Oil & Gas Refining

The head of Exxon Mobil in Guyana announced on Wednesday that a consortium led by Exxon Mobil had requested environmental permits for its eighth project - the first to generate gas unrelated to oil production - and to explore a second well at its massive offshore blocks. Exxon is preparing for an active exploration and production year in Guyana, following upgrades to two of its floating facilities. A fourth vessel will arrive in the next few weeks and increase the total capacity of the group's output to 940,000 barrels a day. Guyana has pressed Exxon to deliver and produce more...

Heritage Petroleum's CEO, who is the state-owned oil company of Trinidad and Tobago, stated on Tuesday that some U.S. Gulf Coast refining companies have paid recent prices above the Brent crude benchmark price for Trinidad and Tobago Molo heavy sour Crude. Some U.S. refineries have been forced to pay higher prices to obtain other grades due to the lower availability of popular Latin American heavy grades, such as regional benchmark Maya, from Mexico, and Merey, from Venezuela. This is in part because of prolonged production cuts by OPEC+. Trinidad and Tobago has been a marginal crude oil supplier to the...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Elon Musk led a consortium of investors to offer $97,4 billion for the nonprofit OpenAI. This raised the stakes in the battle between him and Sam Altman regarding the company behind ChatGPT. Donald Trump, the President of the United States, announced on Monday 25% tariffs on steel and aluminum imports to the U.S. He also reinstated global duties for allies like Canada, Mexico and South Korea, which were relaxed under the Biden administration. Elliott Investment Management, a...

FID is expected to end in 2026, not by the end of 2025 Production capacity has dropped to 150,000 barrels a day from 160,000 The country has been discovered by fellow majors PARIS, February 5 - CEO Patrick Pouyanne stated on Wednesday that the French oil major TotalEnergies will make a final decision on investment in its Namibian oil discovery by 2026. The project would produce 150,000 barrels a day. This is down from the initial 160,000 barrels a day that was discussed during its Investor Day in October. Pouyanne's previous target for the decision date on FID was 2025....

China is the largest energy importer in the world, but its purchases of US crude oil, LNG and coal are relatively modest. This reduces the impact of Beijing’s Tuesday move to impose retaliatory duties on the imports of U.S. natural gas, LNG, and coal. China's Finance Ministry announced that, on February 10, it will impose tariffs of up to 15% on the importation of U.S. coal, LNG, and crude oil, as well as some autos and farm equipment. Data from the U.S. Energy Information Administration revealed that Chinese imports of U.S. Crude Oil fell 52% in the first eleven months...

PBF Energy announced on Sunday that its 156.400 barrels per day (bpd), Martinez, California refinery had been shut down following an incendiary on Saturday. PBF reported that the fire is still burning and under control. On Sunday, firefighters were monitoring the fire. PBF stated that the initial focus of its investigation into the fire is to determine whether maintenance leaks contributed to the fire’s ignition. The company confirmed that the refinery's utilities are still operational. The company reported that the fire which started on Saturday afternoon, at the refinery, located 37 km (23 miles) northeast of San Francisco was put...

The "wait and watch" period for North American businesses is over. U.S. president Donald Trump imposed a 25% tax on goods coming from Canada and Mexico along with a tariff of 10% on China. This could be the beginning stages of a full scale trade war that will cause new headaches to executives who have already been dealing with rising costs for years. Tariffs on imports from the U.S.’s three biggest trade partners could disrupt industries ranging from consumer goods to autos. Before Saturday's announcement of tariffs, executives were able to dodge questions regarding the issue. Many wanted to avoid...

Donald Trump, the U.S. president, said that he expected his administration to implement tariffs on oil and gas by February 18th. It could also reduce the planned tax on some Canadian crude. Refiners in the Midwest of the United States process about 70% of this oil imported by the U.S. Analysts and companies have warned that a tariff on oil imports may lead to a decrease in fuel production at these facilities, and increase costs for consumers. Trump didn't specify a country that would be affected by the new tariffs or give any further details. Trump told reporters at the...

