Refiners Set to Take On the World
BY LIAM DENNING
Entrepreneurs are racing to exploit the U.S. oil-and-gas revival with shiny new petrochemical plants and pipelines. But one group of old stalwarts is there already: refiners.
In the same week, Freeport LNG Development announced new supply agreements for the liquefied-natural-gas export terminal it hopes to start building next year, and Marathon Petroleum, Valero Energy and Phillips 66 announced second-quarter results.
All three reported increases in the amount of gasoline and diesel they exported; Phillips’s doubled year on year. In the 12 months ending in May, the U.S. exported an average 2.6 million barrels a day of refined products, …
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