Oil & Gas Refining & Marketing

Marathon Petroleum shares are up 7.3% after analyst upgrades and an earnings beat, with the stock outperforming both the Oils-Energy sector and the broader market over the past month. The company reported US$52,337 million in revenue and US$5,138 million in net income in its Q2 2026 results, and it is set to discuss its third-quarter results on a now-completed November 3, 2026 conference call. A narrative projection for Marathon Petroleum forecasts $137.9 billion in revenue and $5.2 billion in earnings by 2029, implying revenue declining by 3.6% per year and an earnings decrease of $3.3 billion from $8.5 billion today. That forecast yields a $324.56 fair value, a 24% downside to the current price, while some of the most optimistic analysts had once assumed revenue could reach about US$198.8 billion and earnings US$7.6 billion. The recent analyst upgrades and share price outperformance highlight earnings momentum as the key short-term catalyst, though they do not materially change the core risk that future demand for refined products could structurally weaken over time.

Marathon Petroleum closed the most recent trading day at $421.96, up 1.94% and outpacing the S&P 500's 1.14% gain. The refiner's shares have appreciated 14.74% over the past month, beating the Oils-Energy sector's 1.41% gain and the S&P 500's 2.85% loss. Ahead of its upcoming earnings release, the company is predicted to post an EPS of $23.15, a 669.1% increase from the year-ago quarter, on revenue of $32.84 billion, down 8.39%. For the full year, the Zacks Consensus Estimates anticipate earnings of $59.15 per share and revenue of $154.8 billion, shifts of +452.8% and +14.48% respectively. Over the past month the Zacks Consensus EPS estimate has risen 26.78%, and Marathon Petroleum currently holds a Zacks Rank of #1 (Strong Buy).

Marathon Petroleum and Valero Energy have each surged more than 150% year to date, yet both now trade above their consensus analyst price targets, prompting a Hold plurality rating on each. Marathon is up 157.1% to $413.20 and Valero is up 152.4% to $404.84, against consensus targets of $370.17 and $355.47 respectively. The rally was driven by crack spreads that roughly doubled in 2026 after Ukrainian drone strikes knocked out more than 2.8 million barrels of Russian refining capacity, with Marathon management estimating over 9 million barrels per day of global capacity was down, roughly 4 million barrels per day above historical norms. The two refiners delivered combined profits of around $8.8 billion in the second quarter of 2026, but analysts already model a steep 2027 earnings drop, to $33.95 for Marathon and $31.21 for Valero, making the 13x and 14x forward P/E multiples look like peak-cycle value traps. Marathon's majority stake in MPLX supports 12.5% annual distribution growth in 2026 and 2027, while Valero benefits from a reopened gasoline arbitrage that has left net U.S. gasoline imports down about 400,000 barrels a day; Valero returned $2.6 billion to shareholders in the second quarter and Marathon returned over $2.8 billion with $6.1 billion remaining on its buyback authorization.

Cosmo Oil announced on the 17th that it will begin utilizing naphtha co-produced in the SAF manufacturing process together with Maruzen Petrochemical, Ube-Maruzen Polyethylene, and SAFFAIRE SKY ENERGY. At the SAF production facility within Cosmo Oil's Sakai Refinery, naphtha obtained during the production of SAF from waste cooking oil will be utilized as a raw material for chemicals. SAFFAIRE SKY ENERGY will produce the naphtha, Cosmo Oil will supply it, Maruzen Petrochemical will produce basic chemicals, and Ube-Maruzen Polyethylene will produce polyethylene for development into plastic products. The four companies plan to expand supply volumes and develop applications going forward, aiming to contribute to decarbonization in the chemical, textile, and packaging sectors.

Valero Energy ended its latest trading session at $403.28, up 1.57% while the S&P 500 fell 0.45%, the Dow lost 1.21% and the Nasdaq slipped 0.01%. The oil refiner has gained 13.42% over the past month, outpacing the Oils-Energy sector's 3.72% gain and the S&P 500's 2.43% loss. Valero plans to report earnings on October 22, 2026, with analysts projecting $18.09 per share, a 394.26% year-over-year increase, on revenue of $38.54 billion, up 19.81%. For the full year, the Zacks Consensus Estimates call for earnings of $46.41 per share and revenue of $150.52 billion, changes of +337.42% and +22.68% respectively. The consensus EPS projection has moved 14.24% higher in the past 30 days, and Valero Energy currently carries a Zacks Rank of #1 (Strong Buy).

