Oil & Gas Refining








Asia

North America

Fossil Fuels

Phillips 66 arraigned for violating Tidy Water Act

A grand jury has actually arraigned Phillips 66 for illegally releasing numerous countless gallons of industrial wastewater into Los Angeles County's sewer system, and failing to report the violations to authorities. The indictment versus the Houston-based energy business consists of four counts of knowingly breaking the federal Tidy Water Act and two counts of negligently breaching that law, U.S. Lawyer Martin Estrada in Los Angeles stated on Thursday. Phillips 66 is anticipated to be arraigned in the coming weeks in Los Angeles federal court. It faces a maximum sentence of five years probation on each count, and $2.4 million in...

Fossil Fuels

Koch sheds jobs throughout its oil trading business, sources say

Koch Industries is cutting or dealing with departures of staff members across its trading division, several sources acquainted with the matter said on Wednesday. The cuts are happening in the company's Minerals and Trading system (KM&T) and include staff in the United States, as well as other places around the globe, the sources said, decreasing to be named due to the fact that they were not authorized to speak on the record. Koch did not right away react to ask for remark. Among the departures are Brady Cook, who had managed oil for the company, among the sources said, pointing...

Oil Refineries

United States judge proposes to rearrange stalled Citgo share auction

The U.S. judge managing an auction of shares in a Citgo Petroleum moms and dad to pay Venezuelalinked financial institutions on Wednesday proposed major procedural modifications to advance a case stalled by broad opposition and suits by lenders in other courts. Judge Leonard Stark suggested a series of modifications to motivate higher bids in a seven-year-long lawsuit brought by companies pursuing as much as $21.3 billion in claims for debt defaults and expropriations in Venezuela. An approximately $7.3 billion quote by an affiliate of activist investor Elliott Financial investment Management might soon be challenged by the court's suggestion to pick...

Mining

United States judge proposes to rearrange stalled Citgo share auction

The U.S. judge supervising an auction of shares in a Citgo Petroleum moms and dad to pay Venezuelalinked creditors on Wednesday proposed significant procedural modifications to advance a case stalled by broad opposition and claims by lenders in other courts. Judge Leonard Stark suggested a series of changes to encourage greater bids in a seven-year-long court case brought by business pursuing up to $21.3 billion in claims for financial obligation defaults and expropriations in Venezuela. An as much as $7.3 billion quote by an affiliate of activist investor Elliott Investment Management might soon be challenged by the court's recommendation to...

Refined Products

United States crude, gas stocks rise, distillates draw down, EIA says

U.S. petroleum and gas stocks last week rose more than projection, while extract stockpiles posted a largerthanexpected draw, the Energy Details Administration said on Wednesday. Unrefined stocks rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA stated, compared to experts' expectations in a Reuters poll for a 138,000-barrel increase. Crude stocks at the Cushing, Oklahoma, shipment center fell by 140,000 barrels in the week, the EIA said. Net U.S. crude imports increased last week by 237,000 barrels daily (bpd) to 3.3 million bpd, with imports to the Gulf Coast striking 2 million bpd,...

Oil & Gas Refining

Top 20 worldwide family-owned retail businesses

Japan's Seven & & i Holdings got a buyout proposition from a member of its founding Ito family last week, a possible $58 billion whiteknight bid which would see the company go personal and allow it to continue running under existing management. Many worldwide retailers have actually decided to stay privately owned or have founding families which have actually maintained considerable stakes. An index assembled by EY and University of St. Gallen at the start of 2023 listed the 500 largest household services internationally ranked by revenue. Below is a list of the biggest 20 family-owned retailers, both publicly listed...

Fossil Fuels

Seven & i shares soar after report starting family aims to complete buyout this FY

Shares in 7 & & i Holdings jumped in early Tokyo trading on Wednesday following a. media report that the founding family behind the Japanese. retailer was intending to take it personal within this monetary. year ending in March. The shares surged as much as 11% and ended up the morning. session up 8.4% at 2,642.5 yen ($ 17.07), compared with a 0.45%. drop in the benchmark Nikkei average. The operator of more than 80,000 7-Eleven corner store. around the globe is caught in a three-way tug-of-war between a. foreign takeover suitor, its starting family, and business. management who say...

