U.S. Refiners Freeze, Cancel High-Value Projects as COVID-19 Pummels Demand

SUGAR LAND--September 3, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--U.S. refineries have reduced their operations--in some cases, to record lows--as demand for petroleum products, particularly motor gasoline, remains weak amid the COVID-19 pandemic. Consequently, numerous capital-spending projects at refineries across the country have been placed on hold or cancelled as refiners re-evaluate their long-term outlooks. Industrial Info is tracking about $3.8 billion worth of U.S. refining projects that have been eliminated or indefinitely placed on hold since the beginning of April, including more than $670 million worth in which COVID-19 was specifically named as the reason.

Within this article: Details on some of the highest-valued refining projects to be pushed back or axed since April, including those from major companies such as CITGO Petroleum Corporation, Par Hawaii Refining LLC, Meridian Energy Group Incorporated, Phillips 66 (NYSE:PSX) and Jupiter Energy Group.