Marathon Petroleum (MPC -0.5%) reportedly will take the next step toward a potential $2.2B-$2.5B upgrade of its Garyville refinery in Louisiana, filing permit applications for the potential project with state environmental regulators after completing feasibility studies on the project.
MPC operates a 522K bbl/day refinery at the site, and expects to make a final decision on the project by early 2015.
Peabody Energy (BTU) -2% premarket after reporting an unexpected Q1 loss and slightly lower than expected revenues, as a 7% increase in sales volumes to 61.3M tons of coal was offset by weak pricing for steelmaking coal.
BTU sees a Q2 EPS loss of $0.14-$0.39 vs. consensus $0.14 loss; sees FY 2014 shipments of 245M-265M tons.
Australian revenue of $612M was hit by a 17% decline in revenues per ton, while Australian sales totaled 8.2M tons, including 3.2M tons of met coal and 3.1M tons of seaborne thermal coal.
U.S. mining revenues rose to $985M as a 10% increase in western shipments overcame a 7% decline in U.S. revenues per ton.
Reduced unit costs in both U.S. and Australian operations by 4% and kept capital spending at 10-year lows, improving liquidity to $2.1B while cash rose to $508M.
Noble Energy (NBL) is flat premarket after Q1 earnings beat expectations but fell 23% Y/Y, as higher expenses offset a rise in revenue.
Revenues rose to $1.38B from $1.14B as crude, natural gas and natural gas liquids sales all increased, but total operating expenses soared to $975M from $718M; NBL also booked an asset impairment of $97M after having none in the year-ago period.
Q1 production rose to 286K boe/day from 246K in the same period last year, with U.S. production alone climbing 12% to 163K boe/day; for Q2, NBL expects to produce 290K-296K boe/day.
Revises FY 2014 volume guidance to 302K-310K boe/day, due to the expected closing of an asset sale in Bohai Bay off China later this year and a U.S. onshore asset sale set to close this month.
Williams Partners (WPZ) and Williams Cos. (WMB) say an explosion and fire occurred overnight at their natural gas processing facility near Opal, Wyoming.
There were no reported injuries or damage to property outside the facility; the town was evacuated.
The Opal plant has an inlet capacity of 1.5B cf/day of natural gas per day; the incident affected one of the five cryogenic processing trains that comprise the plant, but it is too early to determine the extent of damage or a timeline for return to service.