December 5, 2012 |
Sunoco Inc. has finished its long liquidation. But the Philadelphia area could soon be the production center for another publicly traded, multibillion-dollar oil refiner. PBF Energy , the Parsippany, N.J.-based company that bought the former Valero refineries in Paulsboro and Delaware City and the original Sunoco refinery in Toledo, amid the recession, has updated an earlier proposal to sell shares in an initial public stock offering (IPO), possibly by the end of this year.
October 31, 2012
IN THE REGION Nova Bank parent to liquidate The bank holding company for Nova Bank said Tuesday that it intended to file a petition for Chapter 7 bankruptcy and liquidate. Nova Financial Holdings Inc. , based in Berwyn, said in a statement that it had been following a plan to strengthen its capital base under a 2010 plan agreed to by its regulator, the Federal Reserve Bank of Philadelphia. Under that plan, Nova Financial agreed to raise additional capital, which the company said it had been "unable to consummate due to the filing of ill-conceived lawsuits by a few disgruntled shareholders.
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.
October 2, 2012 |
The United Steelworkers, which represents refinery workers, weighed in Monday in opposition to the Clean Air Council's legal challenge of a regulatory compromise that cleared the way for Philadelphia Energy Solutions to take over operations at Sunoco's Philadelphia refinery last month. Steelworkers International president Leo W. Gerard said in a statement the union disagreed with the Clean Air Council's appeal of a Pennsylvania Department of Environmental Protection compromise that allows the refinery to emit more pollution during its initial years of operation.
September 29, 2012 |
The Clean Air Council is challenging a decision by environmental regulators to allow the Philadelphia Energy Solutions refinery to claim credit for a reduction in emissions caused by the closure of Sunoco's Marcus Hook refinery. The council on Monday sued to stop the Pennsylvania Department of Environmental Protection from considering the Philadelphia refinery and the closed Marcus Hook refinery as one single air-pollution source. The decision would allow the new owners of the Philadelphia refinery to emit more pollution, at least temporarily.
September 28, 2012 |
Sunoco Inc. announced Wednesday that its shuttered Marcus Hook refinery would be reborn as a facility to process Marcellus Shale natural-gas products, fueling new construction and traffic through the Delaware River port. Sunoco's pipeline subsidiary, Sunoco Logistics Partners L.P., is moving forward with a plan to transport high-value propane and ethane by pipeline from Western Pennsylvania to Marcus Hook, where the materials will be processed in a new plant and shipped by sea to domestic and export markets.
September 27, 2012 |
Sunoco announced Wednesday that its shuttered Marcus Hook refinery will be reborn as a facility to process Marcellus Shale natural-gas products, fueling new construction and new traffic through the Delaware River port. Sunoco's pipeline subsidiary, Sunoco Logistics Partners L.P., is moving forward with a plan to transport high-value propane and ethane by pipeline from western Pennsylvania to Marcus Hook, where the materials will be processed in a new plant and shipped by sea to domestic and export markets.
September 21, 2012 |
Sunoco Inc. chief executive Brian P. MacDonald on Wednesday handed over the ceremonial keys to the company's Philadelphia oil refinery, saving 850 jobs and giving new life to the sprawling 146-year-old plant. On a cloudless morning that enhanced a sunny mood, officials marked the transfer of the plant to a new joint venture operated by the Carlyle Group, the Washington private-equity firm. Business executives, labor leaders, and elected officials of both parties stood together and lauded the cross-cultural, bipartisan cooperation that led to the agreement in July to keep the plant operating after Sunoco announced last year that it wanted to exit refining.
September 14, 2012
By Carrie Lukas The deal that saved a Philadelphia oil refinery was recently touted as an example of the Obama administration's success at saving jobs. But rather than bolstering the president's credentials as a steward of the economy, the story of the Sunoco refinery exemplifies the overregulation and politicization that are crippling U.S. businesses. Last year, Sunoco, having ceased production at its refinery in nearby Marcus Hook, warned that it would have to close the Philadelphia plant due to decreased demand and increased operating costs.