Followers | 241 |
Posts | 12151 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Wednesday, August 31, 2016 9:34:04 AM
By Jarrett Renshaw
Phillips 66 has cut production by roughly five percent at its 238,000 barrel-per-day refinery in Linden, New Jersey, amid weak refining margins, according to a source familiar with the plant's operations.
Phillips 66 joins Monroe Energy's 185,000 barrel-per-day refinery in Trainer, Pennsylvania, in making economic run cuts on the East Coast. Monroe Energy, a subsidiary of Delta Air Lines, continues to run the refinery at roughly 150,000 bpd following run cuts that began in July, a source said Tuesday.
Phillips 66 did not immediately return a request for comment.
The U.S. gasoline crack spread, an indicator of how much refiners make from converting a barrel of oil into a barrel of gasoline, remains at its lowest level in the past five years.
The U.S. diesel crack spread also remains at five-year lows.
U.S. and global refining margins have been hurt by historically high gasoline and diesel inventories. Refining executives and analysts across the globe are predicting refiners are going to be forced to scale back production to reduce inventories, balance the market and boost margins.
East Coast refineries see some of the weakest margins due in part to their supply constraints, and experts predict they would be among the first to cut runs.
Philadelphia Energy Solutions, the largest East Coast refinery, is currently running at full capacity, a source told Reuters Tuesday. It was not immediately known whether PBF Energy has made cuts at either of its East Coast refineries, one in Delaware City, Delaware and the other in Paulsboro, New Jersey.
PBF plans on shutting down the 55,000 bpd gasoline-making unit at its Paulsboro refinery in mid-September for up to eight weeks of planned work.
http://www.reuters.com/article/us-refinery-operations-phillips-66-baywa-idUSKCN11523G
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent PSX News
- Phillips 66 to Announce Third-Quarter Financial Results • Business Wire • 09/12/2024 08:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/11/2024 09:02:35 PM
- Form 424B2 - Prospectus [Rule 424(b)(2)] • Edgar (US Regulatory) • 09/10/2024 09:23:11 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 09/09/2024 09:22:25 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 09/09/2024 12:49:07 PM
- Qualcomm Develops Mixed Reality Glasses; Verizon to Boost Dividend, Eyes Acquisition; Samsonite Plans US Dual Listing • IH Market News • 09/05/2024 10:11:35 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/19/2024 08:57:20 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/15/2024 08:20:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/30/2024 02:26:05 PM
- Strategy Execution and Strong Operations Drive Phillips 66 Second-Quarter Results • Business Wire • 07/30/2024 11:00:00 AM
- Phillips 66 Announces Quarterly Dividend • Business Wire • 07/10/2024 08:30:00 PM
- Phillips 66 Achieves Full Production Rates of Renewable Fuel • Business Wire • 06/26/2024 12:30:00 PM
- Phillips 66 releases 2024 Sustainability and People Report • Business Wire • 06/20/2024 12:45:00 PM
- Phillips 66 Announces Sale of 25% Equity Interest in Rockies Express Pipeline to Tallgrass Energy Subsidiary • Business Wire • 06/14/2024 12:30:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/13/2024 08:01:35 PM
- Phillips 66 to Announce Second-Quarter Financial Results • Business Wire • 06/12/2024 08:30:00 PM
- Phillips 66 Announces Open Season on the Blue Line System • Business Wire • 06/07/2024 03:43:00 PM
- Phillips 66 to Speak at the J.P. Morgan 2024 Energy, Power & Renewables Conference • Business Wire • 06/04/2024 08:30:00 PM
- Phillips 66 to Acquire Pinnacle Midstream from Energy Spectrum Capital • Business Wire • 05/20/2024 08:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/17/2024 08:33:18 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/16/2024 10:05:51 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/16/2024 10:05:30 PM
- Phillips 66 to Host Annual Meeting of Shareholders • Business Wire • 05/06/2024 08:30:00 PM
- Phillips 66 Reports 1Q 2024 Financial Results, Highlights Strategic Priorities Progress • Business Wire • 04/26/2024 11:00:00 AM
- Phillips 66 Announces Increase in Quarterly Dividend • Business Wire • 04/03/2024 03:00:00 PM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM