Table of Contents
- 1 Why are oil refineries closing?
- 2 Who owns the largest oil refinery in the United States?
- 3 What oil companies are shutting down?
- 4 How profitable are oil refineries?
- 5 Who owns Texas oil refineries?
- 6 Are new oil refineries being built?
- 7 How do independent refiners get crude oil?
- 8 What happened to icbcs oil refinery?
Why are oil refineries closing?
“The global lockdowns and associated demand destruction led to the shutdown of refineries that were probably going to shut down eventually,” Auers said. The nation’s largest crude oil refiner Marathon Petroleum (MPC. N) shut three refineries while energy major Shell (RDSa. L) and independent refiner HollyFrontier (HFC.
Who owns the largest oil refinery in the United States?
Largest petroleum refineries in the United States
| Rank | Refinery | Owner |
|---|---|---|
| 1 | Port Arthur Refinery | Motiva Enterprises |
| 2 | Galveston Bay Refinery | Marathon Petroleum |
| 3 | Baytown Refinery | Exxon Mobil |
| 4 | Garyville Refinery | Marathon Petroleum |
Why is Shell closing refineries?
Last year, Shell decided to shut the Convent refinery because it was unable to sell it after it became unprofitable amid the loss of demand spurred by the COVID-19 pandemic. The company announced the closure on Nov. 5, while the refinery shutdown was complete on Dec. 14.
What oil companies are shutting down?
BHP, BP, Chevron, Equinor, Exxon Mobil, Murphy Oil said they shut in production and evacuated their Gulf platforms. Royal Dutch Shell said it shut in production, halted its Auger and Enchilada/Salsa platforms and evacuated crews from its Ursa, Mars, Olympus and Appomattox platforms.
How profitable are oil refineries?
In 2018, WRC reports show the industry made $2.0 billion in profit. And in 2019 the industry made $1.8 billion in profit. So from 2017 through 2019, the refining industry profited almost $6 billion.
Are refineries making money?
Refiners make money when the demand for fuel and value-added petroleum products is high, and they don’t mind when the price for crude goes lower. Both offer a compelling investment opportunity, depending on where the price of crude is.
Who owns Texas oil refineries?
This new joint venture was called Motiva Enterprises LLC. Until 2017, the Motiva Port Arthur Refinery was a joint venture with a 50\% ownership between Shell Oil Products US and Saudi Refining Inc….Port Arthur Refinery.
| Refinery details | |
|---|---|
| Commissioned | 1902 |
| Capacity | 636,500 bbl/d (101,200 m3/d) |
| No. of employees | 1,450 |
Are new oil refineries being built?
In 2012, Motiva upgraded its refinery in Port Arthur, Texas, making it the largest U.S. refinery, with a capacity of 607,000 b/cd as of January 1, 2021….The newest refineries currently operating in the United States.
| Year built | 2018 |
|---|---|
| First operated | 2019 |
| Location | Channelview, Texas |
| Original owner | Targa Resources |
Will 2016 be the year of the oil and gas company bankruptcy?
“Despite the modest recovery in energy prices, all indications suggest many more producer bankruptcy filings will occur during 2016,” writes Haynes & Boone. According to Deloitte , about a third of global oil and gas companies, or about 175 of them, are at risk of insolvency.
How do independent refiners get crude oil?
Independent refiners commonly use what are known as intermediation agreements, where a bank agrees to supply a refinery with crude oil and then buys and resells the refined products.
What happened to icbcs oil refinery?
The refinery swiftly declared bankruptcy and shut permanently. London-based ICBCS sold most of the oil at a sharp discount, and the losses pushed it into the red for 2019, according to a source familiar with the bank’s finances.
Are oil patch bankruptcies on the rise?
The pace of oil patch bankruptcies is picking up. According to a new count from Houston law firm Haynes & Boone, April saw 11 bankruptcy filings, the most of any month in the past two years. The headline failures that month were Ultra Petroleum , which buckled under $3.9 billion in debt, and Energy XXI, which carried debt of $2.9 billion.