May 4, 2020 Transportation fuel demand has decreased since early March 2020 as a result of reduced economic activity and stay-at-home orders aimed at slowing the spread of the 2019 novel coronavirus disease (COVID-19). U.S. refineries have reduced the amount of crude oil and other inputs that they process (also known as refinery runs). U.S. refinery runs fell for four … [Read more...] about Low transportation fuel demand and low profitability drive refinery run declines
Oil & Gas
Judge Vacates Oil and Gas Leases on 145,000 Acres in Montana
WASHINGTON — A federal judge on Friday vacated 287 oil and gas leases on almost 150,000 of acres of land in Montana, ruling that the Trump administration had improperly issued the leases to energy companies in 2017 and 2018.The judge, Brian Morris of the United States District Court for the District of Montana, said the Interior Department’s Bureau of Land … [Read more...] about Judge Vacates Oil and Gas Leases on 145,000 Acres in Montana
Exxon loses $610 million in the first quarter on writedowns tied to plunging oil
A pigeon flies over a Exxon mobil gas station on October 25, 2018 in Gutenberg New Jersey. Kena Betancur | Corbis News | Getty Images Exxon Mobil reported a loss in the first quarter as oil prices dropped to historic lows. The oil giant lost $610 million in the first quarter due to writedowns tied to falling oil prices. Exxon posted a GAAP loss of 14 cents per … [Read more...] about Exxon loses $610 million in the first quarter on writedowns tied to plunging oil
U.S. ethanol exports fell for the first time in four years in 2019
May 1, 2020The United States exported 96,000 barrels per day (b/d) of fuel ethanol in 2019, the first annual drop in U.S. ethanol exports since 2015. Despite the decrease, total exports remained at the second-highest level on record. The United States exported more fuel ethanol than it imported in 2019, the 10th year in a row as a net exporter. U.S. fuel ethanol exports fell by … [Read more...] about U.S. ethanol exports fell for the first time in four years in 2019
Chevron says results will be 'depressed' as long as oil stays low, taking steps to protect dividend
A Nabors Industries worker uses a power washer to clean the floor of a rig drilling for Chevron in the Permian Basin near Midland, Texas, March 1, 2018. Daniel Acker | Bloomberg | Getty Images Chevron warned Friday in its quarterly earnings report that results will remain depressed as long as oil prices remain low, and said that it was further cutting its 2020 capital … [Read more...] about Chevron says results will be 'depressed' as long as oil stays low, taking steps to protect dividend