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The US Environmental Protection Agency proposed denying petitions to consider moving the compliance point for renewable fuel credits under the Renewable Fuel Standard, but solicited comments on the action.

Donald J. Trump’s position as US president-elect has revived TransCanada Corp.’s stalled Keystone XL crude oil pipeline project. Trump stated repeatedly while campaigning that he would like to see the pipeline built and that he would invite TransCanada to resubmit its application for the project once he assumes office.

ExxonMobil Corp. recorded third-quarter earnings of $2.7 billion, down from $4.2 billion a year earlier. The Irving, Tex.-based multinational firm says the results reflect lower refining margins and commodity prices.

Crude oil prices gained modestly on markets in New York and London on Oct. 27 while analysts await the weekly US rig count from Baker Hughes Inc. and also any indications for the Organization of Petroleum Exporting Countries regarding a proposed production cut.

Independent operators are likely to remain cautious while setting 2017 budgets, said WoodMackenzie Ltd. analysts, adding that higher oil prices are needed before independents are willing to commit to investments that would meaningfully boost production growth.


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