Phillips 66 News

As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia.In April, Enterprise Products Partners' SPOT became the first project to receive a license from the U.S. maritime regulator for a deepwater port that could load two supertankers, each of which can carry up to 2 million barrels of oil at a time.But multi-year regulatory delays, a loss of commercial backers and slowing U.S.

Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington's permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.President Joe Biden's administration has eased some U.S. sanctions on the OPEC-member nation in an effort to encourage a political dialogue with the country's opposition. That has led to further pressure from U.S., European and Asian energy firms…

The U.S. Environmental Protection Agency has revoked the pollution control permit of Bluewater Texas Terminal, according to a letter sent by the EPA to the offshore oil terminal, following objections from environmental groups.The terminal, jointly developed by refiner Phillips 66 and commodities trader Trafigura, had applied for a Clean Air Act permit in 2019 and received an EPA pollution control license in November 2020 that allowed it to emit almost 19,000 tons of pollutants…

At least 10 vessels carrying Russia-linked cargoes of crude and refined products were approaching the United States on Wednesday, as suppliers rushed to deliver ahead of the U.S. government's deadline to wind down Russian energy purchases, data from traders and Refinitiv Eikon showed.The United States, the world's biggest oil consumer, this month banned imports of Russian energy products due to the invasion of Ukraine, which Moscow calls a "special operation." Washington's ban gives importers until April 22 to discharge cargoes moving under pre-ban contracts.At least one tanker carrying fuel oil heading to the United States has diverted, and at least two others that stopped at Russian terminals are awaiting discharge at U.S. ports, according to Refinitiv data, one since March 7.U.S.

Energy manufacturing and logistics company Phillips 66 announced it plans to convert its Alliance Refinery in Belle Chasse, La., to a terminal facility. The conversion is expected to take place in 2022.“We made this decision after exploring several options and considering the investment needed to repair the refinery following Hurricane Ida,” said Greg Garland, Chairman and CEO of Phillips 66. “Alliance’s existing infrastructure and Gulf Coast location make it an attractive midstream asset. Phillips 66 will continue to be a major refiner with 12 facilities in the U.S.

U.S. Gulf Coast crude oil exports are flowing again after recent hurricanes took out 26 million barrels of offshore production, according to sources and Refinitiv Eikon data, with local prices easing as more shipments moved out of the region.Hurricanes Ida and Nicholas damaged platforms, pipelines and processing hubs, shutting in most offshore production for weeks. Restarts continued on Thursday with about 28% of U.S. Gulf of Mexico crude output offline. Some vessels remained at sea waiting to load U.S. crude.But of more than 50 tankers set to load U.S.

Royal Dutch Shell on Monday began evacuating staff from a U.S. Gulf of Mexico oil platform, and other energy companies began preparing for hurricane-force winds from a second Gulf Coast storm in as many weeks.Tropical Storm Nicholas was about 105 miles (115 km) south of Port O'Connor, Texas, and moving north with winds of 60 miles per hour (97 kph). It could become a hurricane just ahead of landfall on Monday, according to the National Hurricane Center.Waves stirred up by Nicholas neared 12 feet (3.7 m) in height were reported outside of Port Aransas…

A private dive team will try to locate the source of a suspected oil spill spotted in the Bay Marchand area of the Gulf of Mexico on Sunday, after Hurricane Ida wreaked havoc in the region this week, the U.S. Coast Guard said on Saturday.U.S. National Oceanic and Atmospheric Administration satellite images, first reported by the Associated Press on Wednesday, showed a miles-long brownish-black slick spreading in coastal waters about two miles off Port Fourchon, Louisiana, an oil…

The Louisiana Offshore Oil Port (LOOP), the largest deepwater oil import and export terminal on the U.S. Gulf Coast, has found no major damages to its marine operations during an initial review [of the impact of the hurricane Ida], but operations remain offline as assessments continue, according to a person familiar with the matter.Louisiana Offshore Oil Port Llc - a joint venture of Marathon Petroleum Corp, Phillips 66 and Valero Energy Corp - has a crude oil loading and unloading facility 18 miles (29 km) off the coast of Louisiana.

Widespread flooding from Hurricane Ida and power outages slowed efforts on Tuesday by energy firms to assess damages at oil production facilities, ports, and refineries.Nearly all of Louisiana lost electrical power on Monday after one of the most powerful hurricanes to hit the region downed transmission lines and flooded communities. Coastal areas were swamped by a storm surge so great it reversed the flow of the Mississippi River.Analysts said it could take two to three weeks to restart producing platforms and fully resume output at Louisiana refineries.

Hurricane Ida pummeled U.S. Gulf Coast energy suppliers, knocking out most of the region's offshore wells and nearly half its motor fuel production and drove prices broadly higher.The storm crashed on Sunday into the Louisiana coast, tearing through U.S. offshore oil and gas fields with 150 mile per hour (241 kph) winds and pushing up to 12 feet (3.7 meters) of water ashore. More than 620,000 homes and businesses in Louisiana were without power.Production losses - including at six Gulf Coast refineries - will lift retail gasoline prices by 5 to 10 cents a gallon, said tracking firm GasBuddy.