Oil & Gas

Qatar cuts Jan al-Shaheen oil term cost, sources say

QatarEnergy sharply cut the term cost for alShaheen petroleum loading in January, trade sources said on Friday, in line with a current fall in Middle East area premiums. The January term rate was up to 73 cents a barrel above Dubai quotes, the sources stated, down for a second straight month and at a multi-month low. The sources decreased to be named as they are not authorised to consult with the media. The term cost for December freights was at a premium of $ 1.93 a barrel. For its January tender, QatarEnergy offered 5 cargoes at premiums between 40 and...

Oil & Gas

Imperial Oil fined for 2021 slop oil spill

The Ontario federal government fined Imperial Oil C$ 900,000 ($ 641,391) for a slop oil leak into a. tank containment location at its Sarnia site in 2021 that had an. unfavorable effect on people. Slop oil is a waste item that is normally composed of. crude oil, water and waste solids and can include different. pollutants like hydrogen sulphide. The Canadian business pleaded guilty under the Environmental. Defense Act in a provincial court on Sept. 16, a spokesperson. stated, for an occurrence on April 15, 2021, where nearly 1,150. litres (7.3 barrels) of slop oil was released. The discharge negatively...

Oil & Gas Refining

Top 3 United States refiners return $5.2 billion to investors in Q3 in spite of profit slide

Top U.S. refiners kept concentrated on investor returns with significant stock buybacks and dividends in the third quarter despite the fact that earnings fell due to damaging fuel need and refining margins. Margins for fuel, diesel and other products narrowed greatly from record levels struck after Russia invaded Ukraine in 2022. Fuel demand has actually softened ever since, and new refining capacity has come online. In the 3rd quarter, the average earnings per share for U.S. oil refiners fell to 25 cents from $4.75 in the same quarter a year earlier and $4.85 in 2022, according to Reuters estimations. Integrated,...

Fossil Fuels

Citgo Petroleum's earnings falls on weak refining margins

Venezuelaowned Citgo Petroleum joined other refiners in posting a sharp drop in thirdquarter profit on Thursday, weighed down by a fall in refining margins. International oil refiners have actually seen their profit retreat this year from the post-pandemic peaks, mainly due to a need downturn, particularly in China. In the United States, where demand has lagged expectations, the 3-2-1 crack spread >, a market metric utilized to assess refiners' margins on both fuel and diesel put together, balanced $20.18 in the July-September duration, down nearly 35% from in 2015. The seventh-largest U.S. refiner said its earnings was up to $...

Fossil Fuels

Dependence, Walt Disney close $8.5 billion merger of Indian media assets

Dependence Industries and Walt Disney on Thursday completed the $8.5 billion merger of their Indian media assets, which have been split into 3 divisions, with each unit having its own CEO. The companies said the recently formed divisions are home entertainment, which houses Dependence's Colours TV channels and Disney's Star; digital, home to online streaming platforms JioCinema and Hotstar, and sports. Previous Google executive Kiran Mani, who leads JioCinema, will take charge of the digital organisation. Reuters reported last month that Disney Hotstar's CEO Sajith Sivanandan resigned from the function as organization combination collected speed for the merger. The entertainment...

Europe

Fossil Fuels

Energa to look for damages for stopped working Ostroleka C task

Energa, an unit of Polish refiner, Orlen, is seeking to pursue compensation claims for damage triggered by individuals associated with the choice associated to the construction of a coalfired unit, the 1,000 MW Ostroleka C task, the business said on Thursday. The decision was made by the management board of Energa after evaluating the viewpoints from external law firms, which suggest the project caused the company significant financial damage. Energa will request that the basic meeting adopts proper resolutions so the company can take, in court or out of court, all actions to pursue its claims. In 2020, Elektrownia Ostroleka...

Oil & Gas Refining

Polish refiner Orlen Q3 net profit at 188 mln zlotys, takes 3.53 billion writedown

Polish oil refiner Orlen's. thirdquarter net profit was greatly down to 188 million zlotys. ($ 45.7 million) amidst writedowns and toppling refining margins,. which struck core service, the company said on Wednesday. The business's EBITDA LIFO, excluding writedowns, was available in at. 8.81 billion zlotys and the EBITDA at 4.96 billion zlotys,. broadly in line with price quotes provided by the company on Nov. 5. when it said it scheduled 3.53 billion zlotys in writedowns related. to its Orlen Lietuva and petrochemical sections. The group's earnings in the third quarter was 67.94 billion. zlotys. Unfavourable market and macroeconomic conditions negatively....