Atlas Energy Public Company Limited, or ATLAS, expects its operating results in the third quarter of 2026 to improve, driven by growing LPG consumption across all segments, namely households, industry, and vehicles, while it begins recognising revenue from three additional LPG filling plants. Suwatchai Phithakwongsaporn, Chief Executive Officer and Managing Director, said the company aims to increase its share of the household LPG market from 4.8% as of the second quarter of 2026, alongside a plan to expand its Gas Shop network by another 130 to 150 branches within 2026, after adding 72 branches in the first half of this year, bringing the total to 525 branches at present. The household LPG market has a size of more than 2 million tonnes per year, and in 2026 the company is confident that sales will grow at a double-digit rate and that gas sales volume will exceed 450,000 tonnes, in line with its target.

UBS raised its price target on Valero Energy Corporation from $355 to $450 on September 8 while keeping a Buy rating on the shares, a revision that implies nearly 17% upside from current levels and sits above the stock's all-time high of over $393 reached earlier this month. The call rests on expectations that unusually strong global refining margins will persist longer than previously assumed, as damaged or idled refineries take time to return to full operations and Ukrainian attacks on Russian refineries further constrain worldwide capacity. Valero's COO, Gary Simmons, said an arbitrage opportunity for jet fuel exports to Europe has reopened, and the company expects jet fuel margins to improve over the remainder of the third quarter as refiners shift to winter diesel specifications. The refiner returned $2.6 billion to shareholders in its highest-ever second quarter, up sharply from $695 million a year earlier, and TD Cowen's Jason Gabelman expects Valero to repurchase about 20% of its market value between the third quarter and the end of next year. UBS's move signals confidence that elevated crack spreads can support further gains, though a pullback in refining margins remains the key risk to earnings expectations and the share price.

Atlas Energy Public Company Limited, or ATLAS, expects its third-quarter 2569 operating results to be bright, driven by strong growth in its LPG business across all segments, including household, industrial, and automotive, together with a recovery in domestic diesel consumption and the start of revenue recognition from three additional LPG filling plants. Suwatchai Pitakwongaporn, Chief Executive Officer and Managing Director of ATLAS, said the company aims to increase its share of the household LPG market from 4.8% as of the second quarter of 2569, along with a plan to expand its Gas Shop network by another 130-150 branches within 2569, after adding 72 branches in the first half, bringing the total to 525 branches at present. The household LPG market has a size of more than 2 million tonnes per year. The company is also the only operator producing Alumax LPG gas cylinders, or seamless formed aluminium cylinders, which are lightweight and highly durable. In 2569, it is confident that sales will grow by double digits and that gas sales volume will exceed 450,000 tonnes, in line with its target.

Atlas Energy Public Company Limited, or ATLAS, expects its third-quarter 2026 operating results to improve, driven by growing liquefied petroleum gas, or LPG, consumption across all segments, including household, industrial, and automotive, as well as the start of revenue recognition from three additional LPG filling plants. Suwatchai Pitakwongaporn, Chief Executive Officer and Managing Director, said the company aims to increase its share of the household LPG market from 4.8% as of the second quarter of 2026, alongside a plan to expand its Gas Shop network by another 130-150 branches within 2026, after adding 72 branches in the second quarter of 2026, the first half of this year, bringing the total to 525 branches at present. The household LPG market the company is targeting has a market size of more than 2 million tons per year, while ATLAS also remains the market leader in automotive LPG and is the only operator producing the Alumax LPG cylinder, a seamless-formed aluminium cylinder that is lightweight and highly durable. In 2026, the company is confident that sales will grow at a double-digit rate and that gas sales volume will exceed 450,000 tons, in line with its target.

