AlphaMena on Thursday increased the price target for petrochemicals manufacturer Saudi Basic Industries (SASE:2010), d/b/a Sabic, to 65.10 Saudi riyals from 62.20 riyals, while keeping its add rating.
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Orlen (PKN.WA) began operating a marine transshipment terminal at its refinery in Gdańsk, Poland, to facilitate the direct transfer of refinery products and feedstocks to tankers.Located on the Martwa Wisła River, the Orlen Marine Transshipment Terminal, which cost 500 million Polish zlotys, has an annual cargo capacity of over 1.8 million tonnes, according to a Wednesday release.The Poland-based energy group expects the facility will trim logistics costs, enhance supply flexibility, and reduce reliance on transport through road, rail, and external ports.
US exports of distillate fuel rose to a record 1.9 million barrels a day last week as domestic stockpiles fell again, Bloomberg reported Wednesday, citing US Energy Information Administration's data.The figure surpassed the previous high set in May, the report said, adding that exports over the past two weeks have most frequently headed to northwestern Europe, according to data from energy analytics firm Vortexa, which described Europe as the "epicenter" of the global diesel crunch given its exposure to refinery outages in the Middle East and Russia.Earlier in July, shipments were more often directed to the Caribbean and South America as importers stocked up ahead of the September planting season, according to the report.
Murphy Oil (MUR) reported Q2 adjusted earnings late Wednesday of $1.55 per diluted share, up from $0.27 a year earlier.Analysts polled by FactSet expected $1.57.Revenue for the quarter ended June 30 rose to $928.3 million from $695.6 million a year earlier.Analysts expected $888.5 million.Murphy shares fell 5% in after-hours trading.