2025-11-04 11:46

Nov 4 (Reuters) - U.S. refiner Marathon Petroleum (MPC.N) , opens new tab on Tuesday missed Wall Street estimates for third-quarter adjusted profit, as higher refining turnaround costs offset stronger refining margins, sending its shares more than 8% lower in premarket trading. The company's results underscore the challenges facing U.S. refiners as elevated maintenance costs and inflation eat into earnings despite strong demand and wider margins. Sign up here. Its quarterly refining turnaround costs, typically associated with periodic maintenance shutdowns, stood at $400 million, compared with $287 million from a year earlier. The company expects these costs to rise to $420 million for the fourth quarter. Its rivals Valero Energy (VLO.N) , opens new tab, Phillips 66 (PSX.N) , opens new tab and HF Sinclair (DINO.N) , opens new tab all exceeded Wall Street estimates on a recovery in margins. Refining and marketing (R&M) margin per barrel was up at $17.60 in the quarter, compared with $14.63 from a year earlier. Marathon's refining and marketing segment reported a quarterly adjusted core profit of $1.76 billion, compared with $1.14 billion from a year earlier. Its crude oil capacity utilization was at 95% in the quarter, compared with 94% from a year earlier, while its throughput volumes of 3.0 million barrels per day (mmbpd) were unchanged from last year. The refiner expects total throughput volumes of 2.9 mmbpd in the fourth quarter. On an adjusted basis, the company reported a profit of $3.01 per share for the three months ended September 30, compared with analysts' average estimate of $3.15 per share, according to data compiled by LSEG. The company also expects to spend $200 million this year on its Galveston Bay Refinery in Texas, with another $575 million in 2026 and 2027. In October, Reuters reported that Marathon plans to complete repairs to the fire-damaged 64,000-bpd residual hydrotreater (RHU) at the Galveston refinery in mid-November. https://www.reuters.com/sustainability/sustainable-finance-reporting/marathon-petroleum-posts-higher-third-quarter-profit-2025-11-04/

2025-11-04 11:45

FTSE 100 down 0.7%, FTSE 250 off 0.5% Pound, gilt yields down after finance minister's remarks BP down despite third-quarter profit beat Nov 4 (Reuters) - London stocks dipped on Tuesday despite a sharp drop in the pound following finance minister Rachel Reeves' comments, as equities around the world tumbled in a broader risk-off move. The blue-chip FTSE 100 (.FTSE) , opens new tab dipped 0.7% by 1120 GMT, on track for its biggest one-day drop in over two weeks, if losses hold. The midcap index (.FTMC) , opens new tab also slid 0.5%. Sign up here. Industrial metal miners (.FTNMX551020) , opens new tab bore the brunt of the selling pressure, down 2.3%, as a stronger dollar sent copper prices tumbling more than 2%. Heavyweight banks (.FTNMX301010) , opens new tab lost 1.2%, with HSBC (HSBA.L) , opens new tab, Standard Chartered (STAN.L) , opens new tab and Barclays (BARC.L) , opens new tab all down more than 1% each. The sentiment was grim all across Europe, with bourses in Germany (.GDAXI) , opens new tab, France (.FCHI) , opens new tab and Italy (.FTMIB) , opens new tab down with the pan-continental STOXX 600 (.STOXX) , opens new tab hitting its lowest since mid-October. U.S. stock index futures were also down more than 1% each. Meanwhile, the pound and UK government bond yields dipped after Rachel Reeves warned of "hard choices" in an unusual speech for a finance minister to make just three weeks before delivering her second annual budget. "Her speech was as much about managing expectations as setting direction," said Nigel Green, CEO of deVere Group in a note. Looking ahead, the Bank of England is expected to pause its rate-cutting cycle on Thursday, though recent softer inflation and wage data could strengthen the case for a cut. Among individual stocks, Diversified Energy jumped 9.6% after the oil and gas company hiked its annual profit forecast. Energy giant BP (BP.L) , opens new tab reported a smaller than expected fall in third-quarter underlying profit. Its shares, however, were last down 0.5% after rising about 1% earlier in the day. Associated British Foods (ABF.L) , opens new tab fell 2.6% after the company said it could separate its Primark fashion shops from its food businesses and reported a 13% drop in full-year profit. https://www.reuters.com/world/uk/uk-stocks-swept-up-global-selloff-despite-pound-weakness-2025-11-04/