Atlas Energy Public Company Limited, or ATLAS, a distributor of liquefied petroleum gas under the PT cooking gas brand, expects its third-quarter 2026 operating results to improve, driven by growing LPG consumption across all segments, namely household, industrial and automotive. The company will also begin recognising revenue from three additional LPG filling plants. Suwatchai Phithakwongsaphon, Chief Executive Officer and Managing Director, said ATLAS remains the market leader in automotive LPG and is preparing to expand its household LPG market, which has a market size of more than 2 million tonnes per year. The company aims to increase its household market share from 4.8% as of the second quarter of 2026, alongside a plan to expand its Gas Shop network by another 130-150 branches within 2026, after adding 72 branches in the second quarter of 2026, bringing the total to 525 branches at present. ATLAS is the only operator producing the Alumax LPG cylinder, a seamless formed aluminium cylinder that is lightweight and highly durable. In 2026, the company is confident that sales will grow at a double-digit rate and that gas sales volume will exceed 450,000 tonnes, in line with its target.

Suwatchai Phithakwongsaphon, Chief Executive Officer and Managing Director of Atlas Energy Public Company Limited, or ATLAS, a distributor of liquefied petroleum gas under the PT cooking gas brand, revealed that the operating performance trend for the third quarter of 2026 is expected to grow favorably, driven by rising LPG consumption across all segments, including household, industrial, and automotive. At the same time, the company will begin recognizing revenue from three additional LPG filling plants, which will enhance its service capacity and support continued growth in sales volume. Currently, ATLAS is the market leader in automotive LPG and is accelerating expansion in the household LPG market to push its market share up from the previous level of 4.8 percent, assessing that the household LPG market still has high growth potential given a market size of more than 2 million tons per year. The company is therefore pressing ahead with marketing promotion activities alongside a plan to expand its Gas Shop network by another 130 to 150 branches within 2026, after adding 72 branches in the first half of the year, bringing the current total to 525 branches nationwide. In addition, ATLAS is the only operator producing the PT Alumax LPG cylinder, a seamless formed aluminum cylinder that is lightweight and strong, helping reduce the risk of cylinder seams, and the company is confident that sales in 2026 will grow at a double-digit rate, while targeting gas sales volume of more than 450,000 tons.

Atlas Energy Public Company Limited, or ATLAS, a distributor of liquefied petroleum gas (LPG) under the PT cooking gas brand, is signalling improved operating results for the third quarter of 2026. Suwatchai Phithakwongsaporn, Chief Executive Officer and Managing Director, said LPG consumption continues to expand on higher demand across all segments, including households, industry and vehicles. The company will also begin recognising revenue from three additional LPG filling plants, which will boost service capacity and support continued sales volume growth. ATLAS currently holds the leading position in the automotive LPG market and is preparing to expand into the household LPG market, which has a market size of more than 2 million tonnes per year. It aims to increase its household market share from 4.8% as of the second quarter of 2026, alongside a plan to expand its Gas Shop network by another 130 to 150 branches within 2026, after adding 72 branches in the second quarter of 2026, the first half of this year, bringing the total to 525 branches. The company is also the only operator producing the Alumax LPG cylinder, a seamless aluminium cylinder that is lightweight and highly durable, improving safety and setting it apart from ordinary cooking gas cylinders on the market. For 2026, the company is confident sales will grow at a double-digit rate and that gas sales volume will exceed 450,000 tonnes, in line with its target.

The shareholders' meeting resolution of Bangchak Corporation Public Company Limited on April 10, 2026, struck down agenda item 7, which was a proposal by Bangchak's own board rather than by any particular shareholder group, to amend the company's articles to raise the qualifications for directors by stipulating that anyone serving as a director must not be a person accused or whose assets have been seized by the Anti-Money Laundering Office in a money laundering case. Had the resolution passed, directors representing the targeted capital group would have immediately lost their positions. The matter was seen as aimed at Alpha Chartered Energy, or ACE, which holds roughly 16.82% and has a representative on the board, and whose assets were seized by the Anti-Money Laundering Office. The vote in favor was only 69.50%, below the 75% threshold, or no less than three-quarters of shareholders attending the meeting and entitled to vote, so the resolution was rejected, allowing the representative from Alpha Chartered to remain on Bangchak's board under the existing structure, since the Anti-Money Laundering Office's legal process has not yet reached a final judgment. However, seven minority shareholders subsequently appointed lawyers to sue to revoke the resolution that had already been voted on, amid reports that these individuals had held Bangchak shares for only a few days.

