Hess Refinery in Port Reading to be Closed Today
The corporation announced it was closing the facility on Feb. 3 for repairs.
Following a technical evaluation, Hess Corporation announced it was shutting the fluid catalytic cracking unit (FCCU) at its Port Reading plant on Friday for maintenance work, according to DowJones.com.
The company it was evaluating the scope of the maintenance needed to bring the FCCU up to snuff. The closure, called a "turnaround," is a temporary procedure.
A company spokesperson confirmed the refinery closure. "We are in the process of temporarily shutting down the fluid catalytic cracking unit at our Port Reading refinery for repair."
The refinery employees will be working on maintenance and restart activities during the repair process, the spokesperson said.
Last week, Hess announced it was permanently closing a refinery facility in St. Croix after a sizeable 4th quarter loss because of a drop in demand for refined oil products.
The Port reading refinery, which was built in 1958 and generates 70,000 barrels of high grade fuels daily, won't be permanently closed "if it generates acceptable returns," Chief Executive John Hess said last week.
Phil
1:25 pm on Saturday, February 4, 2012
Seems so interesting, Hess at times is so poorly run by the "fat cat" "stuff shirt" crowd they have forgotten the true owners of this Company, the outside stockholders!!!!!!
Hess couldn't do anything right down in Brazil except lose tons of money; nothing right in France, except spend a ton of money chasing a dead horse when the French government froze all fracing operations in the Paris basin; nothing right in the Gulf of Mexico-when are they ever going to produce in an oil rich zone; not sure but beginning to question Ghana, Hess claims to have a major find but drilling a single "appraisal" well in 2012. If pay zone is so large, start producing and announce this production, quite pussy footing around it, do it or forget it!!!
Hess claimed they would be at a very higher rate of production up in the Bakkan but guess what, good ole Hess is about 50% below what they claimed they would be at starting January 1 2012.
No wonder the stock is in the toilet but then again not sure Hess even knows the meaning of that word or how to lead this Company to mirror the profitability of major oil companies so that Hess can act like they are a member of the "majors club".