Exxon Mobils U.S. refineries lost about $2.3 million a day last quarter as gasoline and diesel prices fell. Shell, whose refining earnings declined 47 percent, said the plunge in demand will keep profit margins narrow in “the short and medium term” and a quick recovery in energy usage and prices is unlikely.
Oil companies around the world are slashing costs, cutting jobs and holding back on some new investment to halt the slide in earnings, even as they seek to fund renewable energy projects. Exxon Mobil - - - - >

A manager at Grangemouth, Scotlands only refinery, told a community assembly that negotiations are under way with PetroChina and other parties, according to Angus MacDonald, a Falkirk Council member who attended the June 16 meeting. Ineos spokesman Richard Longden said today the company is talking with potential partners, declining to be more specific.
Ineos, the U.K.s biggest chemical company, is seeking to renegotiate about 7.5 billion euros ($10.5 billion) of debt as it copes with falling demand for gasoline and lower earnings. A stake in Grangemouth would - - - - >