Archives for July 2016
Valero’s profits tumble 40 percent in 2nd quarter
Profits for San Antonio refiner Valero plunged 40 percent in the second quarter as a glut of petroleum products weighs on prices and trims margins. Valero on Tuesday reported net income of $814 million, down...
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Exxon Mobil again expanding its Beaumont refinery
Exxon confirmed it will start construction later this year to add about 40,000 barrels of daily refining capacity to the Beaumont complex. The expansion comes in addition to an ongoing project to add 20,000 barrels...
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BP 2nd-quarter earnings fall 45 percent
BP posted a 45 percent slump in earnings, pointing to a poor set of results from the industry as oil production barely breaks even and profits from refining sputter. The U.K. company, the first oil...
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The high cost of layoffs, for workers and companies
Energy companies lay off thousands of people, but they may not understand or accurately calculate the costs of ramping up employment when business conditions rebound, some experts say. Just last week, four Houston-based energy companies...
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Shell to cut 25 percent of deep-water Gulf jobs
HOUSTON — Royal Dutch Shell says it’s cutting one-quarter of its deep-water Gulf of Mexico workers, the oil company’s latest bid to reign in costs amid anemic crude prices. The move to shed 200 out...
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