Valero cuts runs in at least half of U.S. refineries - Bloomberg

Mar. 26, 2020 11:50 AM ETValero Energy Corporation (VLO), MPC, PSXVLO, MPC, PSXBy: Carl Surran, SA News Editor14 Comments
  • Valero Energy (VLO +18.2%) has cut process rates in at least 6 of its 12 U.S. refineries by an average of 15% due to lower demand and may make deeper cuts next week, Bloomberg reports.
  • Valero reportedly has made reductions at refineries in Memphis, Tenn.; McKee, Tex.; Wilmington, Calif.; Benicia, Calif.; St. Charles, La.; and Meraux, La.
  • The company's largest refinery in Port Arthur on the Texas Gulf Coast has not yet made run cuts, according to the report.
  • Deeper cuts are expected next week, which could reduce Valero's U.S. production to about a third of capacity, near minimum operating rates.
  • Valero joins other U.S. refiners such as Marathon Petroleum (MPC +15.7%) and Phillips 66 (PSX +10.3%) in reducing rates, delaying maintenance and cutting on-site staff as demand slumps and the economy weakens from the coronavirus.

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