Atlas Energy Public Company Limited, or ATLAS, expects its third-quarter 2026 operating results to grow, driven by expanding liquefied petroleum gas, or LPG, consumption across all segments, including household, industrial, and automotive, together with the start of revenue recognition from three additional LPG filling plants. Suwatchai Pitakwongwaphorn, Chief Executive Officer and Managing Director, said the company aims to increase its share of the household LPG market from 4.8% as of the second quarter of 2026, alongside a plan to expand its Gas Shop network by another 130 to 150 branches within 2026, after adding 72 branches in the first half of this year, bringing the total to 525 branches at present. The household LPG market has a size of more than 2 million tonnes per year, and the company remains the only operator producing the Alumax LPG cylinder, a seamless-formed aluminium cylinder that is lightweight and highly durable. In 2026, the company is confident that sales will grow at a double-digit rate and that gas sales volume will exceed 450,000 tonnes, in line with its target.

Phillips 66 closed the most recent trading day at $264.34, up 2.83% from the previous session, outpacing the S&P 500's daily loss of 0.45%, the Dow's 0.63% decline and the Nasdaq's 0.78% drop. Ahead of that session, the oil refiner's shares had gained 6.86%, beating the Oils-Energy sector's 2% gain and the S&P 500's 1.99% loss. For its upcoming release, Phillips 66 is forecast to report EPS of $8.73, a 246.43% increase from the year-ago quarter, on revenue of $35.54 billion, up 1.62%. For the full year, Zacks Consensus Estimates anticipate earnings of $24.47 per share and revenue of $156.82 billion, shifts of +279.97% and +14.84% respectively from last year. Over the past month the Zacks Consensus EPS estimate has moved 0.12% higher, and Phillips 66 currently carries a Zacks Rank of #1 (Strong Buy), with a Forward P/E of 10.51 versus its industry average of 9.13.

Energy Absolute, or EA, disclosed that the Bangkok E-Bus Programme has delivered greenhouse gas reductions from its 2025 operations totaling 57,327 ITMOs to the KliK Foundation in Switzerland, bringing cumulative deliveries to 108,960 ITMOs. The programme is just one part of EA's Green Energy Ecosystem, which links clean energy, batteries, electric vehicles, charging infrastructure and carbon management together. The Bangkok E-Bus Programme puts more than 2,000 electric buses into service in Bangkok and its vicinity to replace buses running on diesel and natural gas, and the greenhouse gas reductions from actual operations can be measured, verified, certified and transferred internationally under Article 6.2 of the Paris Agreement. Chatpol Sriprathum, Chief Executive Officer of EA, said the programme is a clear example that EA's Green Energy Ecosystem can create value along the entire chain, and noted that ESG is not separate from the core business but is part of the company's growth strategy.

