Refiner Valero Earnings Smash Estimates with Record Refinery Throughput

San Antonio, Texas based refiner Valero Energy reported better than expected third-quarter results Tuesday before the open. Valero higher throughput margin utilization rate of 95% in the reported quarter, compared with last year’s 91%. VLO refineries have operated this year at record levels boosted by demand for fuel and refined products from both domestic and global export demand since Russia’s invasion of Ukraine. Other major refiners, including Marathon Petroleum (MPC) and Phillips 66 (PSX), report in coming weeks. Valero Energy … Continue reading “Refiner Valero Earnings Smash Estimates with Record Refinery Throughput”

Houston Based Oil Refiner Phillips 66 Crush Earnings Generating $1.8 billion of Operating Cash Flow

Houston based oil refiner Phillips 66 on Friday reported better than expected second quarter earnings. PSX generated $1.8 billion of operating cash flow; $3.6 billion excluding working capital and repaid $1.5 billion of debt and returned $533 million to shareholders through dividends and share repurchases. The two largest American oil companies almost reported Friday. Energy giant ExxonMobil, the largest U.S. oil company, reported its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times the same period … Continue reading “Houston Based Oil Refiner Phillips 66 Crush Earnings Generating $1.8 billion of Operating Cash Flow”

Phillips 66 Repay Debt, Repurchase Shares and Raise Dividend

Houston based oil refiner Phillips 66 on Friday reported better than expected first quarter earnings. PSX Generated $1.1 billion of operating cash flow and repaid $1.45 billion of debt in April. The refiner announced plan to restart share repurchases and increasing the dividend. $PSX is diversifed from refining in both its chemical and pipeline sectors. Phillips 66 Inc. (NYSE: $PSX) Earnings Beat Before Open Friday $1.32 beat $1.14 EPS and $36.72B Beat $29.79 forecast in revenue Earnings Phillips 66 (PSX) … Continue reading “Phillips 66 Repay Debt, Repurchase Shares and Raise Dividend”

Most Texas Refineries Have Restarted Since Big Freeze

The big freeze from the arctic blast knocked out more than 18 of the Texas refineries just a month ago. For these refineries it has been a battle to repair and restart. 16 of those 18 plants shut by freeze have started some or all units. In that time demand has risen and already some are able to run at full rates on better margins.

Refiner Phillips 66 Better Than Expected Earnings as Refining Margins Recover

Houston based oil refiner Phillips 66 $PSX on Friday reported better than expected 3Q17 earnings as refining and petrochemical revenues strengthened.  While Phillips 66 is diversifying from refining in both it’s chemical and pipeline sectors $224 million in earnings came from refining. 

Refiner Valero $VLO Beats Earnings, Overcomes Hurricane Harvey

Valero Energy Corporation $VLO based in San Antonio, Texas reported better than expected third-quarter results Thursday before the open. Valero higher throughput margin due to 92% throughput capacity utilization despite Harvey supported Valero Energy’s strong results.