Refinery

Cenovus Swings to Profit on Rising Prices, Refinery Demand

Cenovus Swings to Profit on Rising Prices, Refinery Demand

Rising consumer demand for fuels from an expanded refinery and retail chain as the Covid-19 pandemic faded helped propel sharply improved financial performance by Cenovus Energy Inc. in the first six months of this year. The Calgary firm’s downstream chain of 1,073 service stations and five U.S. refineries – two in Ohio and one each…

August 2, 2021
Suncor Sees Oil Prices Jump Sharply, Commits 10% of Capital to GHG Initiatives

Suncor Sees Oil Prices Jump Sharply, Commits 10% of Capital to GHG Initiatives

Calgary-based Suncor Energy Inc. saw its earnings jump in the first half of the year, as oil demand rose and the pandemic receded, resulting in the North American retail unit standing out as the growth star. Maintenance turnaround projects, which limited production and sales by the refineries and oilsands operations during 2020 and early this…

July 30, 2021
Mexico’s Pemex said Poorly Positioned to Capitalize on Oil Price Rally

Mexico’s Pemex said Poorly Positioned to Capitalize on Oil Price Rally

As major economies across the globe emerge from the doldrums of the pandemic and travel surges, oil prices could further spike and reach $100/bbl by next year, according to the most bullish Wall Street forecast yet this year. It could also mark the final surge in oil prices, however, as pressure intensifies on energy companies…

June 23, 2021
Oil Refinery in U.S. Virgin Islands Shutters After EPA Alleges ‘Multiple Major Mishaps’

Oil Refinery in U.S. Virgin Islands Shutters After EPA Alleges ‘Multiple Major Mishaps’

The Limetree Bay oil refinery in the U.S. Virgin Islands, long under environmental and financial pressure, said this week it would close indefinitely. Citing “severe financial” hardship, owner Limetree Bay Energy said it had suspended plans to restart the 210,000 b/d facility on the island of St. Croix. The refinery has been offline since May…

June 23, 2021
Mexico’s Pemex Snaps Up Ownership of Texas Refinery in Quest for Energy Self-Sufficiency

Mexico’s Pemex Snaps Up Ownership of Texas Refinery in Quest for Energy Self-Sufficiency

Mexico’s state oil company Petróleos Mexicanos (Pemex) will add more refining capacity to its portfolio with the deal announced Monday to purchase Royal Dutch Shell plc’s share in the partnership that owns the Deer Park refinery on the Texas coast. The $596 million transaction was celebrated by Mexican officials as yet another step on the…

May 25, 2021
NuStar to Expand Products Capacity on Texas-to-New Mexico Pipeline

NuStar to Expand Products Capacity on Texas-to-New Mexico Pipeline

Midstreamer NuStar Energy LP has unveiled plans to boost capacity by 6,000 b/d on a 293-mile refined products pipeline that runs from the Panhandle in Texas to Albuquerque, NM. The San Antonio-based limited partnership said Wednesday it would upgrade pump stations on the 17.2 million b/d Amarillo-to-Albuquerque Pipeline, which it jointly owns with Phillips 66…

March 5, 2021
Phillips 66 Eyeing Energy Transition, with Oil and Gas Recovery Hinging on Return to ‘Normal’

Phillips 66 Eyeing Energy Transition, with Oil and Gas Recovery Hinging on Return to ‘Normal’

Phillips 66 wants to exploit the technology base it has to advance a lower carbon business platform, while maintaining a strong balance sheet and returning value to shareholders. The Houston-based energy firm sharply reduced the 2021 capital expenditure (capex) budget to $1.7 billion, down from $3.1 billion last year. About $1.1 billion of sustaining capital…

February 4, 2021
Howard Energy to Add Corpus Christi Refinery Services Facility in Deal with MPLX Subsidiary

Howard Energy to Add Corpus Christi Refinery Services Facility in Deal with MPLX Subsidiary

San Antonio-based Howard Energy Partners (HEP) has agreed to acquire a refinery services facility in Corpus Christi, TX, from a subsidiary of MPLX LP, management announced Tuesday. HEP has executed an agreement to acquire the Javelina Facility, a treating and fractionation plant capable of extracting natural gas liquids, as well as olefins and hydrogen, from…

December 30, 2020
Light Oil Production Making Up Larger Share of U.S. Refinery Inputs

Light Oil Production Making Up Larger Share of U.S. Refinery Inputs

Light oil production continues to grow in the United States, rising 7% over the last four years to 57% of the total 1.24 million b/d of crude produced in 2019, according to the Energy Information Administration (EIA). U.S. light oil production grew to 6.7 million b/d last year, up from 5.8 million b/d in 2018,…

September 9, 2020
AMLO Set to Announce Energy, Infrastructure Economic Recovery Plan in Coming Weeks

AMLO Set to Announce Energy, Infrastructure Economic Recovery Plan in Coming Weeks

Mexico President Andrés Manuel López Obrador said during his morning press conference on Monday his government was planning to launch an infrastructure plan in the next two weeks. No details were provided, but immediately prior to the coronavirus shutdown a long-awaited public-private infrastructure plan including energy projects worth close to $100 billion was expected to…

August 18, 2020
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