Several securities firms have turned positive on progress at Thai Oil Public Company Limited, or TOP, on its CFP clean energy project, as construction proceeds on schedule. The project will raise refining capacity, allow a wider range of crude oil grades to be processed, and shift the product slate toward higher-value products, key factors for lifting refining margins and long-term profitability. Trinity Securities said that after visiting the CFP project, it views the project as a major turning point for TOP's refinery structure, raising refining capacity from 375,000 barrels per day to 400,000 barrels per day, increasing the share of upgrading unit capacity from 28% to 50%, and lifting the refinery complexity index from 9.8 to 12. The share of high-value products, especially diesel and jet fuel, will rise from 53% to 62%. Trinity recommends Trading Buy on TOP with a target price of 74 baht. Yuanta Securities Thailand said the CFP project will raise refining capacity from 275,000 barrels per day to 400,000 barrels per day, increase the ability to process cheaper heavy crude to 40-50%, and cut the use of light crude from nearly all of the slate to about 40-50% by the end of July 2026. As of end-July 2026, construction under the EPCM contract is 34.87% complete, with the fourth crude distillation unit, CDU-4, with a capacity of 220,000 barrels per day, targeted to start commercial operations in the second quarter of 2027, before the CFP project fully opens in the third quarter of 2028. The ERU unit, part of the CFP project, will have 250 megawatts of power generation capacity and produce 175 tonnes of steam per hour. TOP and Global Power Synergy Public Company Limited, or GPSC, are in talks to buy and sell ERU after failing to meet the original conditions, with a conclusion expected by October 30, 2026. Yuanta maintains a Trading recommendation with a target price of 74 baht. Globlex Securities said the project's total investment value is about 7.15 billion US dollars, or about 6.39 billion US dollars excluding ERU, and maintains a Buy on TOP with a target price of 88 baht. KGI Securities (Thailand) expects TOP's crude run rate to gradually rise from 307,000 barrels per day in 2026 to 320,000 barrels per day in 2027 and 350,000 barrels per day in 2028, before increasing to 400,000 barrels per day in 2029 after the CFP project fully opens. It expects the project to add about 4-5 US dollars per barrel to market refining margins, and maintains a Buy on TOP with a target price of 70 baht.

Pure Energy Company Limited (Public Company Limited), or EA, has delivered greenhouse gas reductions from its 2025 operations totaling 57,327 ITMOs to the KliK Foundation of Switzerland under the Bangkok E-Bus Programme, bringing cumulative deliveries to 108,960 ITMOs. The programme has put more than 2,000 electric buses into service in Bangkok and its vicinity to replace buses powered by diesel and natural gas. The greenhouse gas reductions from actual bus operations were measured, verified, certified and transferred internationally under Article 6.2 of the Paris Agreement. Chatropl Sriprathum, Chief Executive Officer of Pure Energy Company Limited (Public Company Limited), said the Bangkok E-Bus Program is a clear example that EA's Green Energy Ecosystem can create value throughout the chain, from the use of clean energy technology and the reduction of fossil fuels to the management of greenhouse gas reductions to generate value at the international level. He also stated that ESG is not separate from the core business but is part of the company's growth strategy.

Energy Absolute Public Company Limited, or EA, has delivered greenhouse gas reductions from its 2025 operations totaling 57,327 ITMOs to the KliK Foundation of Switzerland under the Bangkok E-Bus Programme, bringing its cumulative deliveries to 108,960 ITMOs. The programme has put more than 2,000 electric buses into service in Bangkok and its surrounding areas, replacing buses powered by diesel and natural gas. The greenhouse gas reductions from actual bus operations were measured, verified, certified, and transferred internationally under Article 6.2 of the Paris Agreement. Chatpol Sriprathum, Chief Executive Officer of Energy Absolute Public Company Limited, said the Bangkok E-Bus Programme is a clear example of how EA's Green Energy Ecosystem can create value throughout the entire chain, from the use of clean energy technology and reduced reliance on fossil fuels to the management of greenhouse gas reductions that generates value at the international level.

PBF Energy announced that its indirect subsidiary PBF Holding Company LLC priced $500 million in aggregate principal amount of 0% exchangeable notes due 2032 in a private offering exempt from registration. The notes, co-issued by PBF Finance Corporation, are senior unsecured obligations that pay no regular interest, mature on January 15, 2032, and carry an initial exchange rate of 10.3306 shares of PBF Energy Class A common stock per $1,000 principal amount, equal to an initial exchange price of approximately $96.80 per share, a premium of approximately 37.5% over the $70.40 closing price on September 14, 2026. The offering is expected to close on September 17, 2026, and the issuers granted the initial purchasers an option to buy up to an additional $50 million in aggregate principal amount of notes. Net proceeds are estimated at approximately $485.0 million, or approximately $533.6 million if the option is fully exercised, with $25.2 million earmarked to pay the cost of capped call transactions and the remainder, plus available cash, used to fund the repayment or redemption of all outstanding 7.875% Senior Unsecured Notes due 2030. The capped call transactions have an initial cap price of $123.20 per share, a premium of 75.0% over the September 14, 2026 closing price.

