After Closing a St. Croix Refinery, Hess Mulls a Three Week Shut Down for Port Reading
The iconic Port Reading refinery may close for three weeks, right after Hess announced the shuttering of its St. Croix refining plant.
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Oil is up; refining it isn't.
After announcing a $131 million 4th quarter loss despite a 25 percent increase in its earnings for its oil exploration business, Hess Corporation pointed to the drop in demand for refined oil products as the culprit.
That caused Hess Chief Executive John Hess to announce the company was closing its St. Croix refinery, and he's thinking of a three-week closure for its Port Reading facility, according to 4-traders.com.
The temporary closure is called a turnaround, a period of time where operations are discontinued so repair work or maintenance can be performed.
The Port Reading refinery won't be permanently closed, Hess said Wednesday in a conference call with investors, "if it generates acceptable returns," according to DowJones.com on nasdaq.com.
The refinery, or fluid catalytic cracking facility, was built in 1958 and produces 70,000 barrels a day of gasoline and other high grade fuels. The iconic red "Hess" sign on one of the tall stacks at the Port Reading refinery is a landmark in the area. The company has its headquarters in Woodbridge.
Agent Moose and Squirrel
9:30 pm on Wednesday, January 25, 2012
refineries do a turn around about every 4 to 5 years but is usually scheduled in warmer weather months. something does not sound sound right here. with st croix refinery closing with it's output capicity withHess claiming too much fuel cost to heat the stills is a bunch of bull. they are trying to create a fuel shortage by saying in the future that they don't have the refinering capicity thats needed. watch and see. the public is about to get screwed over again and the government lets them.