Hurricane Ida made landfall in Louisiana on Sunday as an extremely dangerous Category 4 storm, forcing those who did not flee to brace themselves for the toughest test yet of the billions of dollars spent on levee upgrades following Hurricane Katrina 16 years ago.Ida came ashore near Port Fourchon, Louisiana, at 11:55 a.m. CDT (16:55 GMT), the National Hurricane Center (NHC) said. Hurricane-strength winds extended 50 miles (80 km) out from Ida's eye, forcing New Orleans to suspend…

Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S. West Texas Intermediate (WTI) was up 14 cents at $51.31 a barrel.The energy complex was led higher by U.S. gasoline futures…

Enterprise Products Partners LP said it would offer spot shipments of crude on an existing pipeline from the U.S. Gulf coast to Cushing, Oklahoma, the delivery point for benchmark U.S. crude futures, as demand to store oil inland surges.The move marks a sharp reversal from recent pipeline projects that were all built connecting inland markets to the Gulf Coast as U.S. crude exports climbed to record highs after Washington lifted a ban in late 2015.However, the coronavirus pandemic has crushed global oil demand and dented U.S.

Saudi Arabia is exploring re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the kingdom, shipping and trade sources say.Some 40 million barrels of Saudi oil are on their way to the United States and due to arrive in the coming weeks, piling more pressure on markets already struggling to absorb a glut of stocks, according to shipping data and sources.U.S. officials have said in recent days that Washington is considering blocking Saudi shipments of crude oil…

Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger while lumbering toward the central U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity over the last month.The hurricane is disrupting oil imports and exports as the nation's sole offshore terminal, the Louisiana Offshore Oil Port (LOOP), stopped loading tanker ships on Sunday, while the port of New Orleans closed on Monday.The U.S. government said 21%…

U.S. refiners are scooping up cheap high-sulfur fuel oil for processing from Russia and the Baltic states as they take advantage of new shipping rules that have cut demand for the dirtier marine fuel, according to oil traders and shipping data.U.S. refiners Valero Corp, Chevron Corp and Phillips 66 have been buying HSFO, traders said, taking advantage of their complex operations to turn HSFO blended with crude oils into products like diesel, gasoil and gasoline.This month, 2.2 million tonnes of fuel oil…

U.S. oil companies on Monday began restoring some of the more than nearly 74% production shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry, the U.S. offshore drilling regulator said.There was 1.3 million barrels per day (bpd) of oil production off line in the U.S.-regulated areas of the Gulf of Mexico on Monday, about 80,000 barrels less than on Sunday, according to the U.S. Bureau of Safety and Environmental Enforcement (BSEE).Workers also were returning to the more than 280 production platforms that had been evacuated.

Freight rates to ship U.S. crude to Asia continued to surge, with costs to charter a supertanker rising to a record $12 million on Thursday, shipping sources familiar with the matter said.South Korea's top refiner, SK Energy, tentatively chartered the supertanker Maxim to ship U.S. crude to South Korea in November for a record $10 million earlier in the week but that fixture has since failed, the sources said.The company now has conditionally booked the Pacific M at a new record of $12.35 million…

U.S. refiners booked at least four tankers to store refined oil products off the Gulf Coast following a cyber attacks that crippled the biggest U.S. pipeline, shipping data showed on Tuesday.The attack on the Colonial pipeline network, which supplies half of the fuel consumed along the East Coast, has forced Gulf Coast refineries to scale back operations due to lack of storage space.The tankers, booked by Marathon Petroleum, Valero Energy, Phillips 66 and PBF Energy, can hold around 350,000 tonnes of fuel.

U.S. crude exports from Corpus Christi, Texas, have surged to a record in recent weeks, often surpassing hubs such as Houston and Beaumont, Texas, thanks to faster-than-expected infrastructure additions.The infrastructure boom at Corpus Christi helped push crude exports there to a weekly record of 1.59 million barrels per day (bpd) in late December, more than doubling levels that held for the first eight months of last year, and above Houston's 2019 peak of 1.36 million bpd, according to vessel-tracking firm ClipperData.The heavy flows suggest that fears of a bottleneck that would impede U.S.

Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project.The Bluewater Texas Terminal, which will be located 21 nautical miles east of the entrance to Corpus Christi port, will consist of two single point mooring buoys that can load Very Large Crude Carriers (VLCCs) capable of carrying around 2 million barrels of oil.Geneva…

Jones Capital said it has acquired Rockport Terminals, one of the largest private intermodal terminals on the Texas Gulf Coast.Rockport Terminals is located within 28 miles of the fast growing Port of Corpus Christi, but outside of the Port's tariff zone. With more than 250 acres of industrial land, Rockport Terminals boasts access to the Intracoastal Waterway, nearby railways and many major highways. Today, the terminal specializes in bulk liquids storage, bulk and break bulk…