Allentown, PA, Feb. 26, 2026 (GLOBE NEWSWIRE) -- CrossAmerica Partners Files 2025 Annual Report on Form 10-K ALLENTOWN, PA, February 26, 2026 – CrossAmerica Partners LP (NYSE: CAPL) on February 25, 2026, has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (SEC). The filing can be viewed through a link on the Partnership's website at www.crossamericapartners.com or on the SEC's website at www.sec.gov. The Partnership's unithold ...

Key Takeaways Cenovus shares jumped 59.6% in a year, topping Phillips 66's 19.2% surge.CVE faces pressure as WTI nears $65 and weaker WCS pricing squeezes the upstream cash flow.PSX benefits from diversified refining, midstream and chemicals, with steadier estimates.In the energy sector, Cenovus Energy Inc. (CVE) and Phillips 66 (PSX) represent two distinctly different operating models. Over the past year, Cenovus shares have soared 59.6%, comfortably outpacing Phillips 66’s 19.2% gain. However, superior st ...

Phillips 66 (NYSE:PSX) is among the best oil & gas refinery stocks to buy now. On February 18, Reuters reported that U.S. refiner Phillips 66 (NYSE:PSX) is seeking approval to buy heavy crude directly from Venezuela’s state oil company PDVSA starting in April, aiming to boost profits by avoiding middlemen like Chevron and trading houses. Phillips 66 (PSX): Navigating Opportunities in Energy Markets Pixabay/Public Domain The company recently purchased Venezuelan oil from Vitol at about $9 per barrel belo ...

Core Insights - The introduction of larger vessels, capable of carrying up to 2 million barrels of oil, is anticipated to lower transportation costs, address the shortage of smaller tankers, and expedite deliveries from Venezuela starting next month, potentially leading to a quicker depletion of stored oil in the country [1][12]. Group 1: Shipping and Logistics - Three Very Large Crude Carriers (VLCCs) chartered by Vitol and Trafigura have been assigned loading windows in March at Venezuela's main oil terminal, which handles up to 70% of the country's crude exports [2][13]. - The Olympic Lion supertanker is also expected to arrive in Venezuela by late March, indicating increased shipping activity [3]. - Historically, Venezuela's crude exports have utilized medium-sized tankers, such as Panamaxes and Aframaxes, which carry between 450,000 and 700,000 barrels, and Suezmax vessels, which can carry up to 1 million barrels [4][12]. Group 2: Market Dynamics - The larger cargoes are expected to alleviate cost pressures for trading houses, which have expressed concerns over the high prices of Venezuelan crude, particularly in a backwardation market where future shipments are cheaper than current supplies [7][12]. - Chevron has resumed selling Venezuelan crude to Indian refiners, marking a significant return to the market after sanctions, with exports reaching approximately 800,000 barrels per day in January, up from 500,000 bpd in December [8][12]. - The U.S. Treasury Department's issuance of a general license for oil exports is expected to broaden the buyer pool and increase the destinations for Venezuelan oil [11][12]. Group 3: Company Activities - Trading houses Vitol and Trafigura are actively exporting Venezuelan crude as part of a $2 billion deal between the U.S. and Venezuela, with recent sales to Indian refiners aimed at reducing reliance on Russian oil [8][12]. - Chevron and U.S. refiners, including Valero Energy and Phillips 66, are preparing to enhance Venezuelan oil processing at their refineries, which is likely to boost exports [10][12]. - The shift to larger tankers is expected to ease the logistical challenges faced by companies in sourcing medium-sized vessels for Caribbean departures [11][12].

Group 1: Ukraine Energy Infrastructure and Corporate Targets - Russia launched a coordinated drone and missile assault on Ukraine's power grid, causing widespread blackouts across critical regions including Odesa, Kyiv, Mykolaiv, Dnipropetrovsk, Zaporizhzhia, and Poltava [2][9] - A missile hit a production plant owned by Mondelez International in the Sumy Oblast, resulting in damage to production buildings but no casualties, characterized as "economic terror" against American business interests [3][9] Group 2: Luxury Sector Cools: Breitling Valuation Markdown - Private equity owners, including Partners Group, have reduced the internal valuation of Swiss watchmaker Breitling from approximately $4.5 billion due to a cooling secondary market and slowing demand for high-end timepieces [4][5][9] Group 3: Brazil-India Trade Target - Brazil and India announced a target to double bilateral trade to $30 billion by 2030, up from approximately $15 billion in 2025, focusing on critical minerals, aerospace, and pharmaceuticals [6][7][9] Group 4: Operational Issues at Phillips 66 Wood River Refinery - Phillips 66 reported an excess emission event at its Wood River oil refinery in Illinois, which has a crude throughput capacity of 365,000 barrels per day, following its acquisition of full ownership from Cenovus Energy [8][10][9]

