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News Breaks
June 25, 2014
08:50 EDTVLO, PSX, TSO, PXD, EPD, WNR, HFC, MRORefiners slip after U.S. widens oil export potential
Shares of Pioneer Natural Resources (PXD) are rising in early trading after the U.S. reportedly gave Pioneer and Enterprise Products Partners (EPD) permission to ship a type of light oil known as condensate to foreign buyers. Meanwhile, shares of refiners are trading lower following the news. WHAT'S NEW: The U.S. Department of Commerce's Bureau of Industry and Security told Pioneer Natural that putting condensate through a stabilizer was sufficient processing to qualify it to be eligible for export without a license, according to Reuters, citing a statement from the company. The Wall Street Journal also reported that the Department of Commerce had given approval via a private ruling to Pioneer and Enterprise Product Partners to export condensate. WHAT'S NOTABLE: Refiners may see their profits drop if they are forced to pay higher prices to compete with international buyers for U.S. crude. “We don’t think the current system needs to be changed,” a spokesman for Valero Energy (VLO), Bill Day, told Bloomberg. Other publicly traded refining companies include HollyFrontier (HFC), Marathon Oil (MRO), Phillips 66 (PSX), Tesoro (TSO), and Western Refining (WNR). PRICE ACTION: In pre-market trading Pioneer Natural Resources was up 2% to $226.50, while Enterprise Products Partners was up 1.7% to $77.40. Shares of several refiners' stocks were indicated to open lower, with Valero down over 4% in pre-market trading, Phillips 66 down 2.8% and Tesoro down 2.5%.
News For VLO;PSX;TSO;PXD;EPD;WNR;HFC;MRO From The Last 14 Days
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July 31, 2014
08:44 EDTEPDEnterprise Products says project backlog still 'under construction'
The company said, "Our backlog of projects still under construction is approximately $6B with expected completion dates extending through 2016. Our large integrated system continues to create new business opportunities. We are working hard to further our success in turning these opportunities into capital projects that will provide new streams of cash flow to support future distribution growth.”
08:43 EDTEPDEnterprise Products reports Q2 EPS 68c, consensus 74c
Reports Q2 revenue $12.52B, consensus $12.88B.
06:10 EDTEPDEnterprise Products reports Q2 total natural gas pipelines volumes down 6%
Enterprise’s natural gas liquid, crude oil, refined products and petrochemical pipeline volumes for the second quarter increased 7% to a record 5.2M barrels per day. Total natural gas pipeline volumes decreased 6% to 13.2T British thermal units per day for the second quarter. NGL fractionation volumes for the second quarter increased 25% to a record 845,000 barrels per day. Fee-based natural gas processing volumes for the second quarter of 2014 increased 8% to a record 4.9B cubic feet per day, while equity NGL production for the second quarter of 2014 increased 15% to 136 MBPD;
06:08 EDTEPDEnterprise Products reports Q2 EPS 68c, may not be comparable to consensus 74c
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July 30, 2014
17:11 EDTEPDEnterprise, Genesis complete crude oil pipeline in deepwater Gulf of Mexico
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17:07 EDTTSOTesoro raises quarterly dividend 20% to 30c from 25c per share
The dividend is payable on September 15 to all holders of record as of August 29.
17:06 EDTTSOTesoro announces new $1B share repurchase plan
The board of directors has approved a new $1B share repurchase program to become effective upon the full completion of the company's current $1B share repurchase program, expected by the end of 2014.
17:05 EDTTSOTesoro reports Q2 EPS $1.70, consensus $1.82
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15:31 EDTTSONotable companies reporting after market close
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15:12 EDTMROMarathon Oil increases quarterly dividend 11% to 21c
Marathon Oil announced that the company's board has approved an 11% increase in the quarterly dividend payable on Marathon Oil common stock, resulting in a new quarterly dividend rate of 21c per share. The dividend is payable on September 10 to stockholders of record on August 20.
11:50 EDTPSXPhillips 66 says considering general condensate infrastructure
Says considering general condensate infrastructure, including gathering pipelines and export facilities in addition to Splitter.
11:17 EDTPSXPhillips 66 sees Q3 effective tax rate in the mid-30% range
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08:03 EDTPSXPhillips 66 reports Q2 EPS $1.51, consensus $1.70
Q2 earnings related to the company’s equity investment in DCP Midstream were $33M compared with $83M in Q1. The decrease reflects lower gains recorded by Phillips 66 on unit issuances of DCP Midstream Partners. Additionally, earnings were impacted by increased maintenance activity and lower NGL prices, partially offset by improved volumes. Midstream earnings were $108M in Q2, compared with earnings of $188M in Q1.
07:49 EDTVLOValero sees FY14 CapEx $3B, with $870M allocated to logistics investments
07:49 EDTVLOValero reports Q2 refining throughput volumes averaged 2.7M barrels per day
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07:48 EDTVLOValero reports Q2 EPS $1.22, consensus $1.21
Reports Q2 revenue $34.91B, consensus $29.16B
July 29, 2014
15:53 EDTPSX, VLONotable companies reporting before tomorrow's open
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11:20 EDTVLOValero increases regular cash dividend to 27.5c from 25c
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July 23, 2014
13:38 EDTVLOCST Brands poised for big gains, Barron's reports
Since its spin-off from Valero (VLO), CST Brands (CST) has been raising fuel margins and selling a wider mix of higher margin private-label goods and prepared foods. These upgrades are likely to accelerate earnings growth, Barron's reports. Reference Link
July 21, 2014
16:46 EDTTSOTesoro to launch new petrochemical feedstock project
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