Economics
Valero Energy beats Q2 profit estimates as refining margins improve
Refiner Valero Energy beat Wall Street estimates for second-quarter profit as a rebound in refining margins helped cushion the loss in its renewable diesel unit.
Dow forecasts sales below estimates, slashes dividend as downturn takes a toll
Dow halved its dividend and forecast third-quarter revenue below analysts' expectations as the chemicals maker navigates a prolonged downturn in the industry, sending its shares down nearly 10% in premarket trading.
In rare move, California (U.S.) steps in to find buyer for Valero refinery to avoid closure
California government officials are trying to find a buyer for Valero Energy's Benicia refinery near San Francisco, an unusual effort as the clock ticks down on the company's planned closure of the facility in April.
U.S. refiners may see 2Q profit recover on stronger diesel margins
Investors are expecting top U.S. refiners to report higher second-quarter profits, bouncing back from losses during the first three months of the year as unseasonably strong diesel margins boost earnings.
NNPC CEO reaffirms Nigeria's initiative to debottleneck domestic refining capacity, strives for self sufficiency
The Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, has reaffirmed the Company’s commitment to dismantling structural bottlenecks towards laying a solid foundation for a self-sufficient refining ecosystem in Africa.
Evonik uses green electricity for polybutadiene production in Marl, Germany
Since July 1, Evonik's Coating & Adhesive Resins Business Line has been using green electricity for polybutadiene production in Marl, Germany. The initiative is part of Evonik's sustainability strategy, which aims to achieve the Group's environmental goals by 2030, including reducing Scope 1 and Scope 2 emissions by 25% from 2021 to 2030.
High imports, soft summer demand weigh on U.S. gasoline
Gasoline prices have been in a lull in recent months, a boon for Americans traveling this summer. Consumers endured record prices at the pumps after Russia's 2022 invasion of Ukraine upended energy markets.
Europe's chemical industry seeks a lifeboat to stay in business
Europe's petrochemical industry is unravelling under a wave of plant closures after years of losses and a rapid expansion of global capacity led by China.
Russia’s Rosneft slams EU sanctions on India's Nayara refinery
The European Union's 18th package of sanctions against Russia over the conflict in Ukraine, was approved on Friday and is aimed at dealing further blows to Russia's oil and energy industry.
Closures, disposals reshaping the global petrochemical sector
A wave of closures and disposals is reshaping the global petrochemical sector as companies around the world rethink their exposure to markets as they adjust to capacity build-up in China and higher costs in Europe.
- Valero Energy beats Q2 profit estimates as refining margins improve 7/24
- SWISS becomes world’s first airline to integrate Synhelion solar fuel into its flight operations 7/24
- Finland's Neste tops earnings forecast on soaring SAF sales 7/24
- Shell restarts hydrodesulphurization unit at Pernis oil refinery after unplanned outage 7/24
- Orlen's Unipetrol will start commissioning ethylene unit after power outage experienced earlier in July 7/24
- Dow forecasts sales below estimates, slashes dividend as downturn takes a toll 7/24
