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  • Mon, Dec. 5, 2:27 PM
    • Pres.-elect Trump supports completion of the Dakota Access pipeline, a Trump spokesperson says, a day after the Obama administration denied a permit needed to finish the project.
    • Pipeline experts say Trump has several options once he takes office to enable the pipeline to proceed, including directing the Secretary of the Army to reinstate a previous permit for the reservoir crossing or issuing an executive order approving the pipeline: the Republican-led Congress, which reconvenes more than two weeks before the inauguration, also could get involved.
    • But nearly any outcome delays completion until mid 2017, and ETP has said it expects to lose nearly $84M each month the pipeline is delayed, and that losing shippers could result in its cancellation.
    • Some Trump advisors are devising ways to unlock energy resources on all Native American reservations, which cover just 2% of U.S. land but may contain ~20% of the country's oil and gas as well as vast coal reserves.
    • Relevant tickers: ETP -1.7%, ETE -1.7%, SXL -1.4%, PSX +0.5%, MPC +0.3%, ENB +0.5%, EEP +0.6%.
    | Mon, Dec. 5, 2:27 PM | 70 Comments
  • Sun, Dec. 4, 5:33 PM
    • Handing a victory to Native Americans and environmental types, the U.S. Army Corps of Engineers says it will deny the necessary permits for the Dakota Pipeline project to proceed.
    • The Army Corps says it will not allow the pipeline to be built under Lake Oahe, and will study alternative routes.
    • The 1,170-mile pipeline is to be built by a group of companies led by Energy Transfer Partners (NYSE:ETP). Related tickers: SXL, PSX, MPC, ENB, EEP
    | Sun, Dec. 4, 5:33 PM | 389 Comments
  • Wed, Nov. 30, 9:50 AM
    | Wed, Nov. 30, 9:50 AM | 29 Comments
  • Tue, Nov. 29, 10:20 AM
    | Tue, Nov. 29, 10:20 AM | 50 Comments
  • Wed, Nov. 23, 7:47 PM
    • The EPA today issued final regulations requiring that the amount of ethanol and other biofuels that must be blended into the U.S. fuel supply must increase by 6% next year.
    • Since the result is a significant gain over the 4% the EPA recommended in an earlier draft proposal, it is a victory for ethanol makers and a defeat for oil companies that say using more biofuels in gasoline and diesel is costly and unachievable.
    • The EPA set the 2017 target for total renewable fuel use at 19.28B gallons, higher than the initial proposal for 18.8B gallons as well as this year's 18.1B gallon requirement; the new mandate includes 15B gallons for conventional biofuel, which is mostly corn-based ethanol, vs. 14.5B gallons last year.
    • Tesoro (NYSE:TSO) exec Stephen Brown says the plan is "unworkable" as it forces the use of biofuels beyond the blend wall and that it highlights the need for a legislative overhaul of the program.
    • Shares in oil refiners mostly fell in today's trade: TSO -1.4%, VLO -0.8%, HFC -1.8%, MPC -0.3%, WNR -2.2%, PBF -3.5%, PSX +0.2%.
    • Shares of biofuels producers rose: GEVO +8.5%, PEIX +7.1%, GPRE +2.1%, REGI +2%, REX +0.8%.
    | Wed, Nov. 23, 7:47 PM | 123 Comments
  • Mon, Nov. 14, 5:57 PM
    • Energy Transfer Partners (NYSE:ETP) -1.2% AH on news that the Obama administration plans to extend its review before deciding on a permit for the $3.8B Dakota Access crude pipeline, further delaying work on a segment of the project that has been stalled since September.
    • The U.S. Army Corps of Engineers says further talks are warranted given the importance of the lake to the Standing Rock Sioux Tribe, and that it will work with the tribe on a timeline “that allows for robust discussion and analysis to be completed expeditiously.”
    • The setback likely will prove temporary, as the incoming Trump administration is expected to grant approval to finish the project.