2025-11-04 11:43

Nov 4 (Reuters) - Archer-Daniels-Midland (ADM.N) , opens new tab on Tuesday cut its full-year 2025 profit outlook after weaker crush margins and delays in U.S. biofuel policy weighed on results, sending the grain trader's shares down nearly 11% in pre-market trading. World's major agriculture processors, including ADM, are facing challenges such as volatile commodity cycles, soft crop prices and uncertain energy policies. Sign up here. The deferral of U.S. biofuel policy decisions, particularly regarding renewable fuel blending requirements under the Renewable Fuel Standard, has restrained demand for soybean oil and other feedstocks. This has pressured crush and refining margins in the Ag Services and Oilseeds unit, causing a 21% drop in operating profit to $379 million in the segment. Trade concerns stoked by U.S. President Donald Trump's sweeping tariffs have also disrupted trade flows, including halting Chinese purchases of U.S. soybeans and other farm goods, driving crop prices to multiyear lows. However, the company said it sees policy clarity and improving global trade flows supporting growth in 2026. "We expect biofuel policy clarity and trade policy evolution to provide demand signals for our industry," CEO Juan Luciano said. ADM now expects adjusted earnings of $3.25 to $3.50 per share for 2025, down from its earlier forecast of around $4.00 and below analysts' estimate of $3.79 per share. The company posted an adjusted profit of 92 cents per share for the three months ended September 30, beating the average estimate of 85 cents, according to data compiled by LSEG. https://www.reuters.com/business/archer-daniels-midland-beats-third-quarter-profit-estimates-2025-11-04/

2025-11-04 11:42

Nov 4 (Reuters) - Commodities trader Gunvor Group is prepared to satisfy any concerns about continued Russian influence over assets it is buying from Russia's Lukoil (LKOH.MM) , opens new tab, CEO Torbjorn Tornqvist has told Bloomberg News. Last week, Lukoil said it had accepted an offer from Gunvor to buy its foreign assets, which it is selling after U.S. sanctions were imposed on Russia's second-largest oil company. Sign up here. Swiss-headquartered Gunvor, which has longstanding ties to Russia's energy industry, has begun talks with regulators over the planned purchase, Bloomberg News reported on Tuesday. Tornqvist ruled out a scenario where any of the assets would be sold back should sanctions on Lukoil be removed. He said the deal would mark a "clean break" from Russian control, but added that some of the assets could be sold on. U.S. sanctions imposed last month on Russia's largest oil companies, Rosneft (ROSN.MM) , opens new tab and Lukoil, marked Washington's toughest measures against Russian business since the start of the war in Ukraine in 2022. https://www.reuters.com/business/energy/gunvor-ceo-tornqvist-lukoil-assets-wont-be-sold-back-bloomberg-news-reports-2025-11-04/

2025-11-04 11:39

BENGHAZI, Nov 4 (Reuters) - Libya's state-run Oil National Corp (NOC) announced on Tuesday in a statement a new oil discovery in well H1-NC4 by its subsidiary Arabian Gulf Oil Company (AGOCO) in the Ghadames oil basin. The Ghadames basin is located in northwestern Libya, near the Libyan-Algerian border. Sign up here. "The well's daily production is estimated at approximately 4,675 barrels per day (bpd) of crude oil, and approximately 2 million cubic feet of gas," NOC said in the statement. The project is wholly owned by NOC, the statement added. An oil source at AGOCO told Reuters that the company's oil production had reached up to 310,000 bpd by the end of October. Last week, the corporation announced another oil discovery in the Sirte Basin through Austrian oil, gas and chemicals group OMV (OMVV.VI) , opens new tab, with production testing showing more than 4,200 bpd of oil and over 2.6 million cubic feet of gas per day. https://www.reuters.com/business/energy/libyas-noc-announces-new-oil-discovery-ghadames-basin-2025-11-04/

2025-11-04 11:22

TSX ends down 1.6%, at 29,777.82 Posts lowest closing level since September 26 Shopify falls 6.5% as costs hit margins Materials group loses 3.6% as gold falls Nov 4 (Reuters) - Canada's main stock index fell to a near six-week low on Tuesday as high-flying technology and metal mining shares led broad-based declines. The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 497.24 points, or 1.6%, at 29,777.82 points, its lowest closing level since September 26. Sign up here. Wall Street's main indexes also declined after the CEOs of big U.S. banks warned of a market selloff, fueling worries of stretched tech valuations. "Mining and technology have done so well that when you get a correction you are going to see them correct more," said Colin Cieszynski, chief market strategist at SIA Wealth Management. The Toronto market's technology group lost 3.8%, with shares of Shopify Inc (SHOP.TO) , opens new tab down 6.5% as a surge in expenses related to research and development, and marketing crimped the e-commerce company's margins. The materials group, which includes metal mining shares, was down 3.6% as the price of gold fell. "You are seeing a pullback in risk appetite but you're not getting a rally in precious metals," Cieszynski said. "What is rallying is the U.S. dollar." The U.S. dollar (.DXY) , opens new tab climbed to a three-month high against a basket of major currencies, benefiting from safe-haven demand. Shares of Pet Valu Holdings (PET.TO) , opens new tab dropped 16.1% after the pet food retailer reported quarterly results. Thomson Reuters (TRI.TO) , opens new tab reported higher third-quarter revenue and reaffirmed its full-year 2025 guidance. Still, shares of the content and technology company fell 5.6%. Canada's budget shortfall will more than double this year as Prime Minister Mark Carney pours billions of dollars to fight U.S. tariffs, boost defense spending and diversify trade, his maiden budget proposal showed on Tuesday. https://www.reuters.com/business/tsx-futures-slide-profit-taking-ahead-budget-proposal-2025-11-04/