Petroleum refining
Ukraine's recent drone strikes have severely impacted Russia's oil processing capabilities, with the Kuibyshevsk refinery, operated by Rosneft, being forced to suspend operations since August 28. Two industry sources, cited by Reuters, revealed that the facility's two main crude distillation units, CDU-4 and CDU-5,
Petroleum industry
Colonial Pipeline Company, a leading interstate common carrier of petroleum products, and MIECO, Inc., a prominent fuel oil blending company, have come together to dedicate a new 1.3 million barrel fuel oil blending facility in Baton Rouge, La. The facility, which has been in operation for several weeks, is
Petroleum industry
The Chemical and Atomic Workers International Union (OCAW) Local 8-234 is at odds with BP Oil Co. over the planned sale of its Marcus Hook, PA refinery to Tosco Corp. BP has issued a warning that it will shut down the refinery partially or completely if the union becomes an
Petroleum industry
Coastal Corporation, a Houston-based energy holding company, reported a significant increase in quarterly results, with earnings rising by 66% to $44.2 million, or 38 cents per share, for the quarter ended September 30. This marks a notable improvement from the same period last year, where earnings were $26.6
Petroleum
Giant Industries, a refiner and marketer of petroleum products, has reported improved earnings in the third quarter of 1995, with net earnings for the period reaching $2.0 million, compared to a net loss of $2.3 million in the same quarter of 1994. The company's Chairman and
Petroleum industry
Mobil's Chairman Lucio A. Noto recently announced estimated third-quarter operating income of $744 million, a significant increase of 41% from the same period last year. The company's strong performance was driven by higher income in both the downstream petroleum and chemical sectors. The results were bolstered
Petroleum industry
Interline Resources Corp., a diversified oil and natural gas company, has signed a significant licensing agreement with Gadgil Western Corp. (formerly Western India Group) for the exclusive use of its contaminated oil reprocessing technology in Bahrain and Singapore. This agreement marks a major milestone for both companies, with Gadgil Western
Petroleum industry
Washington - News of a fire at Amoco Corp.'s Texas City, Texas, refinery reinforced stronger technical indicators, causing crude and product prices to rise off their lows. The September crude contract on the New York Mercantile Exchange settled up 9 cents at $16.88/bbl, while gasoline prices
Gas industry
Mobil Corporation has announced significant initiatives to improve the profitability of its European refining operations, focusing on three refineries in Germany, France, and England. The company proposes to close its Woerth refinery in Germany and reduce operating costs at the Gravenchon and Coryton refineries. This restructuring is expected to result
Petroleum industry
Members of a petroleum and maritime industry coalition have welcomed the U.S. Senate's vote to end the decades-old ban on the export of Alaskan North Slope (ANS) crude oil, citing the decision's potential to create jobs in California and Alaska and provide energy security for
Petroleum industry
Gasoline demand in the United States is expected to reach a record 7.89 million barrels per day (b/d) this summer, a 1.8% increase from last summer's demand, according to the Energy Information Administration (EIA). The growing demand, without a corresponding increase in production capacity, will
Natural gas
Despite weak downstream margins and low natural gas prices, five major oil companies, including Amoco Corp., Atlantic Richfield Co. (Arco), Exxon Corp., Mobil Corp., and Texaco Inc., reported first-quarter earnings that exceeded analysts' expectations. The companies' strong oil prices and outstanding upstream and chemicals operations helped drive their
