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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.
Article content 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. We apologize, but this video has failed to load. Try refreshing your browser, or ....