PSX News and Press, Phillips 66 From 07/10/20

The energy sector has gained the distinction of the most-hated market sector over the last few years. Excess oil supply coupled with plummeting demand resulted in oil prices briefly falling into negative territory. However, the latest developments give a glimmer of hope to this seemingly gloomy ...

Shares of oil refiner  Phillips 66  (NYSE: PSX) tumbled 35.5% in the first six months of 2020, according to data provided by S&P Global Market Intelligence . That was far worse than the  S&P 500 's 4% loss during the same time period. The loss erased almost all the comp...

Texas oil refineries are feeling the effects of COVID-19's resurgence in the state, led by Marathon Petroleum's (NYSE: MPC ) Galveston Bay refinery, which Bloomberg reports has amassed well over 100 confirmed cases of the virus. More news on: Marathon Petroleum Corporation, LyondellBasel...

Heavy selling pressures the S&P energy sector ( XLE -3.9% ) to its lowest level since mid-May, as crude oil ( CL1:COM ) falls sharply on investor fears that renewed lockdowns to contain the spread of coronavirus in the U.S. will again depress fuel consumption . More news on: Energy ...

The energy sector is a highly competitive, dog-eat-dog business. The fallout from a new judicial order compelling the closure of the Dakota Access Pipeline (DAPL) shows how one company’s loss can often be the catalyst for another company’s gain. On July 6, a federal judge order...

Pipeline giant  Energy Transfer   (NYSE: ET) got another dose of bad news this week. A U.S. district court judge  ordered  the company to temporarily shut down and drain its Dakota Access Pipeline (DAPL) by August 5th, pending the outcome of an environmental review....

Dakota Access LLC files a motion to stay today's U.S. District Court ruling that orders the 570K bbl/day oil pipeline to shut down within 30 days. More news on: Energy Transfer LP, Enbridge Inc., Phillips 66, Energy stocks news, Read more ...

Phillips 66 ( PSX -1.2% ) and other large investors in the Dakota Access Pipeline could be on the hook for hundreds of millions in payments after a U.S. court today ordered Energy Transfer ( ET -9.3% ) to shut and empty the 570K bbl/day pipeline within 30 days , Reuters reports. Mor...

Investors in the U.S. refining sector are by now familiar with the severe demand disruption that occurred to refined fuels in March and April of this year. The arrival of the COVID-19 pandemic in the U.S. was marked by lockdown orders being implemented across almost all of the country in the s...

Merchant refiner Phillips 66 ( PSX ) was hard-hit by the coronavirus-induced lockdown orders that went into effect last March, and its share price fell by more than 50% over the course of Q1 (see figure). The lifting of those same lockdown orders prompted the company's share price to recoup ...