Energy Absolute Public Company Limited, or EA, disclosed that its Bangkok E-Bus Programme has delivered greenhouse gas reductions from its 2025 operations totalling 57,327 ITMOs to the KliK Foundation in Switzerland, bringing cumulative deliveries to 108,960 ITMOs. These ITMOs underwent measurement, verification and certification under the applicable standard before being approved for international transfer under Article 6.2 of the Paris Agreement, in support of Switzerland's climate NDC targets. The programme puts more than 2,000 electric buses into service in Bangkok and its vicinity, replacing diesel and natural gas vehicles, and is regarded as one of the key models for linking clean-energy public transport with international carbon mechanisms. Thailand and Switzerland had previously made history together with the transfer of ITMOs under Article 6.2 from this programme. Chatpol Sriprathum, Chief Executive Officer of Energy Absolute Public Company Limited, said the transition to clean energy can deliver real environmental, social and economic results, and that EA is ready to build on its knowledge, technology and partnerships to expand its Green Energy Ecosystem into other sectors.

Energy Absolute Public Company Limited, or EA, has delivered 57,327 ITMOs of greenhouse gas reductions from its 2025 operations to the KliK Foundation of Switzerland under the Bangkok E-Bus Programme, bringing its cumulative deliveries to 108,960 ITMOs. The programme has deployed more than 2,000 electric buses in Bangkok and its vicinity to replace buses powered by diesel and natural gas, and the greenhouse gas reductions from actual bus operations can be measured, verified, certified, and transferred internationally under Article 6.2 of the Paris Agreement. Chatpol Sriprathum, Chief Executive Officer of Energy Absolute Public Company Limited, said the Bangkok E-Bus Programme is a clear example that EA's Green Energy Ecosystem can create value throughout the chain, from the use of clean energy technology and the reduction of fossil fuel use to the management of greenhouse gas reductions that generates value at the international level. He also stated that ESG is not separate from the core business, but is part of the company's growth strategy.

Energy Absolute Public Company Limited, or EA, disclosed that its Bangkok E-Bus Programme has delivered greenhouse gas reductions from its 2025 operations totaling 57,327 ITMOs to the KliK Foundation in Switzerland, bringing the cumulative delivered total to 108,960 ITMOs. These ITMOs were measured, verified, and certified in accordance with standards before being approved for international transfer under Article 6.2 of the Paris Agreement to support Switzerland's NDC targets. The programme has brought more than 2,000 electric buses into service in Bangkok and its vicinity, and is regarded as one of the models for linking clean-energy public transport systems with international carbon mechanisms. Thailand and Switzerland had previously made history together with the transfer of ITMOs under Article 6.2 from this programme. Chatpol Sriprathum, Chief Executive Officer of Energy Absolute Public Company Limited, said that the transition to clean energy can deliver real environmental, social, and economic results, and that EA is ready to build on its knowledge, technology, and partnerships to further expand its Green Energy Ecosystem into other sectors.

EA announced that its Bangkok E-Bus Programme delivered greenhouse gas reductions from its 2025 operations totalling 57,327 ITMOs to the KliK Foundation in Switzerland, bringing cumulative deliveries to 108,960 ITMOs. This reflects the potential of EA's Green Energy Ecosystem to build on its business and carbon management to create value from its existing assets and technology. Meanwhile, UNIX received a certificate of corporate carbon footprint certification, with its data already verified, to serve as a baseline for planning greenhouse gas emission reductions in its packaging business. FVC announced its second-half 2026 strategy, pressing ahead to generate revenue from four core businesses in response to price competition and rising costs, while building up a backlog for continued recognition. It will focus on cost management, maintaining liquidity, and accelerating revenue recognition from work in hand to drive 2026 earnings growth in line with its targets.

