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Philadelphia Energy Solutions Cutting Spending Due to Difficult Market Conditions and Surging Ethanol Credits

Bloomberg, September 8, 2016

Philadelphia Energy Solutions (PES), operator of the largest oil refinery on the East Coast, is looking to cut workers, reduce benefits and delay capital projects after admitting its finances are “significantly stressed.” According to an email sent by PES Chief Executive Officer Phil Rinaldi to his employees and obtained by Bloomberg,  PES will freeze company pension contributions, cut certain healthcare benefits, and offer buyouts to salaried employees. The push to reduce spending appears to be a product of a combination of low fuel prices, high East Coast inventories, and a surge in renewable fuel credit prices. A planned maintenance turnaround at the 335,000 bpd Philadelphia refinery has already been pushed back to 2017. 

 

Click here to read the full article from Bloomberg.


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