Fossil Fuels

Judge guidelines Mexican steelmaker AHMSA is bankrupt

A Mexican judge has stated local steelmaker Altos Hornos de Mexico is bankrupt, ruling that the firm will need to be offered and those funds utilized to pay back debt, following years of crisis connected to corruption allegations, court files revealed on Thursday revealed. Its previous president, Alonso Ancira, was detained in Spain in 2019 in connection with an examination into paying kickbacks to authorities at Mexico's state energy company Pemex in order to offer a fertilizer plant at an inflated cost. According to the court judgment, the personal bankruptcy was stated after the due date for a resolution in...

Western Europe

East Asia

Oil Refineries

RPT-Sinochem might keep insolvent refineries as auctions draw little interest, sources say

Sinochem Group might keep 3 insolvent oil refineries situated in eastern China after auctions to offer them drew little interest from other business, sources acquainted with the matter said. The lack of interest in the plants shows the woeful state of the refining sector in China, the world's greatest oil importer and second-largest consumer. Beset by flagging fuel need amid slower financial growth that has actually worn down margins, the country's plants are processing less crude than the year before. The Sinochem plants, which are smaller, older and less advanced refineries known as teapots, are also contending with greater regulatory...

Fuel Oil

Sinochem might keep insolvent refineries as auctions draw little interest, sources state

Sinochem Group might keep three bankrupt oil refineries situated in eastern China after auctions to sell them drew little interest from other business, sources knowledgeable about the matter said. The absence of interest in the plants highlights the woeful state of the refining sector in China, the world's greatest oil importer and second-largest consumer. Besieged by flagging fuel need amidst slower financial growth that has worn down margins, the country's plants are processing less unrefined than the year before. The Sinochem plants, which are smaller sized, older and less sophisticated refineries referred to as teapots, are also contending with greater...

Refined Products

Japan refiners preserve success in H1, outperform Asian competitors

Net income at Japanese oil refiners fell in the very first half of their financial year, but they kept profitability and outperformed their South Korean rivals as strong domestic margins shielded them from a weak abroad market. Japan's leading 3 refiners - Eneos Holdings, Idemitsu Kosan and Cosmo Energy Holdings - reported a 40% to 60% drop in net earnings for the six months ended Sept. 30, compared to the year ago duration, primarily affected by significant appraisal losses on oil stocks amid falling unrefined prices. However, earnings excluding inventory-related factors fell by only 22% to 35%, assisted by improved...

Oil & Gas Refining

MSCI includes five Indian stocks to crucial index; Nuvama sees $2.5 bln inflows

MSCI included 5 Indian business to its International Requirement Index late on Wednesday, a move that brokerage Nuvama said would lift the country's weightage on the index to 20%, additional narrowing the space with China. MSCI stated there would be 156 Indian stocks in the index, but that is only one-fourth of China's 598, signalling scope for further inclusion of Indian stocks on the index. The modifications will occur after the marketplaces close on Nov. 25, MSCI said. The inclusion of the stocks will raise India's weightage in the index to a record 19.8% from 19.3% earlier, narrowing the gap...

Mineral Resources

What's at stake for Asian companies in a Trump presidency

Donald Trump has actually been chosen U.S. president, topping an amazing comeback 4 years after he was voted out of the White Home. Here is what business in Asia have bought the United States, what Trump has stated about them and what possible U.S. service policy changes would mean for Asian companies. SEMICONDUCTORS Asian chipmakers, led by Taiwan's TSMC and South Korea's Samsung Electronics, have jointly invested a minimum of $117 billion in the U.S., encouraged by the current U.S. administration's essential initiative aimed at lowering its dependence on Asia for high-end chips. In return, they have gotten or been...

