AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
ENERGY
Valero updates refinery situation
The oil and gas firm is now North America's No. 1 oil refiner with 18 refineries, following the closing of its $8.4 bil acquisition of Premcor. However, 2 of the purchased refineries were in the path of Hurricane Katrina, forcing the closure of one for an estimated 2 weeks and minor damage to another forcing it to operate at minimum capacity. Valero Energy, which is expected to benefit from surging demand due to the shutdown of rival refineries, rose 3% to 109.50.
Gas firm sees plants back on line
Enterprise Products Partners, a natural gas transport and storage company, said its properties escaped some of the ruinous storm effects suffered by many of its neighbors. Eight of its 11 natural gas processing plants on the Gulf Coast are up and running or will be in a few days.
** Pioneer Natural Resources, an independent oil and gas driller, said it will buy back $1 bil of its stock, raise its dividend 20% and exit exploration in the deepwater Gulf of Mexico. Shares rose 9% to 53.69.
** Royal Dutch Shell will settle 4 shareholder lawsuits related to its oil reserves scandal. The ...