IIR's Daily Energy News Headlines

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) over the past week.

CRUDE OIL
Senate Energy Committee Votes to Lift Oil Export Ban - The U.S. Senate Energy Committee voted 12-10 in favor of a bill lifting the existing ban on crude oil exports in the U.S. The bill will be debated on the Senate floor after the August break.

EARNINGS REPORTS
Suncor Profits Fall on Lower Oil Prices - Canadian oil and gas producer Suncor Energy (NYSE:SU) (Calgary) reported 2Q operating profits of C$906 million, compared to C$1.14 billion in 2Q14 as lower oil prices outweighed increased production.

Murphy Oil Posts Net Loss - U.S. producer Murphy Oil Corporation (NYSE:MUR) (El Dorado, Arkansas) posted a loss for the quarter as lower prices also offset production Net losses stood at $73.83 million for the quarter, compared with net income of $129.41 million in second-quarter 2014. Total revenues stood at $738.29 million, down from $1.35 billion in the same period last year. For more details see Murphy Oil Eyes Eagle Ford, Gulf of Mexico for Growth Projects, Holds Line on Capital Spending Plans.

Marathon Petroleum, Valero Earnings Differ on Geography - Refiner Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio) reported 2Q net income of $826 million, down 3% from last year, due to the company's exposure to the U.S. Midwest, where crude has remained more expensive, eroding refining margins. Conversely, Valero Energy (NYSE:VLO) (San Antonio, Texas) says its margins rose from $13.71 per barrel from $9.84 last year, more than doubling the company's 2Q earnings to $1.4 billion.

Revenues Up for Western Gas Partners - Western Gas Partners reported $110.5 million in net income for the second quarter, compared with $99.2 million in second-quarter 2014. Revenues totaled $402.4 million, up from $345.6 million a year earlier. For more information see Western Gas Partners Expands West Texas Processing Capacity.

ConocoPhillips Reports Loss in Second Quarter - ConocoPhillips (NYSE:COP) today reported a net loss in the second quarter of $179 million, compared to a profit of $2.08 billion a year earlier.

OTHER NEWS
Shell to Axe 6,500 Jobs This Year - Royal Dutch Shell (NSYE:RDS-A) (The Hague, Netherlands) says that it anticipates staff and direct contractor reductions of about 6,500 positions this year.

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.