Exxon Mobil posted mixed results for the fourth quarter, which showed weakness in its chemicals and refining businesses. However, it exceeded Wall Street's profit estimates with higher oil production. The shares of the U.S. oil producer No. 1 fell 1.5% to $107.91 in morning trading before recovering some of their losses. The shares of the No. Over the past year, oil companies have been under pressure from lower prices and margins for refining as global demand has fallen short of expectations. Other oil giants such as Chevron, and Chevron also suffered from the weaker market. Loss in its refining businesses...

Exxon Mobil beat Wall Street's fourth-quarter profit estimate on Friday as higher oil and natural gas production more than offset lower oil prices. Refining margins were also weaker. LSEG data revealed that its adjusted profit was $7.39billion or $1.67 per shares, exceeding analyst expectations of $1.56. Exxon has benefited from its low production costs and lucrative projects in Guyana, despite the lower oil prices. After closing its purchase of Pioneer Natural Resources, in May, the company became the largest U.S. oilfield in 2024 and the largest oil producer within the Permian Basin. The number one oil producer in the United...

The Canadian oil company Imperial Oil reported a decline in profit for the fourth quarter on Friday as lower crude prices were offset by higher production and better utilization of refinery capacity. Benchmark crude oil prices dropped 3% in 2024, due to the economic challenges in China and a sluggish recovery from the pandemic. A supply glut was also exacerbated by a surge in U.S. production and that of other non-OPEC countries. The company raised its quarterly dividend to 72 Canadian cents per shares, an increase of 20%. Imperial's production upstream for the quarter October-December was 460,000 barrels of crude...

Refiner Phillips 66 reported a smaller-than-expected loss on Friday as strength in its renewables segment offset a sharp decline in refining margins. The renewable fuels segment posted a profit of $28 millions for the quarter, compared with a loss $11 million a year ago. After the Russian invasion of Ukraine caused supply shortages, the U.S. refinery industry enjoyed exceptional profits over a two-year period. A post-pandemic surge in demand also helped to boost margins. New refining capacity will be available at the end 2023. This will cause margins to return back to normal and put pressure on refiner profit. The...

Eneos Holdings aims to raise 400 billion yen (2.61 billion dollars) through the listing of its metals division, according to two sources. This would be Japan's biggest IPO for seven years. Sources who declined to be identified because the information was not public said that Eneos expected to receive approval from the Tokyo stock exchange for the initial public offer of JX Advanced Metals JXAM as early as this week. They said that the refiner intends to sell half its JXAM share in the IPO, and is aiming for a market valuation of at least 800 Billion Yen. This is...

Trade sources reported on Tuesday that Saudi Arabia's crude supply to China will decline in March compared to the previous month after the kingdom raised its prices to their highest level in over two years. A tally of Saudi Aramco's allocations to Chinese refiners revealed that the company will ship around 41 million barrels in March. This is down from 43.5 million barrels in February. This is the second consecutive month that Aramco has seen its allocation to China drop. The sources stated that Sinopec, a joint venture between Aramco and the Chinese state-owned company, and Aramco’s joint venture Fujian...

Reliance Retail launched an app to sell fashionwear in India from China's Shein, under a license deal. This comes almost five years after Shein's App was banned in India following a diplomatic dispute. Reliance is owned by Mukesh Ambani. A person who has direct knowledge of Reliance’s launch plans said that the app was launched on Saturday morning. The launch was not announced by the firm. Shein nor its parent company Reliance Industries did not respond to any requests for comments made outside of normal business hours. Shein India Fast Fashion is a departure from Reliance’s strategy to add brands...

China Petroleum & & Chemical Corp, or Sinopec Corp, stated on Friday it processed 2.03% less crude oil in 2024 versus 2023 and its diesel output tumbled 10.27% over the previous year. The information, which Sinopec said is unaudited, mirrored a fall in the country's overall refinery throughput last year for the very first time in more than twenty years barring the pandemic-hit year of 2022 amidst a sputtering economy, stagnant fuel demand and dampened margins. The refining giant processed 252.3 million metric tons of crude oil in 2024, or about 5.05 million barrels per day, down from 257.52 million...

