Phillips 66 Buys Cenovus’ 50% Stake in Refinery JV for $1.4B
Cenovus Energy has reached an agreement to sell its 50% stake in a joint...
Cenovus Energy has reached an agreement to sell its 50% stake in a joint venture (JV) with Phillips 66 (PSX) for $1.4 billion cash, the companies said Sept. 9. The transaction is expected to close in fourth-quarter 2025.
The divestiture comes after Cenovus said on Aug. 22 it would purchase fellow Canadian oil sands producer MEG Energy Corp. in a cash-and-stock deal valued at $5.7 billion.
The WRB Refining LP is a 50-50 JV that owns the Wood River refinery in Roxana, Illinois, and the Borger refinery in Borger, Texas. Phillips 66 has operated both facilities since the inception of the JV in 2007.
The refineries can process heavy and medium sour crudes, as well as light sweet crudes. Both refineries also produce a high percentage of transportation fuels, Phillips 66 said.
Huge news for coal enthusiasts: Anglo American reportedly agreed to buy...
Huge news for coal enthusiasts: Anglo American reportedly agreed to buy Canada’s Teck Resources in a merger worth $50 billion, making it one of the biggest in the history of the mining industry. The deal would give Anglo, which recently exited platinum, access to Teck’s enviable and increasingly important copper mining business. It still needs to be approved by Teck shareholders as well as regulators in the US, Canada, and China.
Nepal protests death toll rises to 22. Protesters set...
Nepal protests death toll rises to 22. Protesters set fire to Nepal’s Parliament building in Kathmandu yesterday on the second day of anti-corruption protests. The Gen-Z-driven demonstrations began in response to the government’s decision last week to ban several social media platforms, including Instagram and WhatsApp. The ban was later reversed and Prime Minister KP Sharma Oli has since resigned, but the protests have expanded into a broader dissatisfaction with the country’s government. The Nepali military said it was “committed to taking control of the situation” while asking protesters for restraint.
The Supreme Court agreed to fast-track the Trump administration’s appeal of lower court rulings that its tariffs are illegal, with oral arguments expected in November.
A Russian strike in eastern Ukraine reportedly killed 24 elderly civilians who were collecting their pensions.
Reading and math scores among high-school students dropped to their lowest levels in 20 years, per new data from the National Assessment of Educational Progress.
Temu, which was rocked by US tariffs, is mounting a comeback in the US market with price cuts on dozens of products.
Sebastien Lecornu, the defense minister in France’s previous Cabinet, was named the country’s new prime minister by President Emmanuel Macron following the government’s collapse this week.
Dow, S&P and Nasdaq book new record highs despite downward revision to jobs data
U.S. stocks finished higher on Tuesday, with all three...
U.S. stocks finished higher on Tuesday, with all three benchmark indexes booking all-time closing highs, after revised figures from the Bureau of Labor Statistics suggested the job market might be significantly weaker than previously reported.
The Dow Jones Industrial Average rose 196.39 points, or 0.4%, to end at 45,711.34, according to FactSet data.
The S&P 500 was up 17.46 points, or 0.3%, to finish at 6,512.61.
The Nasdaq Composite popped 80.79 points, or 0.4%, ending at 21,879.49.
Notably, it was also the first time since Dec. 4 that the three major indexes all booked record-high finishes on the same day, according to Dow Jones Market Data.
US Crude Oil, Product Inventories Build Across the Board
The American Petroleum Institute (API) estimated that crude oil...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 1.25 million barrels in the week ending August 29.
So far this year, crude oil inventories are up 8.7 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 500,000 barrels to 405.2 million barrels in the week ending September 5.
Gasoline inventories rose by 329,000 barrels in the week ending September 5, after falling by 4.577 million barrels in the week prior. As of last week, gasoline inventories were 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose significantly for the second week in a row, adding 1.5 million barrels, after rising by 3.687 million barrels in the week prior. Distillate inventories were already a massive 13% below the five-year average as of the week ending August 29, the latest EIA data shows.
