PA & NJ Refineries Status Report, PetroChina’s Q3 Travails: Energy Biz Roundup
Mid-day Tuesday, the utility operator PSE&G says that it anticipates the restoration of power to Phillips 66’s (NYSE:PSX) 238,000 barrels-per-day Bayway refinery in New Jersey, in 24 to 48 hours. The refinery is the second largest on the East coast, and had already shut down core operations prior to the storm. Meanwhile, Philadelphia Energy’s (NYSE:CG)(NYSE:SUN) 330,000 barrels-per-day oil refinery, which is the East Coast’s biggest, is stepping up operations and joining Delta’s 185,000 barrels-per-day facility, which continued to operate throughout the storm. These two refineries should help offset the shutdown of Phillips 66’s plant, which could be a bit slower in getting online due to flooding.
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PetroChina (NYSE:PTR) has reported a 33 percent year-over-year drop in its quarterly profit, which is below expectations even as revenue increased on higher crude oil production; nine-month profit decreased by 15.9 percent year-over-year. The company is blaming the deficits on the weak world economy, along with lower Chinese gas prices and other factors. However, PetroChina produced 997 million barrels of energy equivalent during the first nine months of this year, which marks a 3.9 percent rise year-over-year, with oil up 2 percent and natural gas up 8.3 percent.
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