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Phillips declined to make an executive available for comment and both ADM and Phillips 66 declined to comment. TECH LINED UPAxens SA, which provides technology to convert oil and biomass to lower-carbon fuels, in May agreed to provide its ethanol-to-fuels conversion technology to Phillips, ADM or a joint venture. ADM already formed a joint venture in 2021 with top U.S. oil refiner Marathon Petroleum Corp (MPC.N) to churn out renewable diesel from soybeans. Top oilseed processor Bunge (BG.N) and Chevron (CVX.N) last year formed Bunge Chevron Ag Renewables to make renewable fuels from soybeans and canola. As part of one deal, Chevron invested $600 million in the joint venture, helping double processing capacity at two Bunge soybean crushing facilities.

Persons: Nathan Frandino, refiner Phillips, Phillips, Axens, Gevo, Stephanie Kelly, Karl Plume, Jarrett Renshaw, Erwin Seba, Marguerita Choy Organizations: Phillips, American West, REUTERS, Daniels, Midland, ADM, Renewable Fuels Association, TECH, Axens SA, Gevo Inc, Marathon Petroleum Corp, Bunge, Chevron, Bunge Chevron Ag Renewables, Thomson Locations: Rodeo , California, American, U.S, Peoria , Illinois, Columbus , Nebraska, Cedar Rapids , Iowa, Houston, , California, California, Paris, North Dakota, Bunge Chevron, New York, Chicago, Washington

☆ Marathon Petroleum quarterly profit slumps 63% on lower refining margins
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - U.S. refiner Marathon Petroleum Corp (MPC.N) reported a 63% drop in second-quarter profit on Tuesday, as improved fuel supplies and slowing economic activity compressed its margins. Despite a resilient fuel demand in the U.S., an increase in global refining capacity compared with last year and slowing economic activity has brought the market down from the peaks seen in 2022. Refining and marketing margin was $22.10 per barrel for the April-June quarter, down from $37.54 per barrel a year earlier. On an adjusted basis, Marathon reported earnings of $5.32 per share, beating average analysts' estimate of $4.59 per share, on the back of improvement in refining costs and lower tax rate. Rival Valero Energy Corp (VLO.N) last week also saw its quarterly profits dwindle as refining margins came under pressure, but beat estimates on strength in its renewable diesel business.

Persons: refiner, Arshreet Singh, Krishna Chandra Organizations: refiner Marathon Petroleum Corp, Refining, Reuters, Rival Valero Energy Corp, Thomson Locations: U.S, Marathon, West Coast, Findlay , Ohio, Bengaluru

☆ U.S. oil refiners to keep running at breakneck speeds in fourth quarter
▼ + stars: | 2022-11-04 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

REUTERS/Bing GuanHOUSTON, Nov 4 (Reuters) - U.S. oil refiners this quarter will run their plants at breakneck rates, near or above 90% of capacity, as tight fuel supplies spur high profits and operating rates, according to company forecasts and analysts surveyed by Reuters. The refining industry has minted huge profits this year on buoyant demand for gasoline, diesel and jet fuel. PBF restarted units idled during the pandemic at its Paulsboro, N.J., plant to produce more diesel and jet fuel, with the company's refineries running at a record-high 980,000 barrels per day last quarter, Young said. Overall, refiners are forecasting production will remain close to third quarter levels, which averaged 92.75%, said Matthew Blair, refining analyst at researcher Tudor Pickering & Holt. Diesel stocks in particular “are well below typical levels and are running at some 20% below the seasonal average,” Paisie said.

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