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Author	Topic: Hess Exiting Refining Business With Sale of Terminal Network	Post a Reply Back to Topics

Teslukbla Champion Author Missouri Posts:25,284 Points:2,939,870 Joined:Jan 2005	Message Posted: Jan 29, 2013 6:40:40 PM Ignore Teslukbla Report Abuse 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. Visit CSP Daily News for full article

Teslukbla

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Missouri

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

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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.
Visit CSP Daily News for full article

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DoctorV Champion Author Detroit Posts:1,005 Points:198,780 Joined:Aug 2008	Message Posted: Jan 30, 2013 7:59:08 PM Ignore DoctorV Report Abuse 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 All-Star Author New York Posts:813 Points:168,680 Joined:Nov 2012	Message Posted: Jan 30, 2013 4:20:27 PM Ignore endymion Report Abuse If it is economically viable, why isn't Hess trying to sell it?
DoctorV Champion Author Detroit Posts:1,005 Points:198,780 Joined:Aug 2008	Message Posted: Jan 30, 2013 9:54:01 AM Ignore DoctorV Report Abuse 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 Veteran Author Huntsville Posts:415 Points:230,950 Joined:Aug 2012	Message Posted: Jan 30, 2013 8:25:25 AM Ignore bsnort Report Abuse 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 Posts:7,465 Points:1,552,775 Joined:Dec 2008	Message Posted: Jan 30, 2013 1:50:25 AM Ignore alterman156 Report Abuse Will Hess wind up going out of business?
SammyAdams Champion Author Tallahassee Posts:3,037 Points:788,805 Joined:Nov 2010	Message Posted: Jan 30, 2013 12:48:37 AM Ignore SammyAdams Report Abuse 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." --------------------------------------------------------------- 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" =============================================================== 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 Posts:3,997 Points:792,290 Joined:Jan 2011	Message Posted: Jan 30, 2013 12:28:38 AM Ignore cheapchickKY Report Abuse Bad news.
iFueler Champion Author Durham Posts:64,268 Points:174,525 Joined:Nov 2012	Message Posted: Jan 30, 2013 12:23:24 AM Ignore iFueler Report Abuse this does not sound too good in the long run
graceman Champion Author Baltimore Posts:4,968 Points:1,158,725 Joined:Jun 2008	Message Posted: Jan 30, 2013 12:05:52 AM Ignore graceman Report Abuse Bad news,more lost jobs.
BobBG All-Star Author Albany Posts:820 Points:807,710 Joined:Nov 2005	Message Posted: Jan 29, 2013 11:55:00 PM Ignore BobBG Report Abuse We don't need refineries closing.
jl1rp Champion Author New Hampshire Posts:1,794 Points:353,430 Joined:May 2012	Message Posted: Jan 29, 2013 11:25:36 PM Ignore jl1rp Report Abuse One more looking to dump the refining not good.
drobbbb Champion Author Maryland Posts:3,460 Points:808,460 Joined:Dec 2010	Message Posted: Jan 29, 2013 11:24:49 PM Ignore drobbbb Report Abuse interesting why they are getting out
andy1024 Champion Author Allentown Posts:1,677 Points:443,175 Joined:Dec 2011	Message Posted: Jan 29, 2013 11:11:34 PM Ignore andy1024 Report Abuse Does it mean no more cheap gases from Hess gas stations?
davenles Champion Author Texas Posts:3,181 Points:714,885 Joined:May 2011	Message Posted: Jan 29, 2013 11:08:15 PM Ignore davenles Report Abuse Just keep the refineries running.
humblepie Champion Author Toledo Posts:34,065 Points:2,367,370 Joined:Mar 2006	Message Posted: Jan 29, 2013 9:41:37 PM Ignore humblepie Report Abuse and if nobody is interested ?
Wanda127 Champion Author Florida Posts:2,479 Points:911,005 Joined:May 2010	Message Posted: Jan 29, 2013 9:37:07 PM Ignore Wanda127 Report Abuse Hopefully whoever they sale it gets it going full force. We don't want another refinery closing.
kag2010 Champion Author Winnipeg Posts:5,239 Points:1,016,735 Joined:Apr 2010	Message Posted: Jan 29, 2013 8:10:34 PM Ignore kag2010 Report Abuse Shuffle games
bcline909 Veteran Author Virginia Posts:401 Points:80,170 Joined:Nov 2012	Message Posted: Jan 29, 2013 7:25:14 PM Ignore bcline909 Report Abuse ok
lonewolf_947 Champion Author New Hampshire Posts:1,262 Points:572,660 Joined:Mar 2011	Message Posted: Jan 29, 2013 7:20:21 PM Ignore lonewolf_947 Report Abuse Here we go again......... something will come out of this ....... another excuse to use for higher prices........
bar1035 Champion Author Charlotte Posts:9,130 Points:1,294,220 Joined:Aug 2006	Message Posted: Jan 29, 2013 7:06:42 PM Ignore bar1035 Report Abuse You can also see this information on the front page. Just click on Home.
dh0770 Champion Author Colorado Posts:6,978 Points:671,485 Joined:Jun 2011	Message Posted: Jan 29, 2013 7:00:08 PM Ignore dh0770 Report Abuse Shuffle games by big oil....