    • Other relevant tickers: SXL, ETE, PSX, MPC, ENB, EEP
    | Mon, Nov. 14, 5:57 PM | 183 Comments
  • Fri, Nov. 11, 2:14 PM
    • A decision on completion of the Dakota Access Pipeline near tribal lands in North Dakota will come in the next few days, possibly by Monday, says an Army Corps of Engineers spokesperson.
    • The Obama administration intervened in September to temporarily halt construction under Lake Oahe so the Army Corps could review permitting; pipeline owner Energy Transfer Partners (ETP -0.9%) has continued to build to the edge of the federal land where the lake is located, and earlier this week said it was moving equipment to prepare to tunnel under the lake.
    • Other relevant tickers include SXL, PSX, MPC, ENB, EEP.
    | Fri, Nov. 11, 2:14 PM | 22 Comments
  • Wed, Nov. 9, 12:44 PM
    • U.S. independent refiners are rallying as investors bet that a Trump administration will ease costly renewable fuel regulations.
    • During the campaign, Trump unveiled an energy policy calling for the elimination of many regulations, including the system of buying and selling RINs, although Trump also has said he supports ethanol.
    • RINs tracking ethanol use for 2016 have more than doubled in the past year, and RINs tracking biodiesel have jumped 59% Y/Y, according to Bloomberg data.
    • In today's trade: CVI +22.5%, CVRR +15.4%, PBF +12.2%, HFC +11.7%, DK +6.1%, VLO +4.8%, WNR +4.4%, TSO +2.9%, MPC +2.8%, PSX +1.9%.
    | Wed, Nov. 9, 12:44 PM | 41 Comments
  • Tue, Nov. 8, 2:20 PM
    • Berkshire Hathaway (BRK.A, BRK.B) reported a record cash hoard of $85B at the end of Q3. Warren Buffett likes to hold $20B as a cushion, says Barclays' Jay Gelb, leaving him more than $60B to put to work. Barron's Andrew Bary says the practical number is smaller - closer to $45B - but that still leaves enough for an "elephant-sized acquisition."
    • That's only if he can find the right price, and a stock market at record highs could make that difficult. Last year's Precision Castparts purchase for $37.2B was Berkshire's largest acquisition to date. One speculated target is Phillips 66 (NYSE:PSX). Its current market cap is just over $42B.
    | Tue, Nov. 8, 2:20 PM | 50 Comments
  • Mon, Nov. 7, 5:56 PM
    • Some Iowa landowners are complaining about construction of the Dakota Access oil pipeline, saying crews have left behind debris, released cattle from grazing areas and disrespected their land, according to the Des Moines Register.
    • Several Iowa landowners have petitioned county inspectors, supervisors and state regulators, claiming that questionable construction practices are worsening tensions between landowners and builders of the 1,170-mile pipeline.
    • Dakota Access says it takes its construction commitments seriously, but that none of the complaints filed with the Iowa Utilities Board has been validated so far.
    • Energy Transfer Partners (NYSE:ETP) is the project leader; other relevant tickers include SXL, PSX, MPC, ENB, EEP.
    | Mon, Nov. 7, 5:56 PM | 30 Comments
  • Wed, Nov. 2, 3:56 PM
    | Wed, Nov. 2, 3:56 PM | 90 Comments
  • Wed, Nov. 2, 11:22 AM
    • Energy Transfer Partners (ETP -1.3%) is lower as Pres. Obama weighs in on the Dakota Access pipeline, saying the U.S. government is examining ways to reroute the pipeline and address concerns raised by Native American tribes.
    • Obama's comments are his first to directly address the escalating conflict between local authorities and protesters over the $3.8B pipeline project.
    • Obama says government agencies will let the situation "play out for several more weeks and determine whether or not this can be resolved in a way that I think is properly attentive to the traditions of First Americans."
