Valero Describes Flaring, Murphy Taps Out: Energy Business Roundup
Valero Energy Corp. (NYSE:VLO) has reported that flaring at its oil refinery in Benicia, California, had no material impact on output, as it occurred during routine maintenance at the facility’s hydrocracking unit.
Disappointing results were announced in a Wednesday release by Murphy Oil Corporation (NYSE:MUR), as the firm described its recent drilling offshore the Republic of the Congo in the Mer Profonde Nord permit. The Opale Marine – 1 well in the Block failed, and has been plugged and abandoned, with a total net cost estimated at $48 million; the money and will be expensed in the fourth quarter.
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Spokesperson Dennis Nuss for Phillips 66 (NYSE:PSX) reports that maintenance at the company’s 146,000 barrels-per-day refinery in Borger, Texas, will take longer than was anticipated, although there is no significant impact on consumers expected, adding that the refinery should restart this weekend. Another oil major, Hess Corporation (NYSE:HES) said on Monday that its 70,000 barrel-per-day refinery at Port Reading, New Jersey has resumed normal operations subsequent to its shutdown on October 29th.
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