Oil prices above $100 per barrel are widening crack spreads, creating investment opportunities in refiners Phillips 66, Valero, and Marathon Petroleum. The companies delivered sharply higher second-quarter earnings, with refining strength driving profits significantly above year-ago levels. Phillips 66 reported earnings per share of $9.41 against a $7.50 consensus estimate, roughly four times its year-ago earnings. Revenue reached $52.04 billion versus the $43.60 billion expected. Analyst price targets for the three refiners trail current share prices, suggesting the market is pricing in margin strength faster than Wall Street models. Of 21 firms covering Phillips 66, 15 give it a buy rating against six holds. The consensus price target sits near $222, approximately 15% below recent trading levels.

Pembrokeshire Valero Refinery laboratory plans approved. By Bruce Sinclair Local Democracy Reporter for Ceredigion and Pembrokeshire Plans for a new laboratory and workshop at Valero Refinery, Rhoscrowther, have been approved. (Image: Pembrokeshire County Council webcast.) Find, save and share Public Notices that affect you in the Pembrokeshire area. Plans to build new laboratory and workshop buildings at Pembrokeshire's Valero Refinery which improves health and safety of workers by moving them out of a 'blast zone' have been given the go-ahead by county planners. In an application recommended for approval at the September 8 meeting of Pembrokeshire County Council's planning committee, Valero Energy Ltd sought permission for the construction of a laboratory building and workshop building with associated works at the Valero Refinery, Rhoscrowther, near Pembroke. An officer report said: "The proposal is to construct a laboratory building (52.650m long x 28.38m wide) and workshop building (71.09m long x 19.09m wide) together with internal access, parking and landscaping. The workshop building would have a gross external floor area of 1,887sqm and the laboratory building 2,161sqm. "The laboratory building would be single storey and located on higher ground compared to the workshop building that would be two-storey and situated on lower ground. The proposed buildings would replace existing laboratory and workshop buildings that are at present located within the refinery's 'blast zone' to a position outside of this zone. "The proposed access would be from the western boundary which adjoins the existing access point associated with the fire hall building and would lead to car parking areas for each building and on-site turning. A bund is proposed along the southern boundary." It said a previous application for a laboratory building was granted back in 2019, that permission not implemented, the permission expiring back in 2024. There is an ongoing application for relocation of spoil associated with the laboratory and workshop development which will be considered under delegated authority. The report added: "In terms of detailed design, the buildings would appear functional yet contemporary and of some aesthetic quality. The appearance of the buildings would not be dissimilar to the adjacent fire hall. The clean lines of the roof and curved eaves would provide a good quality feature as would the mix of materials and colours that are proposed. "Outside spaces would be predominantly hard-surfaced as required by the uses that are proposed and indicative of the wider refinery site, albeit that a degree of landscaping would be provided." Read More: Speaking at the meeting, local councillor Steve Alderman, who moved approval, said: "I think it's a good development, particularly from a health and safety point of view, to move people from a 'blast area'." The application was unanimously conditionally approved by members.

President Donald Trump's nine largest oil and gas holdings gained between $1.5 million and $4.4 million in the first six months of the Iran war, according to a CNBC analysis of his financial disclosure and market data. The holdings include Chevron, ExxonMobil, and seven other energy companies. CNBC calculated gains using share-price movements from 27 February, the day before hostilities began, through 31 August. Trump's accounts showed at least 23 sell transactions across the nine stocks through 29 June. A White House spokesman said Trump plays no role in trading decisions, with all investments managed independently. Ethics watchdogs disputed this, noting Trump still knows his heavy energy investment positions. The nine firms posted combined second-quarter profits of $47.6 billion, triple the prior year's figure. US crude prices rose roughly 36% since the war started.