U.S. oil refining margins hit 3-month high as plant outages rise
U.S. oil refining margins hit a three-month high and are likely headed higher, analysts said, as unplanned...
U.S. oil refining margins hit a three-month high and are likely headed higher, analysts said, as unplanned refinery outages weigh on already-tight fuel supplies.
The outages have pushed up gasoline prices in Texas and Oklahoma this year ahead of what is expected to be a heavier-than-usual turnaround season for refineries. The rising prices and margins are unusual for this time of year when travel falls.
The crack spread, a key gauge of refiner profits that measures the difference between crude oil prices and selling prices of finished products, touched $42.41 on Tuesday, the highest since October. The five-year January average is $15.56,an analysis of Refinitiv Eikon data showed.
Walgreens is weighing a sale of its pharmacy automation business, which could fetch...
Walgreens is weighing a sale of its pharmacy automation business, which could fetch up to $2 billion.
The top US food safety official is stepping down after an extended controversy over infant formula led to a massive recall and shortage of the product.
Bangkok residents are being urged to work from home and wear respirator masks outdoors as air pollution worsens.
Mergers and acquisitions activity in the US oil and natural gas industry fell 13% year over year to $58...
Mergers and acquisitions activity in the US oil and natural gas industry fell 13% year over year to $58 billion in 2022, the lowest volume since 2005, with big players dominating the landscape, according to a new report from Enverus. Small companies with reduced buying power have "few options available" to build drilling inventory in the current market, said Enverus Director Andrew Dittmar.
Chevron Corp. CVX, -0.97% said late Wednesday that its board has approved a dividend increase of 6% to $1.51 a share, payable March 10 to shareholders of record as of Feb. 16. The board also authorized a $75 billion share buyback authorization, which takes effect April 1 and does not have a fixed expiration date, Chevron said. Shares of Chevron rose 2.9% in the extended session Wednesday after ending the regular trading day down 1%.
Dow ekes out gain as S&P 500, Nasdaq close slightly lower
U.S. stocks finished lower Wednesday, with the S&P 500 booking...
U.S. stocks finished lower Wednesday, with the S&P 500 booking back-to-back losses as investors continued assessing companies' quarterly earnings results.The Dow Jones Industrial Average DJIA, +0.03% closed about flat, while the S&P 500 SPX, -0.02% slipped less than 0.1% and the technology-heavy Nasdaq Composite COMP, -0.18% shed 0.2%, according to preliminary data from FactSet. Among the S&P 500's 11 sectors, utilities had the worst performance with a 1.4% drop. Guidance companies provide on their outlook is also weighing on market sentiment amid concern over a slowing U.S. economy, with tech-giant Microsoft Corp. MSFT, -0.59% warning in a conference call Tuesday that projected revenue could be lower than Wall Street forecast.
