November 16, 2011
Nine regional members of Congress from Pennsylvania and Delaware have asked the U.S. Energy Information Administration for an analysis of the regional impact of the possible closing of three area refineries. In September, Sunoco and ConocoPhillips announced that refineries in Philadelphia, Marcus Hook, and Trainer would be put up for sale. If no buyers were found, the facilities would most likely close. In a letter to the energy agency, the members asked about the effects that the closures of the three refineries would have, not only on jobs, but also on the "supply, distribution, dependence on imports, prices, and market volatility for refined products.
April 19, 2012 |
IN THE REGION Pols: Keep it as a refinery U.S. Sen. Bob Casey Jr. (D., Pa.) and the Delaware County Council urged ConocoPhillips to sell its refinery in Trainer to a buyer that would keep the refinery operating as a manufacturing facility rather than turn it into a fuel storage terminal. Prompted by rumors that potential buyers of the ConocoPhillips refinery in Trainer plan to shut down the plant, the elected leaders wrote to ConocoPhillips chief executive James Mulva to urge him to sell the plant to buyer that would operate it as a refinery, which would employ more people and require more investment than a fuel-storage facility.
December 20, 2011 |
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 know 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.)
June 29, 2011 |
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.
January 2, 2013 |
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.
October 26, 2012 |
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.
April 26, 2012 |
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.
April 24, 2012 |
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.