Oil & Gas Refining

Iran oil rates to China at multi-year high after exports fall, sources state

Discounts on Iranian crude oil sold to China are at their tightest in around five years as lower exports drive up rates in the middle of issues that Middle East stress may interrupt supply, trading sources stated. The discount rates are the narrowest considering that Chinese independent refiners, known as teapots, stepped in as purchasers in late 2019, filling a vacuum left by the nation's state refiners wary of sanctions renewed on Iran by the United States a year previously. Greater costs or a decrease in Iranian oil flows, which comprise 10% of China's unrefined imports, would depress currently low...

Oil & Gas Refining

PetroChina's Q3 profit down 5.3% on fuel sales decrease, lower oil prices

Asia's biggest oil and gas manufacturer PetroChina Co Ltd reported a 5.3% yearonyear decline in thirdquarter net revenue as weaker fuel sales and lower oil rates exceeded growing gas and oil output. Net revenue was up to 43.91 billion yuan ($ 6.15 billion), the business said in a stock filing on Tuesday. Revenue fell 12.4% to 702.4 billion yuan. PetroChina's net profit stayed the highest amongst domestic peers. Offshore oil and gas manufacturer CNOOC Ltd posted record quarterly revenues of 36.93 billion yuan while top Asian refiner Sinopec Corp's halved to 8.5 billion yuan in the exact same three-month duration....

Fossil Fuels

Seven & i aims to convince investors it can deliver on its own

Japan's 7 & & i. will be wanting to persuade investors it can provide. longterm growth on its own when it talks to them on Thursday,. after announcing a sweeping breakup strategy designed to ward off a. $ 47 billion takeover deal. The 7-Eleven owner is due to hold an financier day instruction. with experts and financiers and will take concerns on its. international and domestic corner store businesses. 7 & & i is fighting to remain independent after Canada's. Alimentation Couche-Tard announced a preliminary quote in. August. The owner of Circle-K convenience stores has given that treked. its deal...

Oil & Gas

Wall Street Journal - Oct 17

The following are the leading stories in the Wall Street Journal. Reuters has actually not verified these stories and does not vouch for their precision. - Defense professional RTX has actually consented to pay more than $ 950 million to deal with government examinations into allegations that it misinformed the Defense Department and funneled kickbacks to a top-level authorities in Qatar's flying force. - Tesla Chief Executive Elon Musk has tapped Omead Afshar to oversee operations in The United States and Canada and Europe, 2 markets where the business is dealing with stiffer competition in the electric-car area and cooling...

Oil & Gas Refining

TSX futures edge up on higher metal rates

Futures for Canada's primary stock index increased on Wednesday, driven by gains in metal rates, as domestic financial information and quarterly incomes reports from significant U.S. banks remained in focus. December futures on the S&P/ TSX index were up 0.2%. at 6:07 a.m. ET (10:07 GMT). The products sector got the spotlight as gold costs. acquired due to weaker equities and bond yields, while a rise in. copper prices likewise provided support. Canada's energy sector remained in focus as oil prices. steadied after a sharp fall in the previous session, partially. supported by OPEC+ supply curbs and uncertainty around dispute....

Oil & Gas Refining

South Korean battery maker SK On to cut labor force amidst challenging EV market

South Korean battery maker SK On stated on Thursday it prepares to present voluntary steps focused on minimizing its workforce, as the business looks for to improve effectiveness and stay competitive in a difficult electric automobile market. SK On, the battery system of energy group SK Development , stated in a statement it prepares to offer programs offering unique leave and voluntary departure options as part of an effectiveness plan. These are proactive procedures to establish a lean, agile workforce, so that we can better browse moving EV market conditions, SK On stated. While the company pushes to improve effectiveness...

Oil & Gas Refining

Saudi Aramco sets cost assistance for dollar sukuk bonds, term sheet shows

Saudi Aramco has actually set the preliminary price guidance for 5 and 10year dollar sukuk bonds, according to a term sheet examined on Wednesday. The generally state-owned oil business is intending to raise approximately $ 3 billion in the offer, Reuters reported on Tuesday. The 5-year bond has cost guidance of Treasuries plus around 120 basis points and the 10-year bond has Treasuries plus about 135 basis points, according to the term sheet. Aramco did not instantly respond to an ask for remark sent out outside regular Saudi Arabian service hours. The deal would be Aramco's second financial obligation market...