at six branded petrol stations located in Queensland. ACCC released a statement on?Tuesday stating that Mobil had falsely claimed in August 2020 to July 2024...

The Federal Court of Australia fined Mobil Oil Australia A$16 Million ($11.3 Million) for misleading claims made about fuel sold in petrol stations?in Queensland, said the country's competition regulator on Tuesday. Exxon Mobil owns Mobil Oil Australia, which supplies fuels such as petrol, diesel and other products to retailers in Australia. The Australian Competition and Consumer Commission took the local unit in 2024 to court. They claimed that the company misled its customers regarding fuel sold at six of their branded petrol stations located in Queensland. ACCC stated that Mobil acknowledged on Tuesday it had falsely claimed to consumers between...

Exxon Mobil plans to send a team of technical experts?to Venezuela within a few weeks after working out the logistics and security arrangements. Jack Williams, senior vice president of Morgan Stanley, said that the U.S. Oil Major will work with Venezuelan Government and "we would be interested in returning" if the right terms for investment are in place. After U.S. troops?captured Maduro and removed him from office, President Donald Trump urged oil companies to invest $100 billion in Venezuela and rebuild its?energy sector. Exxon's assets in the country have been expropriated two times before, and the company says it needs...

YPF, an Argentine'state' energy company, reported a 'net loss' of $649m in the fourth quarter, which is more than twice as much as a $284m loss it had a year earlier. This was due to a sluggish gas market and a shift in prices for oil and petroleum derivatives. The company's revenue fell by 4% on an annual basis, to $4.56 billion. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA), a key measure of industry profitability, reached $1.28 billion in the third quarter, up 53% on a year ago. This figure exceeded the $1.22 million estimate by LSEG's polled analysts....

The Venezuelan association of petrol station operators has declared an emergency due to what the 'operators' claim are low earnings. Sources and a document seen in? showed. According to a letter sent to the government by the Fenegas Association, the association has asked the government to standardize prices across the country. The letter stated that "Up until now, we have not been able to find a path to solutions which allow us to continue to provide our services in a safe and profitable manner, and our efforts at the moment to be heard are fruitless." In Caracas, the government has...

The Venezuelan government owes Repsol 4,55 billion euros ($5,37 billion), the Spanish energy group said in its report for the first-time on Thursday. Repsol is active in Venezuela since over 30 years, employs staff and is a major partner of the state energy company PDVSA. It is one of a few companies that have been granted a license to run oil and natural gas operations in Venezuela by the U.S. Treasury Department’s Office of Foreign Assets Control. Repsol received a permit in March of last year from the U.S. authorities allowing it to receive PDVSA oil as "payment for debt"....

Valero Energy will buy up to 6.5 millions barrels of Venezuelan oil in March for its Gulf Coast refining plants, making it 'the top foreign refiner since the United States captured Nicolas Maduro, in January. Valero is one of the first U.S. oil refiners that resumed imports after the United States signed a landmark $2 billion oil deal with Venezuela's interim government, and started to ease sanctions. If Valero can buy 10 or more cargoes of Venezuelan crude next month, which is equivalent to 210,000 barrels a day, then it will surpass U.S. oil giant Chevron in the United States...

Chris Wright, the U.S. secretary of energy, told NBC News that oil sales from Venezuela under U.S. control have reached a total of?over $1billion since President Nicolas Maduro was captured in January. In the coming months he expects to bring?in 'another $5billion. He added that the U.S. government under President Donald Trump had given Venezuela's interim administration the proceeds of sales from U.S. oil refineries. Wright, on the second day of his visit to Venezuela, said, "Sales are now over one billion dollars and we have some sort of short-term deals over the next couple of months that will bring...

Sources familiar with the situation said that Mexican officials are looking at ways to ship fuel to Cuba in order to meet basic needs, such as electricity and transportation, without provoking Washington's retaliation. Washington has threatened to impose tariffs on countries supplying fuel to the Caribbean Island. Sources said that high-level Mexican officials had been in contact with their counterparts in the United States to clarify the extent of the tariff threat described by President Donald Trump through an executive order, and to see if there was a possible way to get the fuel they desperately needed. Mexico's ability to...

Marathon Petroleum bought two cargoes Venezuelan crude oil at the end of January, and executives expect their refineries to process more heavy grades. Refiners in the United States are expected to gain from President Donald Trump’s efforts to increase output in Venezuela, and to rebuild the country's deteriorating oil sector after the capture of Nicolas Maduro last month. Since Washington and Caracas met, Venezuelan crude oil exports have risen. Deal worth $2 Billion Last month, U.S. Gulf Coast Complex Refineries The U.S. produces heavy sour oil, but Venezuela's is more suitable for processing. Maryann Mannen, CEO of Marathon Oil, said:...

Two sources in the refining industry said that Indian refiners were not told by the government to stop purchasing Russian oil. They would require a period of wind-down to complete any purchases already in progress. The U.S. president?Donald? Trump announced on Monday a trade deal with Indian Prime Minister Narendra Modi, which included the halting of oil purchases by India from Russia. However, there were no details as to how or when these purchases would cease. Sources said that while India has slowed its Russian oil purchases refineries have already reserved cargoes for February loading and arrival in March. They...

Exxon 'Mobil 'CEO Darren Woods said to analysts on Friday that his company has the technology needed to produce barrels at higher prices from Venezuela. Woods, who had earlier in the month called the South American nation "uninvestable," made remarks at a White House event that drew a criticism from President Donald Trump. He said now he believes the U.S. government is committed to making changes to 'attract and ensure investment. Woods said that he believed the U.S. administration was committed to making changes needed to?attract and secure investment. "If you look at the current focus, it is stabilizing a...

U.S. refining company Valero Energy kicked off earnings season in the U.S. on Thursday with strong profits for the?fourth quarter,? thanks to a rebound of margins and a higher volume. Fuel manufacturers have made unexpected profits in the third quarter. Product margins, largely driven by the ongoing Russia-Ukraine conflict, recovered from multi-year lows that were seen in 2024, when earnings dipped from their post-pandemic peak. The San Antonio-based company reported that its refining margin increased by over?61% compared to a quarter ago, reaching $13.61 per barrel. Its average throughput volume also rose, from 2.9 million barrels per days a few...

Vikas Kaushal, chairman of India's Hindustan Petroleum Corp Ltd, said that the refiner will increase the heavy oil processing in the new fiscal year starting April. Indian refiners are Consideration Importing Venezuelan crude oil, which is offered by Vitol or Trafigura as part of a U.S. mandated sale following Washington's capture of Venezuelan President Nicolas Maduro in the first half of this month. "We're trying to increase the flexibility of our system, as we have two new installations, which will allow us to process heavy crudes more efficiently,"?Kaushal said to reporters at the Indian Energy Week Conference, referring specifically to...