Bloomberg Vitol Group paid a record $2.2 billion to its executives and staff through share buybacks last year, an unusually large payout that comes as the oil trader undergoes a generational transition in leadership. The buyback — Vitol’s main way of rewarding about 350 top employees who own the privately-held company — means the trading house has distributed a total ...

Bloomberg Marathon Petroleum Corp, the largest US independent oil refiner, said it won’t restart two refineries in California and New Mexico amid concerns that demand for fuels is unlikely to return to pre-pandemic levels this year. Marathon said in a statement it will convert its 166,000 barrel-a-day Martinez, California, refinery near San Francisco into a terminal facility and may add ...

New US sanctions against the Chinese telecom giant Huawei are beginning to bite hard, with a British assessment predicting that the firm may begin running out of complex, US-designed semiconductors and other gear during the next year. The shortage could devastate parts of its business. The Huawei battle is the leading edge of a broad US campaign against Chinese efforts ...