Midstream Operations - The Midstream segment owns or holds partial interests in approximately 70,000 miles of pipeline systems, 39 refined product terminals, and 35 natural gas processing plants as of December 31, 2025[18]. - On April 1, 2025, the company acquired Coastal Bend, which includes long haul NGL pipelines and fractionation facilities[19]. - The company holds an aggregate direct and indirect economic interest of 86.8% in DCP Midstream, which sold its 25% ownership interest in Gulf Coast Express Pipeline LLC on January 30, 2025[20]. - The company has a gross storage capacity of 17,251 MBbl at the Clemens facility in Texas, with a 100% ownership interest[39]. - The Sweeny Hub has expanded its fractionation capacity to 675,000 B/D, enhancing its role in the U.S. Gulf Coast NGL market[34]. - The Coastal Bend assets acquired in 2025 include pipelines with a gross capacity of 225 MB/D, enhancing takeaway capabilities for DCP LP's operations[33]. - The company operates approximately 8,900 owned or leased railcars for rail movements, supporting its distribution operations[30]. - The Midstream segment exports liquefied petroleum gas (LPG) to global markets, enhancing its international presence[17]. - DCP LP's natural gas processing plants have a net nameplate processing capacity of 5 billion cubic feet per day (Bcf/d) across 35 active plants[32]. Refining Operations - The Refining segment operates 10 refineries in the United States and Europe, processing crude oil into various petroleum products[17]. - The Bayway Refinery has a capacity of 258 thousand barrels daily, producing 157 thousand barrels of gasoline and 130 thousand barrels of distillates with a yield capability of 93%[53]. - The Humber Refinery produces a high percentage of transportation fuels and is the only refinery in the UK with coking facilities, exporting refined products globally[57]. - The MiRO Refinery, the largest in Germany, operates as a joint venture with a capacity of 58 thousand barrels daily, producing a high percentage of transportation fuels[58]. - The Wood River Refinery has a capacity of 345 thousand barrels daily, producing a high percentage of transportation fuels and petrochemical feedstocks[64]. - On October 1, 2025, the company acquired the remaining 50% equity interest in WRB Refining LP, enhancing its refining capabilities[63]. - The company acquired the remaining 50% equity interest in WRB Refining LP from Cenovus on October 1, 2025, enhancing its operational control[63]. - The total net clean product capacity across all refineries is 1,948 thousand barrels daily, with a projected increase to 1,993 thousand barrels daily by January 1, 2026[53]. Chemicals Segment - The Chemicals segment includes a 50% equity investment in Chevron Phillips Chemical Company, which manufactures petrochemicals and plastics globally[17]. - CPChem's ethylene production capacity is 12,395 million pounds per year in the U.S., contributing to a total of 32,340 million pounds across all products[49]. - The Chemicals segment consists of a 50% equity investment in CPChem, which operates 29 manufacturing facilities globally[46]. - CPChem is constructing world-scale petrochemical facilities with a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a combined capacity of 4.4 billion pounds per year in the U.S. Gulf Coast, and a similar facility in Ras Laffan, Qatar with a total capacity of 3.7 billion pounds per year, expected to be operational by 2027[50]. Marketing and Specialties - The Marketing and Specialties segment includes the manufacturing and marketing of base oils and lubricants, primarily in the U.S. and Europe[17]. - The Marketing and Specialties segment includes approximately 7,620 branded outlets in 48 states as of December 31, 2025, marketing gasoline, diesel, and aviation fuel[71]. - The wholesale operations utilize a network of approximately 5,360 outlets, emphasizing lower capital requirements in the wholesale channel[72]. - The company has a retail joint venture with approximately 780 outlets in the West Coast, Midcontinent, and Rockies regions as of December 31, 2025[75]. - In the UK, the company operates approximately 320 marketing outlets, with a 35% interest in about 960 predominantly JET-branded sites in Germany and Austria[76]. - The company divested 65% of its interest in the Germany and Austria retail marketing business on December 1, 2025, retaining a 35% non-operating equity interest[78]. Renewable Fuels - The Renewable Fuels segment processes renewable feedstocks into products at the Rodeo Renewable Energy Complex and Humber Refinery[17]. - The Rodeo Complex processes approximately 50,000 B/D (800 million gallons per year) of renewable feedstocks into renewable fuels[84]. - A 30.2 megawatt solar facility was completed at the Rodeo Complex, reducing grid power demand by 50% and expected to avoid approximately 33,000 metric tons of CO2 emissions annually[85]. - An agreement was made to supply approximately 83 million gallons of sustainable aviation fuel over three years, expected to reduce greenhouse gas emissions by approximately 737,000 metric tons[86]. - The Renewable Fuels segment includes global activities to procure renewable feedstocks and manage regulatory credits, focusing on renewable diesel and renewable jet fuel[83]. Safety and Human Capital - The personal safety performance metrics include an ISI rate of 0.018 and a combined workforce TRR of 0.11 for 2025[94]. - The company aims for continuous improvement in human capital management, focusing on capability building and leadership development[91]. - The company had approximately 12,600 employees as of December 31, 2025, focusing on delivering energy and improving lives[89]. - The company holds a total of 583 active patents in 18 countries, including 445 active U.S. patents as of December 31, 2025[96]. Environmental and Regulatory - The company is subject to various federal and state environmental regulations, which impact capital expenditures and competitive positioning[98].

