PBF Energy Inc. (NYSE: PBF) announced that it will purchase the damaged ExxonMobil Torrance refinery and related assets for $537.5 million. The transaction is expected to close in the second quarter of 2016, after repairs are completed.
The 750-acre refinery has a capacity of 155,000 barrels per day, but due to damage from an explosion in February it now operates at only 20% of capacity.
California legislators went into recess with many of the most controversial and ambitious proposed climate change measures withdrawn or delayed.
Pulled from Senate Bill 350 before it passed was its target of a 50% reduction in petroleum use by cars and trucks by 2030.
Federal regulators have issued warnings to Plains All American Pipeline Co. for “probable violations” related to the rupture in May of an oil pipeline on the Santa Barbara coast that spilled up to 3,400 barrels of crude.
Officials with the federal Pipeline and Hazardous Materials Safety Administration said the company was unable to provide records of its internal safety evaluation of the pipeline that failed or that documented steps to ensure supervisors were familiar with safety procedures, and had not maintained adequate records of pressure-testing of tanks designed to handle surges.
A report released by the Western States Petroleum Association details the substantial 
contribution the petroleum industry makes to California’s state and local economies, accounting for nearly 456,000 jobs, hundreds of billions in revenues, and more than 9% of the state’s gross domestic product.
Those figures form the core of a new 76-page report by the Los Angeles County Economic Development Corporation (LAEDC.) The analysis, drawn from public data on employment, taxes and business activity, show the industry is a major economic engine for the state.
Chevron Corporation (NYSE: CVX) reported earnings of $571 million, or 30 cents per share, for the second quarter of 2015 on revenues of $37 billion. This compares with earnings of $5.7 billion, or $2.98 per share on revenues of $56 billion in the same quarter of 2014.
“Second quarter financial results were weak, reflecting a crude price decline of nearly 50% from a year ago, said John Watson, Chairman and CEO of the San Ramon-based company. “Our upstream businesses were particularly hard hit, as lower prices reduced revenues and triggered impairments and other charges. Downstream operations continued to deliver strong financial performance, reflecting both high reliability and improved margins.”
The board of directors of Chevron Corporation (NYSE: CVX) declared a quarterly dividend of 
$1.07 per share, payable September 10, 2015, to holders of the San Ramon-based company’s common stock as of August 19, 2015.
In May Chevron reported earnings for the first quarter of 2015 of $2.6 billion, or $1.37 per share, on revenues of $32 billion. This compares with earnings for the same quarter a year earlier of $4.5 billion, or $2.36 per share, on revenues of $51 billion.
