Tesoro and Valero bright-spots on S&P500 Energy Index The outlook for the refining sector continues to be a bright spot in an otherwise gloomy outlook for the energy industry. While E&Ps look for the best ways to cut costs amid the continued low oil prices, refineries are enjoying stronger margins on cheaper feedstock. In August, gross inputs to U.S. refineries
ETE Becomes Largest Energy Infrastructure Group Enterprise Value Now Exceeds that of BP, Total and Petrobras Energy Transfer Equity’s (ticker: ETE) long pursuit of Williams Companies (ticker: WMB) has come to an end. On September 28, 2015, ETE announced the acquisition of WMB for total consideration of $37.7 billion, including debt, representing a 10% premium to WMB stock price prior
The U.S. Virgin Islands filed a lawsuit against Hess Corp. (ticker: HES) for approximately $1.5 billion, saying the company violated its contract by shuttering its refinery in St. Croix. Prior to being shuttered, the facility was once the world’s largest refinery, and was responsible for employing 2,500 people, or about one in four workers in the Virgin Islands. The facility
Did Cheniere Squeeze through a Closing Door? Carl Icahn has followed up his August purchase of 19.4 million Cheniere Energy (ticker: LNG) shares by purchasing another 3.3 million shares, increasing his stake in the company to about 9.59%. Icahn’s group was awarded two seats on the board upon its purchase last month and has now invested approximately $1.2 billion in
Analysts have pegged scores of oil and gas companies as potential takeover targets in the new commodity environment, but Williams Companies (ticker: WMB) is one of the few who has remained in the acquisition spotlight ever since a failed takeover attempt was made public in June. The rejected offer of $53.1 billion from Energy Transfer Equity (ticker: ETE) was refused
Total sells North Sea midstream assets On August 27, Total (ticker: TOT) announced that it sold its FUKA and SIRGE gas pipelines, along with the St. Fergus Gas Terminal, to North Sea Midstream Partners for £585 million (approximately $905 million). The Frigg UK Pipeline (FUKA) is a 362-kilometer, 32-inch pipeline with a nominally capacity of 1,271 MMcf/d, while the Shetland
The EIA’s Short-Term Energy Outlook shows declining production as prices drop The U.S. Energy Information Administration (EIA) released its July Short-Term Energy Outlook (STEO) today, showing lower production in the month of July as prices continue their downward trend. The EIA reported that U.S. crude oil production declined by 100 MBOPD in July compared with June. Production is expected to
Allowing independent refiners to import could boost demand China’s Ministry of Commerce announced today that it will grant licenses to two independent refineries to directly import crude oil as the country works to allow more room for independent players in its oil and gas markets, reports Economic Times. Up until now, about 90% of China’s crude imports have gone to
Oil rig counts climb for third straight week The total number of rigs actively drilling in the United States rose by ten this week, reaching 884, according to the latest rig count from Baker Hughes (ticker: BHI). The number of rigs drilling for oil rose for the third straight week to 670 while rigs drilling for gas increased by four
The rolling four-week average of refinery inputs exceed the five-year average every week this year Gross inputs to U.S. refineries exceed 17 million barrels per day (MMBOPD) in each of the past four weeks, the highest level of refinery inputs seen by the Energy Information Administration (EIA) since the organization began publishing weekly data in 1990. Inputs have been above
International oil majors were burned but also warmed by low oil prices in Q2; and their new projects are moving forward The second quarter has been tough for international oil majors like ExxonMobil (ticker: XOM), Chevron (ticker: CVX) and Royal Dutch Shell (ticker: RDSA), but a silver lining of sorts did present itself. Across all three companies, the reason given
Refiners say making them the obligated party for fuel blending is “misguided” Independent refiners are asking the Environmental Protection Agency (EPA) to shift responsibility for complying with biofuel programs from refiners to fuel blenders. Delta Airlines’ (ticker: DAL) Monroe Energy LLC, Carlyle Group’s (ticker: CG) Philadelphia Energy Solutions, Valero Energy Corp (ticker: VLO) and Ronald E Minsk, who recently served
