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Marathon Petroleum Corp News

01 May 2023

Venezuelan Oil Gets More US Buyers as Chevron Steps Up Loadings

© Haris Andronos / Adobe Stock

Chevron Corp has stepped up sales of Venezuelan crude oil to rival U.S. refiners, adding PBF Energy Inc and Marathon Petroleum Corp to its list of customers for the crude, vessel tracking and loading schedules showed.U.S. Gulf Coast refiners, which historically processed Venezuelan oil, have shown a renewed appetite for the heavy sour crude grade after Chevron late last year received authorization from the U.S. Treasury Department to expand its operations in Venezuela and resume oil shipments to the U.S. after a four-year pause.Chevron, the last big U.S.

06 Sep 2021

U.S. Offshore Oil Output Still Mostly Down a Week after Hurricane Ida

A U.S. Gulf of Mexico platform - Credit: Lukas Z

Damage to oil production facilities in the U.S. Gulf of Mexico kept output largely halted on Sunday, a week after Hurricane Ida made landfall, according to offshore regulator the Bureau of Safety and Environmental Enforcement (BSEE).Energy companies have been coping with damaged platforms and onshore power outages and logistical issues, slowing efforts to restart production. Some 88% of crude oil output and 83% of natural gas production remained suspended.About 1.6 million barrels of crude oil remained offline, with only about 100,000 barrels added since Saturday.

01 Sep 2021

First Look at Louisiana Offshore Oil Port Finds No Major Damage after Hurricane

LOOP - Credit: Edibobb / Wikimedia Commons - CC BY 3.0

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.

10 Jun 2019

Fuel Futures: Diesel Will Spike on IMO2020

© bluedesign/Adobe Stock

New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight, down from the 3.5% currently used, to power ocean-going vessels will be required for ships without exhaust scrubbers on Jan.

10 May 2019

U.S. Refiners' 2020 Plans Now Uncertain

File Image: An aerial view of the Houston, Texas refining complex. (CREDIT: AdobeStock / © Irina K)

U.S. refiners had a plan for 2020: use their complex operations to maximize profits by making products that would comply with new international laws capping sulfur content in shipping fuels.But after a series of unexpected market moves, heavy, sour crude oil processed by U.S. refiners has become more expensive, eating up hoped-for profit windfalls before they even materialized, forcing refiners to rethink plans to invest more in heavy crude processing units.New regulations by…

23 Oct 2017

U.S. Midwest Refiners Boost Output

U.S. refineries from Ohio to Minnesota are capitalizing on access to cheap crude from Western Canada and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while redrawing oil trade maps. Since the early 2000s, crude and fuel flows from the Gulf Coast into the U.S. heartland have been cut in half, as crude coming from Canada and North Dakota has pushed U.S. Midwest refining activity to record levels. In 2016, Midwest refining capacity rose to 3.9 million barrels per day (bpd) of crude, the highest annual volume on record. Midwest refiners such as Marathon Petroleum Corp, Phillips 66, BP PLC and Husky Energy have invested billions of dollars on new units capable of turning sludgy crude from Canada into gasoline and diesel.

05 Oct 2017

U.S. GoM Energy Producers Evacuating Ahead of T/S Nate

Oil and natural gas producers began evacuating staff at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to threaten Gulf Coast oil and refining facilities. Nate, which has already killed three people in Costa Rica, according to local authorities, is forecast to scrape past Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall early on Sunday in Louisiana, near several major refineries. That path takes it through an area populated by offshore oil and natural gas platforms, which pumps more than 1.6 million barrels of crude per day, about 17 percent of U.S. output, according to government data. Forecasts for Nate have shifted in the past 24 hours.

31 Jul 2017

Oil Markets Brace for Possible US Sanctions on Venezuela

© Federico Rostagno / Adobe Stock

U.S. oil markets were readying for fallout from potential U.S. sanctions on Venezuela's vital oil sector on Monday after Sunday's election in the struggling country was deemed a "sham" by Washington. Venezuelan President Nicolas Maduro on Monday celebrated the election of a new legislative superbody that will have the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote. U.S. crude futures jumped above $50 a barrel for the first time in two months early in the session before retreating, after U.S.

27 Jul 2017

Gasoline Futures Rally Propels Crude Markets

U.S. shale drilling slowdown may be temporary. Oil prices rose to an eight-week high on Thursday, as a rally in U.S. gasoline futures spurred further gains this week that came after key OPEC members pledged to reduce exports and the U.S. government reported a sharp decline in crude inventories. U.S. gasoline futures were the biggest percentage gainer in the petroleum complex, up 1.6 percent to their highest since May 30. "Today's buying rotation back to the front of the (gasoline) curve is a healthy sign that augers in favor of additional price gains," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note. Benchmark Brent futures were up 50 cents, or 1 percent, at $51.47 a barrel by 12:54 p.m. EDT (1654 GMT). U.S.

