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Shares of energy companies fell sharply on Thursday, again sitting at the bottom of the S&P 500 leaderboard, as signs of slowing consumption sent oil prices sliding to six-week lows. The Energy Select Sector SPDR ETF (NYSEARCA:XLE) closed -3.7%, slumping 25% from its peak in early June an...
Energy Secretary Jennifer Granholm met with executives from Exxon (XOM), Chevron (CVX), Shell (SHEL) and Marathon (MPC) Thursday to discuss a response to elevated prices at the pump. According to the Wall Street Journal, executives and policy makers showed a genuine interest in finding s...
In a letter to the President Thursday, four Democrat Senators urged Biden to utilize "the full range of authorities at your disposal, including those under the National Emergencies Act and the Defense Production Act. This includes your authority to limit oil exports under 42 U.S.S. 6212a." Th...
Marathon Petroleum reported a better-than-expected adjusted income of $1.49 per share for the first quarter. Marathon Petroleum declared a global R&M margin of $15.31 per Bbl. I recommend buying MPC below $87 with potential lower support at $74.8. For further details see...
U.S. oil refiners will try to convince the Biden administration not to ban exports of domestic fuel to combat record-high gasoline prices during tomorrow's scheduled meeting with Secretary of Energy Jennifer Grandholm, Reuters reported on Wednesday. Refining executives reportedly will seek to...
Two drones flying from the direction of Ukraine caused an explosion at Russia's Novoshakhtinsk oil refinery Wednesday, according to sources cited by Reuters. The refinery has capacity to process 7.5mtpa, or ~150kb/d. European gasoil (diesel) margins closed in London at $55.30/b, ~$1 below all...
In 2020 Exxon (XOM) CEO Darren Woods was excoriated by investors, industry and policy makers alike. As shares dipped towards $30, investors clamored for capital spending cuts. Peers like BP (BP) and Shell (SHEL) announced oil demand would terminally decline. And US policy makers determined th...
US refining margins continue to march higher, as the ongoing supply crisis is compounded by talks of stimulating demand and cutting exports: Weekly reports from the Department of Energy have shown gasoline demand has struggled to surpass 2021 levels in the US; however, cutting the feder...
MPLX is one of the most talked-about energy infrastructure companies which I am not invested in and its recent decline pushing the yield to 9.98% has caught my attention. MPLX has grown its distribution annually over the previous 9 consecutive years and it has outpaced inflation for m...
Multiples and earnings estimates are falling, but a recession is yet to be fully priced, Morgan Stanley says. The S&P 500 (SP500) (NYSEARCA:SPY) would have to fall to 3,000, about 18% from current levels to fully reflect a recession, strategist Mike Wilson wrote in a note Tuesday. "The Be...
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Blackcomb Pipeline Reaches Final Investment Decision to Transport Growing Natural Gas Production from the Permian Basin to the Gulf Coast Region PR Newswire AUSTIN, Texas , July 31, 2024 /PRNewswire/ -- WhiteWater today announced that WhiteWater, MPLX LP (NYSE: M...
An emergency food pantry in Dickinson, North Dakota, recently got help in meeting local needs after issuing a public call for assistance via social media. The Association to Meet Emergency Needs pantry needed to replenish its supply shelves, prompting support from Marathon Petroleum's Dick...
NORTHAMPTON, MA / ACCESSWIRE / July 16, 2024 / Marathon Petroleum Corporation The Port of Long Beach, California, is supporting an effort to reduce debris in the port with devices that collect trash from the surface of the water. Marathon Pipe Line installed two electric trash skimmers ...