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Stock Market & Financial Investment News

News Breaks
July 21, 2014
16:46 EDTTSOTesoro to launch new petrochemical feedstock project
Tesoro announced plans to produce petrochemical feedstock in its U.S. West Coast refining system. The company intends to gather intermediate feedstock, primarily reformate, from its West Coast refining system for xylene extraction at Anacortes, Washington. The initial investment, estimated to be around $400M, is designed to recover up to 15K barrels per day of mixed xylene. The mixed xylene will mainly be exported to Asia and is used to make polyester fibers and films for clothing, food packaging and beverage containers. The project is expected to generate competitive returns similar to other recent capital projects by Tesoro. Startup of the new facilities is expected to be in 2017. A final investment decision is expected by year-end.
News For TSO From The Last 14 Days
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November 28, 2014
06:23 EDTTSOOPEC maintains production level to restore 'market equilibrium'
The Organization of the Petroleum Exporting Countries said in a press release following its meeting yesterday, "Recording its concern over the rapid decline in oil prices in recent months, the Conference concurred that stable oil prices at a level which did not affect global economic growth but which, at the same time, allowed producers to receive a decent income and to invest to meet future demand were vital for world economic wellbeing. Accordingly, in the interest of restoring market equilibrium, the Conference decided to maintain the production level of 30.0 mb/d, as was agreed in December 2011. As always, in taking this decision, Member Countries confirmed their readiness to respond to developments which could have an adverse impact on the maintenance of an orderly and balanced oil market." Publicly traded companies in the refining space include Delek US (DK), HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX), Tesoro (TSO), Valero (VLO) and Western Refining (WNR). Publicly traded companies in the oil space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Stocks globally are trading lower Friday following OPEC's decision.
November 19, 2014
16:35 EDTTSOTesoro's Chair of the Board Steven Grapstein to step down at year-end
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November 18, 2014
06:31 EDTTSOTesoro coverage resumed with a Conviction Buy at Goldman
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