Oil & Gas Refining

Semafor reported that the Trump administration has invited CEOs of Nvidia, Apple, Exxon, Boeing, and other large 'companies' to join him on his trip to China next week. According to the report, executives from Qualcomm, Blackstone Citigroup and Visa were also present. Citigroup, Visa, Nvidia and Apple did not respond immediately to a request for comment. Qualcomm confirmed the invitation, but declined to provide any further comment. Blackstone and Boeing declined comment. As Donald Trump prepares to visit 'Beijing' next week for a meeting with China's leader Xi Jinping, the media is buzzing about possible deals. Boeing CEO Kelly Ortberg...

Canadian retailer Loblaw missed Wall Street expectations for the first quarter revenue on Wednesday, as consumers become more cautious in their spending amid rising macroeconomic uncertainty. Lower-income Canadians are cutting back on non essential spending due to a squeeze on their household budgets caused by?higher prices for groceries, higher crude oil prices from Iran's war, and increased inflation. Retailers in North America are feeling the pinch. U.S. supermarket Albertsons forecasted soft sales last month, and Canadian discount retailer Dollarama projected a year-end?sales that were largely below expectations. Loblaw continues to expect that its adjusted net income will grow in the...

Pirelli announced on Wednesday that it would begin producing Cyber Tyres for the United States after Italy curbed its influence with Sinochem, the Chinese investor of the premium tyre manufacturer, in an effort to aid the company's expansion across the Atlantic. Italy's government resolved a dispute last month over Sinochem’s stake in Pirelli by using "golden powers". Sinochem, Pirelli's largest shareholder with a stake of 34.1%, was the cause of the dispute. Sinochem fears that Pirelli may fall foul of U.S. regulations restricting use of Chinese technology within?the automotive sector. Pirelli announced that it would manufacture its connected Cyber Tyre...

Marathon Petroleum beat Wall Street estimates for the first-quarter profits on Tuesday, benefiting from higher refining margins due to a 'tighter supply globally caused by 'the Middle East War. The stock has risen 55% this year, and its?shares? rose 1% in the premarket. The company has also approved a $5 billion additional share repurchase programme, bringing its total authorization up to approximately $8.6 billion. Marathon returned over $1 billion to its shareholders during the third quarter. U.S. refined products exports reached a record in March, as the Iran War and the 'near-closure of Strait of Hormuz' tightened global fuel supply,...

The U.S. Justice Department has filed a lawsuit to block Minnesota's long-running lawsuit that seeks?to hold Exxon Mobil and other oil industry participants accountable?for the harms caused by climate changes. The lawsuit was the latest in a long line of lawsuits filed by President Donald Trump to stop Democratic-led state governments from enforcing climate change laws and pursuing lawsuits against fossil fuel companies. Judges have recently dismissed ?two similar lawsuits that the Justice Department filed against Michigan and Hawaii, which are among the ?numerous states and local governments that have in recent years pursued climate-change-related investigations or lawsuits against fossil...

Eni said on Monday that it would resume lifting Venezuelan crude in April as payment-in kind for gas produced?in Venezuela. The Italian energy group added?that?the move?would?allow?it to?recover?old receivables?from Caracas. Payments stem from an agreement between Venezuelan oil firm PDVSA, and Cardon IV - a joint venture owned equally by?Eni and Spain’s Repsol - that produces gas in the Perla field. The deal was signed in March. Eni stated that payments for gas are made in kind, and the first shipment from Venezuelan crude oil was lifted in April. Eni announced that the lifting of oil cargoes has resumed as U.S....

According to a statement posted on the website of the U.S. Treasury Department on Monday, "the United States extended a license protecting Venezuelan-owned refiner Citgo Petroleum against 'creditors until June '19." The Office of Foreign Assets Control issued the general license to boost investment in Venezuela and increase oil production. The U.S. also strengthens its protection of Houston's?Citgo, and its overseas parent companies which are the crowning jewels of Venezuela's foreign assets. Citgo is America's eighth largest refiner. The previous OFAC licence, issued in March, was set to expire on May 5. Citgo will be acquired by Amber Energy, a...

According to Xinhua, the Chinese Ministry of Commerce announced on 'Saturday that it had issued a?injunction against U.S. sanctions imposed upon?five Chinese refining companies accused of allegedly buying Iranian oil. The Ministry named the five refineries as Hengli Petrochemical Refinery (Dalian), and so-called 'teapots' Shandong Jincheng Petrochemical Group Hebei Xinhai Chemical Group Shouguang Luqing Petrochemical, and Shandong Shengxing Chemical. The U.S. Treasury imposed sanctions in April on Hengli Petrochemical accusing the company of purchasing?billions in dollars of Iranian oil. This was an increase in Washington's ongoing effort to 'curb Tehran's revenue from oil. The Trump administration,?last year, imposed?sanctions against the...

