OMAHA, Neb.—Billionaire Warren Buffett’s company keeps buying shares of Occidental Petroleum, and Berkshire Hathaway now controls more than 25 percent of the oil producer. A new filing with the Securities and Exchange Commission shows that Berkshire bought another 2.1 million Occidental shares this week worth about $123 million. The latest purchases give Berkshire more than…

LEMONT, Ill.—An explosion and fire at a suburban Chicago petroleum refinery killed one person and injured a second on Tuesday morning, authorities said. The Will County Sheriff’s Office said one person was confirmed dead and a second was transported to a hospital in Joliet with injuries following the explosion at Seneca Petroleum in Lemont, Illinois….

HOUSTON—Refiner Citgo Petroleum Corp. on Thursday reported a record net profit of $2.8 billion for 2022 on strong motor fuel demand, high margins, and refining output that exceeded its plants’ listed capacity. Rebounding from a loss of $160 million in 2021 and two straight years of losses, the results for last year also exceeded the…

Marathon Petroleum Corp. on Tuesday beat Wall Street expectations for quarterly profit as refining margins soared amid tight supplies and higher demand for its products. The top U.S. refiner also approved an additional $5 billion share repurchase plan, joining rival Phillips 66 in increasing shareholder returns. Phillips 66 raised its quarterly dividend on Tuesday by…

WASHINGTON—The Biden administration has asked Congress for $500 million to modernize the U.S. strategic petroleum reserve (SPR), a document outlining the request shows. If approved by Congress, the request, issued by the White House on Nov. 15, provides the Department of Energy (DOE) with funding to improve the four SPR sites along the Texas and…

JOINT BASE PEARL HARBOR-HICKAM, Hawaii—The U.S. military said Monday it’s ready to begin draining 1 million gallons (3.79 million liters) of fuel from three pipelines as part of an initial step toward closing a World War II-era fuel storage facility that leaked petroleum into Pearl Harbor’s tap water last year. The pipelines run about 3…

Marathon Petroleum smashed quarterly profit estimates on Tuesday, the latest U.S. refiner to benefit from a surge in fuel prices sparked by tight capacity and low inventories. The company’s refining and marketing margins tripled to $37.54 per barrel in the April-June quarter, mirroring similar gains at rivals such as Phillips 66 and sending Marathon’s shares…

OMAHA, Neb.—Warren Buffett’s Berkshire Hathaway now controls nearly 20 percent of Occidental Petroleum’s stock after picking up another $250 million worth of shares of the oil producer this week. Berkshire has been investing heavily in Occidental this year, including buying up more than $1.2 billion of the Houston-based company’s stock so far this month. After…

The United States on Wednesday sanctioned an international network of companies for having allegedly violated oil sanctions on Iran by selling Iranian oil to China and other countries in east Asia. The Treasury Department said in a release it imposed sanctions on the companies that are accused of having facilitated the sale of hundreds of…

MELBOURNE—Woodside Petroleum does not expect heavy selling of the company’s shares by BHP Group investors if Woodside’s acquisition of BHP’s petroleum business goes ahead in June, Chief Executive Meg O’Neill said on Tuesday. Woodside shareholders are set to vote on Thursday on a $40 billion merger to create a top 10 global independent oil and…