News

Oil and Gas Refinery

California Investigating 600-Gallon Oil Spill From Chevron Refinery

Kimberly Redmond | Equities.com |

California authorities are investigating a Chevron Corporation refinery spill that leaked about 600 gallons of petroleum and water into the San Francisco Bay on Tuesday. (https://twitter.com/AirDistrict/status/1359340205036118022) 

The spill was discovered around 3 p.m. Tuesday, when Chevron first noticed a sheen on the water by the wharf at its Richmond refinery and started working to contain it, the company said.(https://twitter.com/ChevronRichmond/status/13593085323408...


Gasoline Prices Hit Nine-Month High as Refiners Make Further Production Cuts

Reuters | Equities.com |

U.S. gasoline prices hit a nine-month peak as drivers took to the roads on holiday travel, crude oil prices kept climbing and refiners further cut fuel production due to weak margins.

Prices at the pump topped $2.25 a gallon this week, according to the American Automobile Association, the highest since March when COVID-19 was declared a global pandemic. Supplies fell to the lowest in a month at 236.6 million barrels, according to U.S. government data released on Wednesday.


US Refiners Move Aggressively To Produce Renewable Diesel Ahead of Canadian Rivals

Reuters | Equities.com |

U.S. oil refineries are moving aggressively to produce renewable diesel, partly to cash in on Canada’s greener fuel standard before Canadian refiners modify their own plants.

Canadian Prime Minister Justin Trudeau’s government intends to present its Clean Fuel Standard this year, aiming to cut 30 million tonnes of emissions by 2030.

Renewable diesel, made by processing spent cooking oil, canola oil or animal fats, can be used in high concentrations or without blending in conventional diesel engines.


Marathon Petroleum To Lay Off 2,050 Employees — 12% of Workforce

Reuters | Equities.com |

Marathon Petroleum Corp, the largest U.S. oil refiner, said it would lay off about 2,050 employees, or 12% of its workforce, at its U.S. operations, excluding Speedway, as the COVID-19 pandemic crushed global demand for motor fuels.

The workforce reduction plan is a result of indefinite idling of its Martinez, California and Gallup, New Mexico refineries, the company said in the filing here.

Refiners and oil producers have been cutting staff, slashing spending and ...


Global Oil Refiners Reel From Weakened Demand and Abundance of Inventory

Reuters | Equities.com |

Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled, according to executives, refinery workers and industry analysts.

Refiners cut output by as much as 35% in spring as coronavirus lockdowns destroyed the need for travel. As lockdowns eased, refiners increased output slowly through late August. But in top fuel consumer the United States and elsewhere, refiners have been decreasing rates for the last several weeks in response to increased inventories, a sustained lack of demand and in response to natural disasters.


Phillips 66 Slashes Spending 2020 Forecast; Assures Investors on Dividend

Stephen L Kanaval | Equities.com |

"Phillips 66 is well-positioned to manage through the challenging environment," said Greg Garland, chairman and CEO of Phillips 66


Leading Firm With an Undervalued Stock Price

David Trainer | Equities.com |

This company should not only beat short-term earnings expectations, but has improving fundamentals, multiple growth opportunities, and an undervalued stock price.


Exxon Quarterly Profit Falls 5.2% on Weak Refining, Chemical Margins

Reuters | Equities.com |

Net income attributable to Exxon fell to $5.69 billion, or $1.33 per share, in the three months ended Dec. 31, 2019.


Key Metrics for Oil Dividend Stocks After the Saudi Aramco Attack

Marin Katusa | Equities.com |

For a specific group of oil companies, low oil prices are a good thing.


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