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BUSINESS
October 2, 2011 | By Linda Loyd, Inquirer Staff Writer
With three area oil refineries potentially shutting down by next July, the fallout on commerce on the Delaware River will be staggering. Recent decisions by Sunoco Inc. to sell or close its South Philadelphia and Marcus Hook refineries and by ConocoPhillips to shut down, if it can't sell, its Trainer, Delaware County, refinery have given fresh fodder to opponents of deepening the Delaware River navigation channel. Delaware Riverkeeper Maya van Rossum fired off a letter Thursday to the Army Corps of Engineers in Philadelphia, demanding a redo of the cost-benefit calculation of the $300 million channel dredging.
NEWS
January 22, 2012 | By Michael Matza, Inquirer Staff Writer
At Trainer Borough's "psychic night" of entertainment two months ago, several residents who had their fortunes read left the community center sobbing. Organizer Marilyn Maher has a hunch why. "Two refineries are closing. My husband is losing his job. Our taxes are going up," she said. " Hel-lo? " Strung along the river in southern Delaware County, blue-collar towns like Chester, Marcus Hook, and Trainer once formed the racing heart of the region's shipbuilding industry, which employed tens of thousands at its height during World War II. In the decades afterward, those communities got to know too well the pain of prosperity gone by. That doesn't make it any easier now. The projected March closings of the Sunoco-Marcus Hook and ConocoPhillips refineries, with the direct loss of about 1,500 jobs; the insolvency of the Chester Upland School District; the shuttering in June of a beloved 95-year-old Catholic parochial school - all are ratcheting up the already ingrained stress in these faded industrial towns.
BUSINESS
December 20, 2011 | By Andrew Maykuth, Inquirer Staff Writer
Sunoco Inc. and ConocoPhillips are shopping their Delaware River refineries to a small group of potential buyers who might keep them open, saving about a thousand threatened jobs. But elected officials and labor leaders who met Monday with representatives of the oil companies expressed frustration that they knew little more about the seriousness or intentions of the buyers. "They're precluded from telling us what may be going on at this time," U.S. Rep. Pat Meehan (R., Pa.)
NEWS
June 29, 2011 | By Andrew Maykuth, INQUIRER STAFF WRITER
Sunoco Logistics Partners L.P., the unexciting but reliably profitable pipeline subsidiary of Sunoco Inc., is buying two fuel terminals for $156 million that will extend the reach of its supply network. Sunoco Logistics is buying the tank farm at Sunoco's Eagle Point property in Westville, Gloucester County, from the parent company for $100 million. It is also buying a refined products terminal in East Boston, Mass., from ConocoPhillips for $56 million. The Eagle Point tank farm, located next to a refinery that Sunoco shut down in 2009, has 5 million barrels of storage capacity.
BUSINESS
November 17, 2011
In the Region January layoffs at Trainer refinery Layoffs at ConocoPhillips ' Trainer refinery, which is in the process of being shut down, will occur in the last two weeks of January, according to a filing with the Pennsylvania Department of Labor and Industry. In all, 419 workers will lose their jobs when ConocoPhillips permanently closes the Trainer, Delaware County, refinery it has owned since 2002. The refinery can process up to 185,000 barrels of crude oil per day but is one of several the company targeted for closure.
BUSINESS
January 2, 2013 | By Mike Armstrong, Inquirer Columnist
On Sunday, Philly Deals columnist Joseph N. DiStefano reviewed the top 10 business stories of 2012. Today, I take a stab at five local story lines to watch in 2013. First, can an airline really run a refinery better than an oil company? Delta Air Lines has high hopes for its Trainer complex, which restarted just about the time Hurricane Sandy hit in late October. Sure, it's not as if pilots and flight attendants are in charge of fuel production in Delaware County.
BUSINESS
October 26, 2012 | By Linda Loyd, Inquirer Staff Writer
US Airways Group Inc. and Delta Air Lines posted higher quarterly profits Wednesday and said the revenue environment ahead looks fairly good. US Airways, which is in talks with bankrupt American Airlines about a potential merger, said third-quarter profit more than doubled to $192 million, or 98 cents a share, from $95 million, or 51 cents a share, a year earlier. That beat analysts' average estimates of 92 cents. "That's our second-best third-quarter profit in company history," US Airways chief executive Doug Parker said during a call with investors.
BUSINESS
April 26, 2012 | By Andrew Maykuth, INQUIRER STAFF WRITER
Oil-industry experts told a congressional panel on Thursday that regulations requiring more ethanol in motor fuel and setting stricter federal emission standards have driven some refineries out of business. A Joint Economic Committee hearing in Washington on the effect of the closure of Philadelphia area refineries turned into a broad-spectrum denunciation of federal environmental mandates. U.S. Sen. Robert Casey (D., Pa.), the committee's chairman, called the hearing in response to moves by ConocoPhillips and Sunoco Inc. to sell or shut down their Philadelphia area refineries.
NEWS
April 24, 2012 | By Andrew Maykuth, Inquirer Staff Writer
Sunoco Inc. may have found the rescuer for its sprawling South Philadelphia refinery. The Philadelphia company announced Monday that it has entered into exclusive talks with the Carlyle Group, a large private-equity manager with legendary political connections, to run the plant as a joint venture. The refinery, the largest on the East Coast, is Sunoco's last operating fuel-manufacturing plant. Sunoco, which has promised to shut down the 335,000-barrel-per-day refinery this summer if it is unable to find a buyer, would contribute the refinery assets in exchange for a nonoperating minority interest in the joint venture.
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