12 Sep 2016

Marathon Galveston Bay Contractor Feared Drowned

A contractor was feared drowned after falling into the Port of Texas City, Texas, when scaffolding supporting him collapsed at the Marathon Petroleum Corp Galveston Bay refinery dock, a Texas City official said. "Divers are en route to do a body recovery," Derek Duckett, director of emergency management for Texas City, said on Monday. Part of the scaffolding fell at about 11:30 a.m. CDT (1630 GMT) Monday and the worker has not been seen since, Duckett said. "I heard part of the scaffolding fell and he was tied to it," Duckett said. An investigation will be needed to determine what happened, he said. The Texas City Fire Department and the U.S. Coast Guard searched for the man before the divers were called out, Duckett said.

07 Feb 2015

Building Unions Return to Kentucky Refinery

Workers represented by the Building Trades Unions will return to Marathon Petroleum Corp's refinery in Catlettsburg, Kentucky on Monday, even as a strike by the United Steelworkers drags into a second week, documents obtained by Reuters show. The USW began a strike Feb. 1 at nine refineries and chemical plants, including Marathon's 240,000 barrel-a-day Kentucky plant. Buildings Trades Unions' workers will not be replacing striking workers' running the plant, according to the letter. While the Building Trades Unions say they continue to support the USW's cause, their return work comes at a sensitive time for the steelworkers as their strike enters a second week. The backing of the building unions is considered crucial for a successful strike nationally, a person familiar with refining said.

13 Jan 2015

Local Glitches Drag U.S. Refinery Capacity Down

U.S. oil refiners work to recover from weekend glitches, fires. Three of the largest U.S. oil refineries will be working to restore operations on Tuesday after a series of weekend glitches temporarily knocked out some 1 million barrels per day (bpd) of processing capacity, the worse spate of outages in years. A fourth plant, Husky Energy Inc's 155,000-bpd Lima, Ohio, refinery, is not expected back online until the end of the week after a blast at its 25,000-bpd isocracker unit, which sources have said was extensively damaged. The disruptions - which included three fires on Saturday and one shutdown late last week - affected about one-fifth of the refining capacity in the eastern half of the United States, fueling deeper losses in U.S.

20 Aug 2014

Refiners Seek Jones Act Workarounds as Crude Export Debate Heats Up

Photo: PBF Energy

As the first U.S. oil condensate exports head to Asia from the Gulf Coast, crude producers and refiners are exploring ways to get around a century-old law that makes it three times more expensive to ship by water between U.S. ports than to sail to a foreign port. The Jones Act, originally passed to protect the U.S. maritime industry, restricts passage between U.S. ports to ships that are U.S.-built, U.S.-flagged and U.S.-crewed. If oil exports pick up pace while the Jones Act is left in place, U.S.

26 Jul 2014

Exxon eyes expanding Texas refinery

Exxon Mobil Corp is considering a multi-billion-dollar plan to expand its Beaumont, Texas, refinery into the country's largest, the first major refining investment of the U.S. shale oil boom, people with knowledge of the deliberations said. The expansion of the 344,600 barrel-per-day (bpd) Beaumont refinery, if carried out, would be completed by 2020 and potentially double its size with the addition of a third crude distillation unit (CDU), the sources said. More modest near-term projects to renew and expand so-called coking units to help refine more heavy crude already are under way, they said. If Exxon presses ahead, the investment would be a further indication that the American oil giant is breaking ranks with many of its big global rivals…

22 May 2014

Marathon Traders Gain E.Coast foothold with Hess Deal

Marathon Petroleum Corp is poised to expand its growing Midwest and Gulf Coast fuel trading operation to the East Coast with Thursday's deal to buy Hess Corp's retail network and transport contracts. The purchase will give Marathon control of Hess's gasoline stations and access to pipelines, including the capacity to ship approximately 40,000 barrels per day on the sought-after Colonial Pipeline from the Gulf Coast to the East Coast, according to the companies. The $2.9 billion deal is expected to close late in the third quarter. That likely means opening up new trading opportunities. Marathon's nearest refinery is nearly 500 miles east of New York City in Canton, Ohio, with few major pipelines in between.

05 Dec 2008

Waterways Council - Officers & Directors

At the Annual Waterways Council, Inc. (WCI) Membership Meeting and Board of Directors Meeting held October 29 in St. Louis, the following officers and Executive Committee members were elected to serve or continue service for 2008-2009:  Dan Mecklenborg, Senior Vice President, HR & Chief Legal Officer, Ingram Barge Company, remains as Chairman of the Board; Cornel Martin, was elected President and CEO; Steve Little, President and CEO, Crounse Corporation, remains as General Counsel; Peter Stephaich, Chairman, Campbell Transportation Co., was re-elected Secretary; Cherrie Felder, Vice President, Channel Shipyard, remains as Treasurer. Former WCI President and CEO R. Barry Palmer was named President Emeritus. Also named to new terms as officers were Richard R.