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COLUMN-U.S. refiners find the oil market’s sweet spot: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Aug 6 (Reuters) – Low crude prices and strong demand for gasoline are creating near-perfect conditions for oil refineries across the United States, especially those geared towards maximizing gasoline production. Valero, the country’s largest independent refiner, made a gross margin of more than $13 on every ...

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UPDATE 1-New rigs help Rowan beat profit estimates

Aug 5 (Reuters) – Rowan Cos Plc reported a higher-than-expected quarterly profit as the driller retained customers by deploying new ultra-deepwater rigs and lowering prices. A more than 50 percent drop in oil prices since June last year has forced producers to cut spending. In response, Rowan has lowered prices of its rigs and extended contract terms with customers to ...

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EPA: Oil terminal plan doesn’t pass muster

A plan to build the nation’s largest oil-by-rail terminal in Vancouver does not comply with the federal Clean Water Act, and should not be granted a key permit until its impacts are fully addressed, according to a letter the U.S. Environmental Protection Agency sent to the U.S. Army Corps of Engineers last week. The Corps is considering whether to grant ...

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Technology helps today’s vehicles age better

Todd Zuptich brought his 2001 Toyota Tundra brand new. The owner of Joe’s Auto Service still drives the vehicle 14 years later. Even though he spent $3,000 on body work last year, he doesn’t plan on buying a new car. “I’ll never get rid of it,” he said. Many people have the same sentiment. According to the IHS Automotive consulting ...

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Exxon adapts to light crude refining in Texas, could more follow?

Exxon Mobil will extend the capacity for processing light crude at its Beaumont, Texas, refinery in order to capitalize on U.S. production. United Press International reported that Exxon intends to increase production capacity by roughly 6 percent (20,000 barrels per day) in order to take in more crude produced by the regional shale sector. “This project will grow our capacity ...

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