Core Viewpoint - Phillips 66 is strategically positioned to benefit from declining crude oil prices, which may enhance profit margins through reduced raw material costs [2][5]. Group 1: Company Overview - Phillips 66 operates in four segments: Midstream, Chemicals, Refining, and Marketing and Specialties, and is a significant player in the oil and gas industry [1]. - The company's current stock price is $155.41, reflecting a 1.26% decrease, with a market capitalization of approximately $62.62 billion [4]. Group 2: Market Analysis - The U.S. Energy Information Administration (EIA) forecasts a decline in West Texas Intermediate (WTI) crude prices from $65.40 per barrel in 2025 to $53.42 in 2026, and further to $49.34 by 2027 [2]. - This anticipated drop in crude prices allows Phillips 66 to purchase raw materials at lower costs, potentially improving profit margins [2][5]. Group 3: Strategic Initiatives - To mitigate crude price volatility, Phillips 66 is expanding its midstream operations, which aims to secure stable, fee-based revenues by leasing midstream assets to shippers [3]. - Key projects in this expansion include Pinnacle, Coastal Bend, and Dos Picos 2, with additional growth initiatives planned through 2027 [3].

A fast-moving wildfire in the Oklahoma panhandle doubled in size as it pressed into Kansas while winds threatened to shift and raise fire risks across West Texas and New Mexico.The Ranger Road Fire had consumed more than 283,000 acres in Oklahoma and Kansas as of Thursday, nearly 20 times the size of the island of Manhattan. In all, more than 300,000 acres have burned in Oklahoma this week as temperatures soared roughly 15F (8C) above average and rock-bottom humidity dried out grasses and brush. Oklahoma of ...

Core Insights - Phillips 66 (PSX) is expected to benefit from declining crude oil prices, with the West Texas Intermediate (WTI) price forecasted to drop from $65.40 per barrel in 2025 to $49.34 in 2027, enhancing its refining operations [1][9] Group 1: Business Model and Strategy - PSX has expanded into the midstream segment to mitigate crude price volatility, generating stable, fee-based revenues by leasing midstream assets [2] - The company has consistently invested in its midstream segment since Q1 2022, with significant projects like the Pinnacle and Coastal Bend acquisitions, and the Dos Picos 2 expansion, with several growth projects expected to complete by 2027 [3][9] Group 2: Competitive Positioning - Compared to PBF Energy Inc. (PBF) and Valero Energy Corporation (VLO), PSX is better positioned to handle high crude prices due to its robust midstream operations [4][5] Group 3: Financial Performance and Valuation - Over the past year, PSX shares have increased by 19.7%, while the industry composite stocks have risen by 24.1% [6] - PSX trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 13.1X, significantly above the industry average of 5.08X [8] - Earnings estimates for PSX have seen upward revisions for 2026, with current estimates at $11.40 per share for the year [11][12]

A fast-moving wildfire on Oklahoma’s panhandle has doubled in size as it presses into Kansas, as firefighters contend with days of dry heat and gusting winds across the Great Plains.The Ranger Road Fire had consumed more than 280,000 acres as of Wednesday evening, nearly 20 times the size of the island of Manhattan. In all, more than 300,000 acres have burned in Oklahoma this week as temperatures soar roughly 15F (8C) above average. State officials have received 33 reports of fires and hotspots spanning nea ...