Refiner Phillips 66 weighs broader move into electric vehicle batteries leaderpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from leaderpost.com Daily Mail and Mail on Sunday newspapers.
Citgo Petroleum posts fourth quarter net loss of $255 million
5/7/2021
Eighth-largest U.S. refiner Citgo Petroleum Corp on Friday reported a $255 million fourth quarter loss as slack demand for fuel and higher costs crushed margins last year.
Citgo reported a full year loss of $667 million, compared with a profit of $246 million in the prior year, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA said.
Most U.S. refining companies in 2020 suffered deep losses and four facilities halted operations as the COVID-19 pandemic sharply cut fuel demand and sales. Average U.S. gasoline consumption fell 13% last year with gasoline and diesel prices hitting a four-year low, according to government figures.
Exclusive-New York state pension fund backs activist nominees in Exxon proxy fight
By Jennifer Hiller
Reuters
HOUSTON (Reuters) -New York state s pension fund on Friday threw its support behind an activist fund s slate of nominees to Exxon Mobil Corp s board, heating up a proxy fight for the company s future.
The biggest U.S. oil producer Exxon and activist hedge fund Engine No. 1 are battling over board seats following Exxon s historic net annual loss of $22.4 billion for 2020. The fund has criticized the producer for significant underperformance and a lagging approach to cleaner fuels.
The Exxon board needs an overhaul, to better manage climate risks and guide the company to a low carbon future, said N.Y. State Comptroller Thomas DiNapoli.
Texas lawmakers prepare bill to cut $5 1 bln in winter storm power fees leaderpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from leaderpost.com Daily Mail and Mail on Sunday newspapers.
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The largest city-owned utility in Texas on Friday sued the state’s grid operator alleging it levied “excessive” power prices during a February deep freeze, and seeking to bar the grid from issuing a default that could affect its credit rating.
High prices for emergency fuel and power during a severe cold spell left Texas utilities facing about $47 billion in one-time costs. Those costs have led to two bankruptcies and knocked two other electric providers off the state’s power grid because of payment defaults.
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