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Released June 07, 2016 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--U.S. refiners are keeping a close eye on their capital budgets in light of tighter margins and falling profits. Despite this, Industrial Info is tracking U.S. refinery turnaround kickoffs worth a combined $227 million for the upcoming third quarter, which is roughly on par with the same quarter a year earlier.
The latest quarterly reports show U.S. refiners have experienced a drastic shift in fortunes. Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas), which owns and operates 15 refineries in the U.S. and elsewhere with a combined throughput capacity of approximately 3 million barrels per day (BBL/day), reported first-quarter 2016 earnings of $495 million, down by nearly half from $964 million in the same quarter of 2015. The drop was primarily attributable to weaker distillate margins given high refining industry production levels and a warm winter, the company said.
Phillips 66 (NYSE: PSX) (Houston, Texas), meanwhile, reported $86 million in first-quarter refining earnings, compared with $538 million a year earlier, the company said, while crack spreads were down 17 percent from the prior quarter and the distillate market crack spread was the lowest since 2010.
Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) said downstream earnings were $906 million in the first quarter, down $761 million from the first quarter of 2015 as a result of weaker margins. U.S. refinery earnings alone dropped 67% to $187 million.
Alon USA Energy, Incorporated (NYSE:ALJ) (Dallas, Texas) reported it swung to a net loss of $35.5 million from a profit of $26.9 million. Marathon Petroleum Corporation (Findlay, Ohio) said its first-quarter net earnings were $1 million, down from $891 million a year earlier.
According to Industrial Info's project data base, the $227 million in planned turnaround kickoffs in the U.S. for the fiscal quarter beginning July 1 compares with $236 million for third-quarter 2015.
Five of the largest kickoffs for third-quarter 2016 in terms of total investment value include:
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
The latest quarterly reports show U.S. refiners have experienced a drastic shift in fortunes. Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas), which owns and operates 15 refineries in the U.S. and elsewhere with a combined throughput capacity of approximately 3 million barrels per day (BBL/day), reported first-quarter 2016 earnings of $495 million, down by nearly half from $964 million in the same quarter of 2015. The drop was primarily attributable to weaker distillate margins given high refining industry production levels and a warm winter, the company said.
Phillips 66 (NYSE: PSX) (Houston, Texas), meanwhile, reported $86 million in first-quarter refining earnings, compared with $538 million a year earlier, the company said, while crack spreads were down 17 percent from the prior quarter and the distillate market crack spread was the lowest since 2010.
Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) said downstream earnings were $906 million in the first quarter, down $761 million from the first quarter of 2015 as a result of weaker margins. U.S. refinery earnings alone dropped 67% to $187 million.
Alon USA Energy, Incorporated (NYSE:ALJ) (Dallas, Texas) reported it swung to a net loss of $35.5 million from a profit of $26.9 million. Marathon Petroleum Corporation (Findlay, Ohio) said its first-quarter net earnings were $1 million, down from $891 million a year earlier.
According to Industrial Info's project data base, the $227 million in planned turnaround kickoffs in the U.S. for the fiscal quarter beginning July 1 compares with $236 million for third-quarter 2015.
Five of the largest kickoffs for third-quarter 2016 in terms of total investment value include:
- $15 million: Valero's Delayed Coker Unit Turnaround in Port Arthur Texas
For more information on the project, see Industrial Info's project report. - $15 million: CITGO Petroleum Corporation's Reformer B & Reformer Feed HT B Units TURNAROUND at the Lake Charles Refinery, Westlake, Louisiana
For more information on the project, see Industrial Info's project report. - $12 million: Valero's FCCU AND HF Alky Units Turnaround in Paulsboro, New Jersey
For more information on the project, see Industrial Info's project report. - $12 million: Marathon Petroleum Corporation's Gas Oil Hydrocracker Unit 215 Turnaround in Garyville, Louisiana
For more information on the project, see Industrial Info's project report. - $12 million: Valero's Crude and Vacuum Unit Turnaround in Ardmore, Oklahoma
For more information on the project, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
