Russia buys 49% stake in Vietnamese refinery Gazprom Neft (ticker: GZPFY), the oil arm of Russian state-owned Gazprom (ticker: OGZPY), and Vietnam Oil and Gas Group (PetroVietnam) have signed a series of agreements to strengthen ties between the oil and gas industries in the two nations. As part of the agreement, Gazprom Neft will acquire a 49% stake in the
U.S. refiners using most domestic oil in 29 years Refineries in the United States are relying on domestically produced crude oil now more than any other time since 1986. Domestic production and imports from Canada and Mexico made up 85% of crude processed at U.S. plants in January, the most since March 1986, reports Bloomberg. Crude output in the U.S.
North Dakota has been the poster child of the United States shale boom, boasting skyrocketing production, high economic growth rates and miniscule unemployment numbers. The discovery and exploitation of the Williston Basin has increased crude output in the state by more than six times from 2008 to 2014, ending the most recent year with average volumes of 1,087 MBOPD. North
Refineries in India are importing oil from more varied sources in order to diversify supply Indian refineries continue to reduce imports from traditional markets like Saudi Arabia and Iran and have stepped up purchasing from other markets, including Mexico, Iraq and Venezuela while building inventories as crude prices remain low. Availability of cheaper crude variants and softening of shipping costs
Western Refining reports fourth quarter results Western Refining Inc. (ticker: WNR) today reported its fourth quarter 2014 results. The company reported net income of $116.8 million, or $1.19 per diluted share. This represents a 51% increase from the company’s Q4’13 net income of $57.3 million. The company’s full-year 2014 net income reached $559.9 million, or $5.61 per diluted share, a
United States refineries are running at utilization rates well above 90%, but don’t count them as part of the oil and gas industry being squeezed in the current commodity market. The Energy Information Administration (EIA) still expects domestic production to increase in 2015 (albeit, at slightly lower numbers than before), and refiners are prepared to take advantage of margins that
Hess Corporation (ticker: HES) is a leading global independent energy company engaged in the global exploration and production of crude oil and natural gas. The company is currently shedding assets in 2013 to become a pure-play E&P company. Hess Corporation announced it is entering into a $1.025 billion, or $2.50 per Hess share, agreement with Direct Energy, a North American
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