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Stock Market & Financial Investment News

News Breaks
June 30, 2014
11:36 EDTCVX, PSXChevron Phillips Chemical to expand alpha olefins capacity at Cedar Bayou
Chevron Phillips Chemical announced it received board of directors approval and obtained the necessary environmental permit from the Texas Commission on Environmental Quality to expand normal alpha olefins production capacity at its Cedar Bayou plant in Baytown, Texas. This investment will provide an additional 100,000 metric tons per year of capacity. Construction completion is anticipated in July, 2015. Chevron Phillips Chemical is equally owned by an indirect wholly-owned subsidiary of Chevron (CVX) and by wholly-owned subsidiaries of Phillips 66 (PSX).
News For CVX;PSX From The Last 14 Days
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October 29, 2014
13:11 EDTCVXChevron weekly volatility increases into Q3 and outlook
Chevron October weekly call option implied volatility is at 32, November is at 20, December is at 16, January at 17; compared to its 26-week average of 18 according to Track Data, suggesting large near term price movement into the expected release of Q3 results after the market close on October 30.
08:46 EDTPSXPhillips 66 Partners reports Q3 EPS 37c, consensus 40c
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08:07 EDTPSXPhillips 66 reports Q3 adjusted EPS $2.02, consensus $1.75
Reports Q3 Refining earnings of $558M, compared with earnings of $390M in Q2. The increase was primarily attributable to improved realized refining margins, which included capturing crude location differentials. Margins improved, despite lower worldwide market crack spreads, primarily due to higher clean product realizations. Additionally, secondary product margins benefited from lower crude oil prices. Q3 Midstream earnings were $115M, compared with earnings of $108M in Q2. Q3 Chemicals earnings were $230M and adjusted earnings were $299M, which compares with earnings of $324M in Q2.
05:27 EDTCVXTechnip wins subsea contract for Bangka development in Indonesia
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05:03 EDTCVXChevron sanctions Stampede project in deepwater U.S. Gulf of Mexico
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October 28, 2014
15:44 EDTPSXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Southern Company (SO), consensus $1.07; Phillips 66 (PSX), consensus $1.75; Automatic Data Processing (ADP), consensus 60c; Praxair (PX), consensus $1.63; WellPoint (WLP), consensus $2.27; Exelon (EXC), consensus 73c; Eaton (ETN), consensus $1.23; Hess (HES), consensus $1.08; TE Connectivity (TEL), consensus $1.00; McGraw Hill Financial (MHFI), consensus 94c; Waste Management (WM), consensus 68c; Hershey (HSY), consensus $1.08; Ralph Lauren (RL), consensus $2.06; Wisconsin Energy (WEC), consensus 53c; Garmin (GRMN), consensus 71c; Sealed Air (SEE), consensus 46c; DENTSPLY (XRAY), consensus 60c; Goodyear Tire (GT), consensus 70c; Revlon (REV), one estimate 45c; Booz Allen (BAH), consensus 41c; Carlyle Group (CG), consensus 54c.
08:31 EDTPSXPhillips 66 becomes JV partner with Energy Transfer for Bakken crude pipelines
Energy Transfer Equity, L.P. (ETE), Energy Transfer Partners, L.P. (ETP) and Phillips 66 (PSX) announced that they have formed two joint ventures to develop the previously announced Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects. Energy Transfer holds a 75% interest in each joint venture and will operate both pipeline systems. Phillips 66 owns the remaining 25% interests and will fund its proportionate share of the construction costs. The DAPL and ETCOP projects are expected to begin commercial operations in the fourth quarter of 2016. Based on contractual commitments to date, DAPL is expected to deliver in excess of 450,000 barrels per day of crude oil from the Bakken/Three Forks production area in North Dakota to market centers in the Midwest. DAPL will provide shippers with access to Midwestern refineries, unit-train rail loading facilities to facilitate deliveries to East Coast refineries, and the Gulf Coast market through an interconnection in Patoka, Illinois, with ETCOP. ETCOP will provide crude oil transportation service from the Midwest to the Sunoco Logistics Partners and Phillips 66 storage terminals located in Nederland, Texas.
05:28 EDTCVXChevron announces first gas from Bangladesh Bibiyana expansion project
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October 27, 2014
16:23 EDTCVXONEOK Partners announces acquisition of natural gas liquids assets for $800M
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October 26, 2014
17:07 EDTCVXVenezuela decides against Citgo sale, WSJ says
Venezuela has decided against selling its U.S. refining unit Citgo, says the Wall street Journal. Earlier this year Venezuelan officials indicated that they were looking to sell Citgo for as much as $10B, added the Wall Street Journal. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
October 23, 2014
09:01 EDTCVXChevron announces oil discovery in deepwater U.S. Gulf of Mexico
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October 22, 2014
16:33 EDTPSXPhillips 66 Partners announces acquisition of strategic logistics assets
Phillips 66 Partners LP (PSXP) has reached an agreement to acquire from Phillips 66 (PSX) two newly constructed crude oil rail-unloading facilities, located in Linden, New Jersey, and Ferndale, Washington, for $330M as well as certain assets associated with the Cross-Channel Connector Pipeline for an additional $10M. The acquisition, which is anticipated to close in early December 2014, is expected to be immediately accretive to unitholders. Upon closing of the acquisition, the Partnership plans to utilize the Cross-Channel Connector Pipeline assets to develop and undertake a new organic project to provide shippers access from the Partnership’s Pasadena Terminal to third-party systems located north of the Houston Ship Channel. The project is expected to have additional capital costs of $12.4M and is underwritten by long-term transportation service agreements with multiple shippers. The pipeline system will have an initial capacity of up to 180,000 barrels per day and is anticipated to commence commercial operations in the second quarter of 2015. In connection with the closing, Phillips 66 and the Partnership will enter into 10-year terminal services agreements for 100% of the available capacity of the rail-unloading facilities. The acquisition price for the rail-unloading facilities represents an approximate 10-times multiple of those facilities’ forecasted next 12 months’ earnings before interest, tax, depreciation and amortization. The terms of the transaction were approved by the board of directors of the general partner of Phillips 66 Partners, based on the approval and recommendation of its conflicts committee.
October 21, 2014
09:37 EDTCVXActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL PBR AMZN C TWTR CVX VZ MCD GILD TXN
October 17, 2014
08:54 EDTCVXChevron adds drillship to deepwater operations in Gulf of Mexico
Chevron Corporation (CVX) announced that the Pacific Sharav, a deepwater drillship built to Chevron's specifications, has arrived in the Gulf of Mexico to work under a five-year contract with Pacific Drilling (PACD). The Pacific Sharav is an upgraded Dual-Load-Path, Samsung-12000-design, dynamically-positioned drillship, specially modified to accept a Dual Gradient Drilling System, and able to operate in moderate environments and water depths up to 12,000 feet. The Pacific Sharav has commenced operations in the Keathley Canyon area.
08:48 EDTCVXChevron arranges FID for IDD, postpones second phase, Reuters says
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October 16, 2014
13:54 EDTCVXGulf states to oppose OPEC oil production ceiling cut, WSJ says
Despite the recent turmoil in the oil market, Gulf nations including Saudi Arabia, Kuwait and the United Arab Emirates are seen as opposing OPEC oil-production ceiling cuts at next month's meeting, says the Wall Street Journal. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link

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