By Brian L. Milne, Energy Editor, Schneider Electric Wholesale gasoline costs moved lower coming into the second week of December, reflecting sliding values in spot and futures trading that will also prompt another decline in retail prices, which the Energy Information Administration (EIA) last said averaged nationally at a $3.394 gallon five-month low. The U.S.
“Market conditions continue to pose challenges for our refining and supply segment and, while the refineries’ operational performance improved during the third quarter with crude utilization averaging 90%, the segment reported another loss,” says Sunoco CEO. Sunoco Inc. has reported a net loss attributable to Sunoco shareholders of $1,096 million ($9.62 per share diluted) for
U.S. retail and marketing continuing operations generated earnings of $88.0 million in the third quarter of 2011 compared to earnings of $59.0 million in the 2010 quarter. Murphy Oil Corp.’s net income in the third quarter of 2011 totaled $406.1 million ($2.09 per diluted share), which was double the net income of $202.8 million ($1.05 per diluted share) in
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
By Brian L. Milne, Refined Fuels Editor, Telvent DTN Day to day, markets of various stripes have seen wide price movements, reflecting not only uncertainty but fear. These broad swings are also true for gasoline, which has had several whipsaw sessions of its own with no sign of abate, while gasoline also reacts to broader
Royal Dutch Shell Plc is planning new, deeper cuts to its oil refining and retail operations after downstream weakness caused a 75% decline in fourth-quarter profits to $1.18 billion, Reuters reported. According to CEO Peter Voser, in 2010 the company plans $1 billion in cost cuts and 1,000 job cuts, mainly to come from the