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Exxon restarts FCCU at Beaumont, Texas, refinery, sources say
Reuters· 2025-10-10 16:24
Exxon Mobil restarted the gasoline-producing fluidic catalytic cracking unit on Thursday at its 612,000-barrel-per-day Beaumont, Texas, refinery, people familiar with plant operations said. ...
Brazil's Petrobras signs $1.8 billion contracts for Boaventura refining project
Reuters· 2025-10-06 19:47
Group 1 - Petrobras has contracted building services for its Boaventura refining project with a total value of 9.6 billion reais ($1.81 billion) [1]
Exxon expects cut of 10% to 15% in Singapore workforce by end-2027
Yahoo Finance· 2025-10-01 09:18
By Trixie Yap SINGAPORE (Reuters) -Exxon Mobil Corp expects to cut staff numbers in Singapore by 10% to 15% and move its office to its Jurong plant on the island by the end of 2027, the company said on Wednesday, in a global restructuring effort. The steps come after the U.S. major unveiled plans on Tuesday to lay off 2,000 workers globally, particularly in Canada and across the European Union, as part of long-term restructuring that will affect about 3% to 4% of its workforce. "We are making changes to ...
$10 billion Citgo auction could finally end twisting saga of Venezeulan expropriation, imprisoned execs, and a long-shot NYC mayoral candidate
Yahoo Finance· 2025-09-19 06:45
Founded 115 years ago in Oklahoma, Citgo Petroleum is a quintessentially American oil and gas brand. Except, of course, that it’s been quietly and entirely owned by Venezuela since 1990. Now, the decade-long legal saga over the fate of the Houston-based oil refiner could soon end through a drawn-out, legal auction to pay off creditors who lost oil assets, mining rights, and more when they were expropriated under Venezuela’s former socialist ruler, Hugo Chavez. The bidders do not include the usual suspe ...
Top Oil Traders Vie to Buy Chevron’s 50% in Singapore Refinery
Yahoo Finance· 2025-09-17 13:00
Group 1 - Commodity trading giants Vitol and Glencore are preparing to bid for Chevron's 50% stake in Singapore Refining Company (SRC) as Chevron aims to cut costs and realign its downstream business priorities [1][5] - Singapore Refining Company operates Singapore's second-largest refinery with a crude unit capacity of 145,000 barrels per day, producing various products including gasoline and jet fuel [2] - The total valuation for the entire 100% stake in Singapore Refining Company is estimated to be around $1 billion [2] Group 2 - Chevron is focusing on a balanced portfolio of refineries across Asia, with significant investments planned in regions like Korea for petrochemicals and heavy oil upgrading [3] - In contrast, Chevron has opted not to make large investments in Singapore, aiming for better returns on capital employed [4] - The company is actively working to optimize its global portfolio by concentrating on core growth assets to enhance profitability [4]
Analysts Predict 4 S&P 500 Stocks Will Outgrow Nvidia And Palantir
Investors· 2025-09-15 12:00
Core Insights - Analysts predict significant revenue growth for four S&P 500 stocks, with expectations of 60% or more this year, surpassing Nvidia's 58.2% and Palantir's 45.2% growth rates [2][3] Group 1: Revenue Growth Projections - Expand Energy (EXE) is expected to lead with a revenue increase of 215% in 2025, reaching $9.4 billion, driven by high oil prices [5][8] - TKO Group (TKO) is projected to achieve a 67% revenue growth, hitting $4.7 billion in 2025, reflecting strong performance in the entertainment sector [7][8] - EQT (EQT) and KeyCorp (KEY) are also forecasted to see revenue growth of 60.9% and 60.1%, respectively, indicating robust performance across various sectors [8] Group 2: Market Context - The overall S&P 500 is anticipated to post a modest revenue growth of 6.2% in 2025, highlighting the exceptional nature of the aforementioned stocks [3] - Analysts have expressed increased optimism regarding earnings outlooks for the third quarter, suggesting a positive sentiment in the market [3]
BP's Indiana Refinery Restarts After Severe Flooding Disruption
ZACKS· 2025-08-21 14:27
Core Insights - BP's Whiting refinery in Indiana is in the process of restarting operations after severe thunderstorms and flooding caused disruptions [1][2][9] - The refinery, which has a capacity of 440,000 barrels per day, is expected to return to normal operating rates by early next week [2][9] - Fuel prices in the Midwest are anticipated to rise due to the operational disruptions, with potential increases of 10-20 cents per gallon in the Great Lakes states and 15-30 cents in Chicago [3][9] Company Operations - The flooding led to visible flaring at the refinery, which will continue as necessary during the restart to ensure safe operations [2] - BP has prioritized employee safety and reliable operations during the recovery efforts [4] Market Impact - Energy analysts warn that until the Whiting refinery is fully operational, fuel prices in the Midwest will likely be affected [3] - The refinery is a critical supplier of gasoline, diesel, and jet fuel to the Midwest region [3]
Phillips 66 to Produce CARB Gasoline, Boost California Fuel Supply
ZACKS· 2025-06-26 13:45
Group 1 - Phillips 66 (PSX) is considering producing CARB gasoline at its Ferndale refinery to improve air quality and increase gasoline supplies in California [1][2] - The Ferndale refinery has a capacity of 105,000 barrels per day (bpd) and will begin producing CARB gasoline for delivery to northern and southern California following the closure of the Los Angeles refinery, which has a capacity of 139,000 bpd [2][3] - The company is collaborating with California Governor Gavin Newsom and regulatory authorities to maintain fuel supply in the state after the Los Angeles refinery shutdown [3] Group 2 - Valero Energy plans to shut down or restructure its Benicia refinery in California by April 2026, which may lead to reduced refining capacity and higher gas prices in the state [4] - The refinery closures are primarily due to regulatory policies aimed at achieving cleaner energy targets and reducing emissions [4]
ExxonMobil Plans to Sell French Refining Assets to North Atlantic
ZACKS· 2025-05-29 14:21
Core Viewpoint - Exxon Mobil Corporation (XOM) is entering exclusive negotiations to divest its controlling interest in Esso Société Anonyme Française SA and 100% of ExxonMobil Chemical France SAS to North Atlantic France SAS, with the transaction expected to close in Q4 2025, pending regulatory approvals and financial arrangements [1] Group 1: Transaction Details - The deal includes the Gravenchon refinery and related assets [1] - Approximately 1,350 employees affected by the transaction will remain employed under their current terms and conditions, ensuring workforce stability during the transition [4] - The divestment aligns with ExxonMobil's strategy to optimize its global portfolio while maintaining safe operations and meeting supply obligations during the transition [6] Group 2: Retained Operations - ExxonMobil will retain a significant commercial presence in France, operating around 750 Esso-branded retail fuel stations and continuing to supply finished lubricants, base stocks, and specialty products [2][3] - The company considers France a key market and intends to support its customers through the Esso brand [3] Group 3: Strategic Implications - North Atlantic views the acquisition as a strategic enhancement of its transatlantic operations, aiming to establish Gravenchon as a central hub for France's energy and industrial sectors [5] - ExxonMobil's exit from certain French operations does not indicate a broader retreat from Europe, as the continent remains important for its energy and specialty product business [7]