OTCpicks1
5 years ago
$MPC Marathon Galveston Bay refinery FCCU may be shut eight weeks - Reuters
The gasoline-producing unit at Marathon Petroleum's (NYSE:MPC) 585K bbl/day Galveston Bay Refinery in Texas may remain shut for 2-8 weeks for repairs, Reuters reports.
The 140K bbl/day gasoline-producing Fluidic Catalytic Cracking Unit 3 was shut on June 29 to repair a leak, according to the report.
To repair the sour water stripper, which removes ammonia and hydrogen sulfide discharged by FCCU 3, MPC may need to rebuild a needed transformer, which reportedly could take eight weeks; if a replacement can be purchased, the repairs may only last two weeks.
Galveston Bay is MPC's largest refinery and the second largest in the U.S.
eFinanceMarkets
7 years ago
$MPC Marathon Petroleum (NYSE:MPC) expects U.S. lawmakers to propose changes this spring to the federal Renewable Fuel Standard, executives said today during the company's earnings conference call.
MPC execs offered no specifics about what the company expected but their comments suggested a full repeal.
MPC President Don Templin is "fairly optimistic about the legislative efforts that are ongoing in Washington, D.C., led by Sen. Cornyn and others," and predicts a resolution with "some short-term relief but more importantly has a long-term solution to the RFS, elimination the mandate and allowing our transportation fuels and other transportation fuels to be able to participate in a free market."
The recent bankruptcy filing of Philadelphia Energy Solutions has focused more attention on federal fuel mandates, and EPA chief Scott Pruitt today stressed the need for changes to the RIN program.
eFinanceMarkets
8 years ago
Marathon Petroleum +2% on surprise Q1 profit as refining margins rise
Marathon Petroleum (MPC +2%) moves higher after reporting a surprise Q1 profit, as refining margins jump 18% despite challenging market conditions.
While refining operating losses narrowed to $70M in the quarter from $86M a year ago, refining and marketing margins rose 18% to $11.65/bbl, well above a Barclays estimate of $10.30/bbl.
MPC says Q1 refinery direct operating costs rose 16.5% to $9.45/bbl but still came in well below a Jefferies estimate of $10.18/bbl.
Q1 total throughput fell 3.7% to 1.71M bbl/day, but the result edged Barclays' forecast for 1.68M bbl/day, and the company expects to process 1.975M bbl/day in the current quarter, 4.6% higher than a year ago.
MPC also says a special committee expects to complete the ongoing review of Speedway's divestiture by mid-2017.
eFinanceMarkets
8 years ago
Goldman picks favorites in oil & gas, refiners
Tweaking a list of favorite energy names alongside a fairly bullish outlook for the future of oil prices, Goldman notes potential "pockets of upside" among major oil & gas companies, and refiners.
Among the top picks: Marathon Petroleum (NYSE:MPC) for "underappreciated value across business lines, Valero Energy (NYSE:VLO) - a "free cash flow winner" and dividend growth potential, Husky Energy (OTCPK:HUSKF) on valuation, and Chevron (NYSE:CVX) thanks to free cash flow, dividend yield, and Permian Basin holdings.
Also making the top pick list is Suncor Energy (NYSE:SU) on hopes for strong growth for new projects, and valuation.
Upgraded to Neutral from Sell after recent underperformance is PBF Energy (NYSE:PBF). Downgraded to Sell from Neutral thanks to a pricey valuation is HollyFrontier (NYSE:HFC).
Previously: Goldman stays bullish on oil (April 5)