S&P 500 and Nasdaq closed at record-breaking?highs Friday, helped by strong earnings and a drop in crude oil prices. They also turned the page on the?largest monthly percentage gains for years. Tech?strength?put the Nasdaq ahead, bringing the S&P?500 into positive territory. Both indexes have posted their sixth weekly advance, which is their longest run since October 2024. The stock market is about to embark on a historically weak six-month period. According to Fidelity data, since 1945, the S&P 500 gained on average about 2% between May and October. This compares to an average gain of 7% between November and April....

Exxon Mobil beat expectations for the first-quarter adjusted earnings, but unadjusted profits?dropped below their previous level of five years because of disrupted shipments due to the Iran War and paper losses?from hedging activities. LSEG's consensus estimate of $1.00 per share was surpassed by adjusted earnings of $1.16 for the first three -months. The adjusted figure excludes a $700-million loss due to the disruption of the energy market caused by the Middle Eastern conflict, which began at the beginning of February. Earnings per share were also $2.09, excluding the negative impact of financial derivatives which have a short-term impact. The first-quarter...

HF Sinclair announced a surprising first-quarter 'adjusted' profit on Friday. This was aided by increased refining % margins and higher refined product sales. The U.S. refineries are reaping the highest margins they have seen in years as the 'disruptions' to Middle Eastern oil flow due to the Iran War has increased demand for U.S. exports of fuel. The effective closing of the Strait of Hormuz by Tehran -- a crucial chokepoint where a fifth of all global oil and gas shipments pass -- has stoked fears about supply, sent crude futures prices higher and triggered a spike in volatility across...

Valero Energy Corporation runs its 13 refineries in the United States and Britain up to 95% their combined throughput capacity of three million barrels per days (bpd). In a conference call held on Thursday, the company revealed that refineries would 'operate between 92% and 95% of their capacity in the second quarter. After a fire and explosion on March 23, the company's Port Arthur, Texas refinery, which produces 380,000 bpd, is reopening its large crude distillation (CDU). The refinery expects to be back to "normal" production by May 1. The small CDU was restarted in April, and several other units...

Trade sources said that Saudi Arabian crude oil exports to China are set to drop further in June as buyers reduce nominations due to high 'prices' linked to the U.S./Iran conflict. They said that Saudi Aramco, the state oil giant, will be shipping about 10 million barrels (333,333 barrels) of oil per day to its Chinese customers next month. This would be a "record low" according to Kpler & Co., and compares with the?average of 1.39 million bpd shipped by the Kingdom to China between?2025 and?2025. According to sources who weren't authorized to speak to the media, major Chinese refiners...

Moeve, the Spanish energy company, reported on Thursday a 7% rise in its first-quarter earnings. The company cited strong performance across its core businesses and soaring profits in its energy division due to the Iran War which caused a spike in oil and fuel prices globally. The?company that was formerly Cepsa, one of Spain's biggest refiners, booked a net profit of 147 million euros ($173million) in the third quarter. This compares to 138 million euro a year earlier. In a press release, CEO MaartenWetselaar stated that "Moeve delivered a solid quarter of results shaped by heightened geopolitical uncertainties?and volatile oil...

The Mainichi?daily?reported?on?Saturday, citing Japan’s Ministry of Economy, Trade and Industry. After the invasion of Ukraine by Russia in 2022, Japan has stopped buying oil from Russia. A?U.S. The Sakhalin-2 Project, which produces?mostly liquefied gas, is exempt from U.S. Tokyo is looking for alternative oil sources after the U.S. Israel war against Iran has largely cut off imports from the Gulf. The Gulf was Tokyo's primary oil source until the Middle East conflict began in late February. Gazprom, the Russian state-owned gas company, is the controlling shareholder of?Sakhalin-2 Oil and Gas Project. Mitsui & Mitsubishi are also shareholders. Mainichi, citing an...

Chevron's first-quarter earnings exceeded Wall Street expectations on Friday as higher oil prices related to the U.S./Israeli war against Iran helped boost its results in its upstream business. LSEG data show that the company's adjusted earnings per share were $1.41, which is well above the consensus estimate. Despite the big beat, overall profits were at their lowest levels in five years. This was partly due to timing effects related to financial derivatives. Chevron’s largest business unit upstream generated $3.9 billion, an increase of 4% on the previous year, as oil prices rose. In a press release, CEO Mike Wirth stated...

