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, 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 .