US oil refining capacity falls for third time

Steel long pipes in crude oil factory during sunset U.S. crude oil refining capacity fell 4% to 17.53 million barrels per day (bpd) this year, a government report showed on Friday amid plant closures and conversions to biofuels. The Energy Information Administration (EIA) said the figures reflect capacity online as of Jan. 1, and the

Chevron to acquire US oil company Hess

US oil major Chevron announced has entered into a definitive agreement with compatriot Hess Corporation to acquire all outstanding shares of the company in an all-stock transaction valued at $53bn. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The acquisition consideration is structured with 100%