Exxon Mobil beat expectations for the first quarter adjusted earnings on a Friday. However, unadjusted 'profit' dropped to its lowest in five years because of disrupted shipments due to the U.S./Israeli war against?Iran. Also, a negative impact was caused by?timing issues related to financial derivatives. The adjusted earnings for the first 'three months' of the year came in at $1.16, which was above the consensus estimate by LSEG of $1.00. The adjusted figure excludes a $700m loss due to cargoes which were not delivered because of the war. Earnings per share were $2.09, excluding financial derivatives. Net income was $4.2...

Chevron's first-quarter earnings exceeded Wall Street expectations on Friday as higher oil prices related to the U.S./Israeli war against Iran helped boost its upstream business. According to LSEG data, the company reported adjusted 'earnings' of $1.41 per a share, which is well above the consensus 'estimate' of 95 cents. Despite the impressive beat, total profit was at its lowest in five years due partly to timing effects related to financial derivatives. Chevron’s largest business unit, the upstream segment, has generated $3.9 billion, an increase of 4% on a year-over-year basis as higher oil prices have led to increased revenues. Mike...

The Trump administration wants to lend up to 92.5 million barrels of oil from the Strategic Petroleum Reserve to energy companies to help calm down oil markets which have risen due to the war against Iran. In March, the U.S. agreed to lend 172 million barrels of oil from the SPR. This was part of a larger agreement?with over 30 countries that are members of the International Energy Agency. The agreement also included the release?of about 400 million 'barrels? to relieve the markets. Fatih Birol is the head of IEA and he has stated that the 'war has caused the...

The first quarter profits of European oil majors were boosted by bumper trading gains, as the Iran Warupended supply chain. This highlights how shifting?barrels across the globe can sometimes be more important than pumping them from the ground. BP, Shell, and TotalEnergies spent years developing vast oil trading'machines' that are now at the core of their businesses - setting them apart from their U.S. counterparts, for better or for worse. BP announced a first-quarter profit of $3.2 billion on Tuesday. This is more than twice the figure from last year, largely due to what BP called an exceptional performance in...

Treasury Department imposed sanctions against China's Hengli Petrochemical Refinery (Dalian), accusing it of "buying billions in Iranian oil", in a significant increase in Washington's effort to curb Tehran's oil revenues. Hengli Petrochemical, the parent company listed on Shanghai's Stock Exchange, denied doing business in Iran and said that sanctions lacked legal and factual basis. It also stated it would work to lift them. The following are?key facts: Why is this an escalation? Hengli operates in Dalian in the north-east a refining facility that can process 400,000 barrels per day. This makes it the biggest Chinese refiner sanctioned by the United...

Abu Dhabi National Oil Company notified customers that two crude grades could be 'loaded outside of the Gulf next month, as the Strait of Hormuz was closed. ADNOC is moving the crude grades Das and Upper Zakum from the terminals on Das Island (and Zirku Island) located in the Gulf, to outside locations for loading. The exports of these terminals are down dramatically as there have been fewer ships willing to cross the strait after the U.S. - Iran?war began in late February. ADNOC informed clients that it would make cargoes available to be loaded outside the Arabian Gulf on...

Trump Administration announced on Friday that it had imposed sanctions on an independent "teapot refinery" in China for?buying billions worth of Iranian crude oil while Washington and Tehran are struggling to restart peace negotiations. Treasury Department targeted Hengli Petrochemical Refinery Co., which they said was one of Iran's biggest customers for crude oil and petroleum. The Office of Foreign Assets Control of the Treasury Department said that it had also imposed sanctions against about 40 shipping firms and vessels operating as part of Iran’s shadow fleet. Last year, the Trump administration imposed sanctions against teapots Hebei Xinhai Chemical Group and...

Three sources with knowledge of the matter said that Mercuria sold aluminum in Europe at a price below what was assessed by the price reporting agency Fastmarkets. This suggests the global benchmark may not always reflect the prices buyers are willing to pay. The price of European aluminium has risen following the Iran War, which disrupted Middle East supplies. Fastmarkets is used widely by both producers and consumers for large-volume trades of aluminium, which is used in construction, packaging, and transport. A source said that Mercuria had failed to get bids when it attempted to sell aluminium earlier this month...