Volume 4 Issue 18
Disrupted by severe cold weather in Texas, base oil production in the United States fell back in February following two months of matching levels that preceded the COVID-19 pandemic. The nation’s refineries produced 2.8 million barrels of mineral base stocks in February, according to the latest data from the U.S. Energy Information Agency. That was 24% less than the average for that month over the previous five years.
Valvoline posted higher sales and operating income for its fiscal quarter ending March 31, and Heritage-Crystal Clean’s oil business segment reported increased revenue for its fiscal quarter ending March 27. Big jumps in Valvoline operating income from overseas markets and its North American quick lube chain outweighed a decline in other North American sales.
Gerdau, Brazil’s largest steel producer, has launched a new company, Gerdau Graphene, to develop products, including lubricants, based on graphene applications, the company announced last week. Gerdau Graphene will operate independently from Gerdau’s steel business divisions.