The strategic repositioning of ConocoPhillips is expected to be completed in the second quarter of 2012. ConocoPhillips has revealed that its new independent downstream company, created through its previously announced strategic repositioning, will be named Phillips 66 and will be headquartered in Houston. Phillips 66 will have leading businesses in refining, marketing, midstream and chemicals.
Hess Corp. reported net income of $298 million for the third quarter of 2011 compared with $1,154 million for the third quarter of 2010. Key takeaways include: • Net income excluding items affecting comparability between periods was $379 million, compared with $429 million in the third quarter of 2010. • Net cash provided by operating activities was
Brian L. Milne, Refined Fuels Editor, Telvent DTN Wholesale gasoline prices were mixed for the week ending on Labor Day, as the transition from summer grade gasoline blends to the less expensive to produce winter gasoline formulas prompt different trading activity. Gasoline prices moved lower along the West Coast amid ample supply, while short covering
Chevron Corp. has reported earnings of $4.55 billion ($2.27 per share – diluted) for the first quarter 2010, compared with $1.84 billion ($0.92 per share -diluted) in the 2009 first quarter. Results in the 2009 period included gains of approximately $400 million ($0.20 per share) from downstream asset sales. Foreign-currency effects reduced earnings in the
Chevron Corp. has announced its the Perdido deepwater project, located in the U.S. Gulf of Mexico, has started crude oil and natural gas production. Production from the Great White, Silvertip and Tobago fields using the Perdido hub is expected to reach full capacity of 130,000 barrels of oil-equivalent per day after the drilling of additional