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Author Topic: Hess Exiting Refining Business With Sale of Terminal Network Back to Topics
Teslukbla
Champion Author
Missouri

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Message Posted: Jan 29, 2013 6:40:40 PM

NEW YORK -- Hess Corp. has announced that it will pursue the sale of its terminal network in the United States. Hess also announced that it will complete its exit from the refining business by closing its Port Reading, N.J., refinery. Hess will continue its long-term commitment to the Retail and Energy Marketing businesses, it said.
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DoctorV
Champion Author Detroit

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Message Posted: Jan 30, 2013 7:59:08 PM

Exactly. Sunoco tried to sell Marcus Hook. No offers, so it closed. They tried to sell Eagle Point. No offers. It's being torn down as we speak.
endymion
Champion Author New York

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Message Posted: Jan 30, 2013 4:20:27 PM

If it is economically viable, why isn't Hess trying to sell it?
DoctorV
Champion Author Detroit

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Message Posted: Jan 30, 2013 9:54:01 AM

True we haven't built new refineries, but exisiting refineries have expanded and the processing capacity is as high as it's been in decades. Economy of scale, etc.
bsnort
Champion Author Huntsville

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Message Posted: Jan 30, 2013 8:25:25 AM

that's all we need is one less refinery - haven't built in a new one in about 40 years due to onerous federal regulations.
alterman156
Champion Author New York

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Message Posted: Jan 30, 2013 1:50:25 AM

Will Hess wind up going out of business?
SammyAdams
Champion Author Tallahassee

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Message Posted: Jan 30, 2013 12:48:37 AM

From the article: "The financial outlook for the facility is expected to remain challenged due to the requirement for future expenditures to comply with environmental regulations for low sulfur heating oil and the weak forecast for gasoline refining margins."
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From the article: "Proprietary terminals in strategic areas (like the East Coast) have historically been highly profitable despite the costs of compliance with increased environmental regulation"

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Perhaps Amerada Hess sees the "Handwriting on the wall" and decided to refocus their efforts in "production" (which is also laden with regulatory nonsense).

cheapchickKY
Champion Author Lexington

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Message Posted: Jan 30, 2013 12:28:38 AM

Bad news.
iFueler
Champion Author Durham

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Message Posted: Jan 30, 2013 12:23:24 AM

this does not sound too good in the long run
graceman
Champion Author Baltimore

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Message Posted: Jan 30, 2013 12:05:52 AM

Bad news,more lost jobs.
BobBG
Champion Author Albany

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Message Posted: Jan 29, 2013 11:55:00 PM

We don't need refineries closing.
jl1rp
Champion Author New Hampshire

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Message Posted: Jan 29, 2013 11:25:36 PM

One more looking to dump the refining not good.
drobbbb
Champion Author Maryland

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Message Posted: Jan 29, 2013 11:24:49 PM

interesting why they are getting out
andy1024
Champion Author Allentown

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Message Posted: Jan 29, 2013 11:11:34 PM

Does it mean no more cheap gases from Hess gas stations?
davenles
Champion Author Texas

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Message Posted: Jan 29, 2013 11:08:15 PM

Just keep the refineries running.
humblepie
Champion Author Toledo

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Message Posted: Jan 29, 2013 9:41:37 PM

and if nobody is interested ?
Wanda127
Champion Author Florida

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Message Posted: Jan 29, 2013 9:37:07 PM

Hopefully whoever they sale it gets it going full force. We don't want another refinery closing.
kag2010
Champion Author Winnipeg

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Message Posted: Jan 29, 2013 8:10:34 PM

Shuffle games
bcline909
Veteran Author Virginia

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Message Posted: Jan 29, 2013 7:25:14 PM

ok
lonewolf_947
Champion Author New Hampshire

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Message Posted: Jan 29, 2013 7:20:21 PM

Here we go again......... something will come out of this ....... another excuse to use for higher prices........
bar1035
Champion Author Charlotte

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Message Posted: Jan 29, 2013 7:06:42 PM

You can also see this information on the front page. Just click on Home.
dh0770
Champion Author Colorado

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Message Posted: Jan 29, 2013 7:00:08 PM

Shuffle games by big oil....
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