    • Other relevant tickers include SXL, PSX, MPC, ENB, EEP
    | Wed, Nov. 2, 11:22 AM | 154 Comments
  • Tue, Nov. 1, 7:59 AM
    • The Colonial Pipeline, the largest fuel pipeline in the U.S., has been shut down for the second time in two months following a fatal explosion and fire in Alabama, bringing the likelihood of higher gasoline prices in the southeastern and mid-Atlantic regions of the U.S.
    • Nymex gasoline for December delivery has spiked as much as 15% and its premium to crude shot up by 60% to as high as $18/bbl.
    • The longer the mainlines are offline, “the more upward pressure will be placed on U.S. East Coast fuel prices, while downward pressure will be exerted on U.S. Gulf Coast product prices," says Robert Campbell, head of oil products research at Energy Aspects.
    • Some major U.S. refiners are higher in premarket trading as the premium jumped, including Phillips 66 (NYSE:PSX) - which operates a refinery near New York City - Valero Energy (NYSE:VLO) and Marathon Petroleum (NYSE:MPC).
    • Colonial Pipeline is owned by Koch Industries, South Korea’s National Pension Service, Royal Dutch Shell (RDS.A, RDS.B) and others.
    | Tue, Nov. 1, 7:59 AM | 33 Comments
  • Mon, Oct. 31, 11:48 AM
    • Native American leaders say they plan to protest through the winter against the Dakota Access oil pipeline and are considering lawsuits over police treatment of arrested protesters.
    • At least 200 demonstrators returned over the weekend to the site of an earlier confrontation with police to stage a peaceful vigil near the town of Cannon Ball, at the edge of the Standing Rock Sioux Reservation; no arrests were made after 142 people were arrested on Thursday and Friday.
    • The planned 1,172-mile path of the pipeline being built by a group of companies led by Energy Transfer Partners (ETP -0.2%), would skirt the reservation by about a half mile, but the Standing Rock tribe and environmental activists say it threatens water supplies as well as sacred Native American sites.
    • Meanwhile, not all Standing Rock Sioux are united in protest, as some say most of the protestors are from far distances, are a nuisance to the community, and the crowds are out of control with serious injuries only a matter of time.
    • Other relevant tickers include SXL, PSX, MPC, ENB, EEP
    | Mon, Oct. 31, 11:48 AM | 154 Comments
  • Fri, Oct. 28, 9:19 AM
    • Phillips 66 (NYSE:PSX) reports Q3 earnings that fell by two-thirds from last year's levels, but the company nevertheless easily beat analyst expectations as it continues to perform better than many refining peers.
    • PSX says Q3 refining earnings fell 82% Y/Y to $177M on higher planned turnaround expenses, partially offset by lower maintenance costs, and refining margins fell to $7.23/bbl from $13.96/bbl a year earlier; its refineries functioned at 97% capacity in Q3 vs. 100% utilization in Q2.
    • Chemicals segment earnings fell 60% to $101M on unplanned downtime, which was partially offset by improved polyethylene chain margins; marketing and specialties earnings fell 21% to $267M, while midstream segment earnings fell 26% to $75M on lower volumes and higher seasonal maintenance costs and scheduled refinery downtime.
    • PSX cuts 2016 capex to ~$3B, reduced from its earlier plan for $3.9B; 2017 capex is expected to be less than $3B.
    • The Phillips 66 Partners (NYSE:PSXP) MLP 66 missed estimates for Q3 earnings and revenues but increased its quarterly distribution by 5% to $0.531/unit.
    • Shares -0.4% premarket.
    | Fri, Oct. 28, 9:19 AM | 1 Comment
  • Fri, Oct. 28, 7:05 AM
    • Phillips 66 (NYSE:PSX): Q3 EPS of $1.05 beats by $0.17.
    • Revenue of $22.04B (-16.6% Y/Y) misses by $2.53B.
    • Press Release
    | Fri, Oct. 28, 7:05 AM