Shares of US refiners Phillips 66, Valero Energy, and Marathon Petroleum have more than doubled this year, outperforming ExxonMobil and Chevron, which each gained about 40% in 2026, as the global fuel market tightens far more than crude oil markets. More than 7 million barrels per day of refined product flows are offline in the Middle East and Russia, pushing product cracks to record highs and boosting refining margins. Phillips 66, Marathon Petroleum, and Valero all reported consensus-beating second-quarter earnings and expect high margins through the end of the year and possibly all through next year. Global refinery throughputs hit a summer peak of 81.4 million barrels per day in August, up 960,000 bpd month on month, but that peak was 4.2 million bpd lower than a year ago, with losses spread across the Middle East, Russia, and crude-importing economies in Asia, the International Energy Agency said in its September monthly report. RBN Energy analysts noted that global crude markets are not terribly short of crude, but the world is struggling to refine enough crude into middle distillates, with US distillate stocks in August on track for their lowest end-of-month level since April 2005 and the lowest for the month since 1951.

Calumet, Inc. has amended its existing asset-based loan facility to increase total commitments to $600 million, an increase of $100 million, subject to borrowing base limitations. The ABL maturity date remains January 2031 and is led by Bank of America, N.A., as agent for a group of lenders. Separately, Montana Renewables, LLC, an unrestricted subsidiary of Calumet, received its final draw of $34 million under its recently amended Loan Guarantee Agreement with the U.S. Department of Energy. Chief Financial Officer David Lunin said the amended ABL facility reflects an adjustment of the borrowing base to align with higher market prices and higher receivables, strengthening liquidity to support working capital needs as commodity prices fluctuate. The company also noted that remaining project capital for its MaxSAF expansion was reduced to $137 million from the $1.2 billion contemplated in the original Phase 2 plan, driven by repurposing proven equipment from the adjacent Calumet Montana Refining asphalt facility.

HF Sinclair Corporation's stock has climbed 113.9% over the past year, trailing the industry's 124.6% growth while outpacing Phillips 66's 102.6% gain and slightly lagging Marathon Petroleum's 123.4% rise. The company operates seven complex refineries with a combined processing capacity of 678,000 barrels per day, and management expects tighter refining capacity and low global refined product inventories to support refining market fundamentals well into 2027. Disruptions in the Middle East and damage to refining infrastructure in Russia have taken roughly 5-7 million barrels per day of global refining capacity offline compared with the situation five months earlier, a constraint management believes will take time to recover. HF Sinclair is also advancing its El Dorado vacuum furnace project, expected to add incremental processing capacity of 10,000 barrels per day of heavy crude, while its renewable diesel segment improved in the second quarter on higher RIN prices, Producer's Tax Credit benefits and higher production volumes, with management expecting the favorable backdrop to persist through 2026. The Zacks Consensus Estimate for HF Sinclair's 2026 earnings is $12.17 per share, indicating 140.5% year-over-year growth, and the stock carries a Zacks Rank #1 (Strong Buy).

PTT Oil and Retail Business Public Company Limited, or OR, and Bangchak Corporation Public Company Limited, or BCP, announced an increase in retail prices for all grades of gasoline, gasohol, and standard diesel of 0.85 baht per litre, while all premium fuel grades remain unchanged. The new prices take effect from September 15, 2026, at 5:00 a.m. onwards for retail prices in Bangkok and its vicinity, excluding the local maintenance tax. B20 diesel rises to 35.69 baht per litre from 34.84 baht per litre, and standard diesel rises to 40.69 baht per litre from 39.84 baht per litre. Super Power X Diesel premium remains unchanged at 50.05 baht per litre. In the gasoline and gasohol group, gasoline rises to 48.93 baht per litre from 48.08 baht per litre, gasohol 95 rises to 39.94 baht per litre from 39.09 baht per litre, gasohol 91 rises to 39.57 baht per litre from 38.72 baht per litre, and gasohol E20 rises to 34.94 baht per litre from 34.09 baht per litre. Super Power Gasohol 95 and Super Power X 99, both premium grades, remain unchanged at 47.79 baht per litre and 49.79 baht per litre respectively. These prices are retail prices in Bangkok and its vicinity and exclude the local maintenance tax, while prices in other areas may differ according to local tax rates.