Refining

Marathon Petroleum posts bumper profit on soaring fuel prices

Marathon Petroleum smashed quarterly profit estimates, the latest U.S. refiner to benefit from a surge in fuel prices sparked by tight capacity and low inventories.

Valero to run its 14 refineries at 90%-93% of capacity in Q3

Valero Energy Corp plans to operate its 14 refineries between 90%-93% of their combined total processing capacity in the third quarter.

U.S. majors Exxon, Chevron post blowout earnings, ramp up buybacks

The two largest U.S. oil companies, ExxonMobil and Chevron, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European majors a day earlier.

U.S. fuel demand remains strong, despite recent data

Demand for transportation fuels remains strong despite mixed signals from inventory data collected by the U.S. Energy Information Administration.

Shell slashes gas intake at Dutch, German refineries

Shell has slashed its use of gas at Europe's largest oil refinery, Rotterdam's 404,000 bpd Pernis site, by 40% and at its German refineries by 70%.

Valero kicks off U.S. refinery results with Q2 profit jump

Valero Energy Corp reported a rise in second-quarter profit on Thursday, boosted by higher demand for fuel and refined products.

Binh Son refinery Q2 net profit soars to $424 MM

Vietnam's Binh Son Refining and Petrochemical recorded net profit of $424 MM in the second quarter, up by nearly six times from a year earlier.

U.S. to sell additional 20 MM barrels of oil from strategic reserve

The United States has already sold 125 MM barrels from the reserve with nearly 70 MM barrels already delivered to purchasers.

Galp posts 90% profit leap on soaring oil prices and refining margin

Portuguese oil and gas company Galp Energia reported a 90% jump in adjusted second-quarter profit, citing soaring oil prices and a sharp increase in its refining margin.

Global gasoline cracks collapse, blow to refiners' profits

A sudden crash in global gasoline prices in the past two weeks has dented refiners' profits, pushing up inventories in key trading hubs around the world while looming exports from China and India also add to pressure on growing stockpiles.