Marathon Oil Corporation announced that it has entered into a definitive agreement with Centrica plc, the parent company of British Gas, under which Centrica will purchase Marathon’s non-operated interests in the Heimdal infrastructure, related producing fields and associated undeveloped acreage offshore Norway. The transaction, which has a total value of $416 million and an [...]
TransMontaigne Partners L.P. announced that effective July 8, 2008, Charles L. Dunlap has been appointed to serve as a member of the Board of Directors and will also serve as a member of the Conflicts Committee of TransMontaigne GP L.L.C., the General Partner of the Partnership. The General Partner is responsible for managing the [...]
ConocoPhillips says its global production fell as expected in the second quarter because of planned maintenance, but it benefited from higher oil and natural gas prices.
In an overview of market conditions for the April-June period, ConocoPhillips also said its worldwide refining margins in the second quarter probably improved from the first quarter. But the company [...]
Citi Investment Research analyst Faisel Khan says the EIA report shows low refinery utilization has reduced inventories of gasoline, “but with crude rally continuing, refining stocks remain under pressure.”
Most refiners’ shares fell in afternoon trading. Holly Corp. lost 56 cents at $40.36. Valero Energy Corp. gave up 24 cents at $44.36, and Tesoro Corp. dropped [...]
Currently, global sulfur production is mainly concentrated in Canada, Russia and the Middle East. The global trade volume of sulfur in 2006 reached 27.7 million tons and meanwhile, China imported 8.81 million tons, accounting for 31.8% of the world’s total. According to the statistics, China consumed about 10 million tons of sulfur in 2006, while [...]
Brazil’s state-run oil company Petrobras plans to spend more than $20 billion to build two new refineries.
The media reports say the two new refineries are expected to begin operating in 2015 and will produce high grade derivatives for export.
The investment plans were announced by Petrobras president Jose Sergio Gabrielli.
The company plans to nearly double its [...]
Crude-oil inventories dropped last week for the third straight period, down by 4.8 million barrels to 306.8 million barrels — 11.8 percent below year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report.
Analysts expected a gain of 2.7 million barrels, according to a survey by Platts, the energy research arm of McGraw-Hill [...]
Refining stocks rose as investors took a fresh look at the sector after a Deutsche Bank analyst raised his rating on Holly Corp. and Tesoro Corp.
Analyst Paul Sankey hiked his ratings on Holly and Tesoro to “Hold” from “Sell.” He upgraded the stocks because they were relatively cheap, not because of any major change by [...]
Sterlite Industries (India) Limited (“Sterlite”), a subsidiary of Vedanta Resources plc, the London-based FTSE 100 metal and mining group, and ASARCO LLC (“Asarco”), a Tucson based mining, smelting and refining company, announced today that they have signed a definitive agreement for the sale to Sterlite of substantially all the operating assets of Asarco for $2.6 [...]
Shares of oil refiners fell, as concern grew among analysts and investors that high gasoline pump prices are putting a big crimp in fuel demand.
In a note to investors, Lehman Brothers analyst Paul Cheng cited fresh data from the Department of Energy and the Federal Highway Administration as further evidence to support his bearish view [...]