Shares of Japanese car manufacturers and South Korean battery makers declined on Tuesday, after U.S. President Donald Trump said he could impose tariffs on Canada and Mexico soon and revoked the previous administration's executive order on electrical automobiles. However Chinese producers bucked the pattern, with stocks opening greater after Trump did not target China in his inauguration speech or immediately enforce tariffs on Beijing as formerly guaranteed. The volatility in Asian shares within hours of Trump's. inauguration highlights how policy shifts under Trump could. capture huge producers in a few of Washington's closest allies. in the area, Japan and South...

Apollo Global Management is thinking about investing as much as 1.5 trillion yen ($ 9.5 billion) in a management buyout of Japan's. 7 & & i Holdings, Bloomberg News said on Friday,. pointing out several individuals with understanding of the matter. Under the plan, 7 & & i's founding household will invest 500. billion yen in equity, trading company Itochu Corp will. invest over 1 trillion yen in equity, and Apollo as much as 1.5. trillion yen in preferred shares, according to the Bloomberg. report. Apollo did not right away react to an ask for comment. In an interview with...

Saudi Arabia's crude oil supply to China is set to decrease in February from the month in the past, trade sources said on Thursday, after the kingdom treked its prices and as OPEC+ prolonged production cuts in the very first quarter. State oil firm Saudi Aramco will deliver about 43.5 million barrels to China in February, a tally of allocations to Chinese refiners revealed, down from January's 46 million barrels, a three-month high. China's state majors CNOOC and PetroChina and personal refiner Hengli Petrochemical will be lifting less unrefined in February, while Saudi Aramco will increase its supply to Sinopec...

Singapore's jet fuel imports most likely struck multiyear highs in December, with India the leading supplier as the arbitrage to Europe stayed shut, according to trade sources and shiptracking information. Singapore's jet fuel imports are closely followed by markets as the city state is a major trading and storage center for refined fuel in Asia. The strong supply to Singapore and expectations of higher exports from China after its refiners got their first batch of the 2025 export quota recently, could weigh on Asia's spot jet fuel costs, stated the sources, who all wanted not to be recognized. Singapore's jet...

Singapore's jet fuel imports most likely hit multiyear highs in December last year, with India being the top supplier as the arbitrage to Europe stayed shut, trade sources and shiptracking data show. Jet fuel imports into the small city state are closely followed by markets, as it is a major trading and storage hub for refined fuel in Asia. The strong supply to Singapore and expectations of greater exports from China after its refiners received recently their first batch of the 2025 export quota, might weigh on Asia's spot jet fuel prices, included the sources, who all sought anonymity. Singapore's...

Staterun Sinochem Group has actually gotten a petroleum import quota of 17.12 million metric heaps for 2025, which will be for the group's eastern China refineries, a company authorities said on Tuesday. The issue, which equates to 342,400 barrels daily, is part of the broad 2025 quotas allocated to the country's independent refiners. Traders said the quota suggests Sinochem's 3 Shandong province refineries, stated insolvent and with operations shut in, might resume operations. Weaker fuel need has deteriorated margins for refiners who are processing less crude than the year before. Reuters reported last month that Sinochem might keep the refineries...

China has actually issued at least 152.49 million metric lots of crude oil import quotas to independent refiners in a second batch for 2025 so far, numerous trade sources said on Monday. These quotas are being issued in batches by provinces this year and follow a recent small batch of 5.84 million loads that was provided in November, the sources said. This brings the total volume provided for 2025 so far to 158.33 million heaps (3.17 million barrels daily) versus a. overall of 179.01 million tons for 2024. Beijing manages unrefined imports by independent refiners under. a stiff quota system....

Personal equity companies KKR and Bain Capital each offered more than $5 billion in firstround bids for the noncore properties of Japan's 7 & & i. Holdings, according to individuals acquainted with the matter. KKR offered around 800 billion yen ($ 5.1 billion) for York. Holdings, an entity due to be spun out of the Japanese merchant,. two of the people stated. Rival U.S. company Bain offered around 1.2. trillion yen, a single person stated. Local buyout company Japan. Industrial Partners provided around 750 billion yen, one stated. All three firms achieved success in the preliminary of bids. for the...