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GasBuddy News Article

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Valero seeking to sell California refineries-report

Reuters -- Valero spokesman Bill Day declined comment on the issue. However, he noted that Valero Chief Executive Bill Klesse told analysts nearly a year ago that the company was considering options for the two plants in light of a 2006 California law that requires emissions to match 1990 levels by 2020, which could cost hundreds of millions of dollars in upgrades to achieve.

During Valero's third-quarter 2011 conference call, an analyst asked if long-term viability of Valero's California refineries could be in question given the looming regulations.

"We're looking at our options," Klesse replied.


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Submitted Oct 20, 2012 By: NOTSOGRN
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Valero seeking to sell California refineries-report Back to Topics
REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: Oct 24, 2012 5:43:08 AM

gonna see more of this as Pig Oil reaps record profits and no maintenance is being done.
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honda0105
Champion Author Tallahassee

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Message Posted: Oct 23, 2012 6:07:18 AM

that's what happens when you don't put money into upkeep.
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nsdp
Champion Author San Antonio

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Points:77,285
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Message Posted: Oct 21, 2012 4:58:25 PM

Obviously you people know nothing about Valero's balance sheet or you would know they couldn't afford to sell them in today's market since they would be heavily penalized for not having done anything other than waste a bunch of money on Prop 23 to try to solve the problem. Sitting there doing nothing for 6 years has come home to roost. Closing them would cost 4 or 5 times as much because of the cleanup required. Management made a bad bet and now has to pay for it. Exxon Shell and Chevron had no problem getting ready. Tesoro is in a bind as well.
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EconomiserAZ
All-Star Author Tucson

Posts:877
Points:172,010
Joined:Mar 2011
Message Posted: Oct 21, 2012 1:33:21 PM

I felt compelled to go to press on this one. But contributor 'bshort' just nailed it. Well done, mate!.

You know for the longest time I have been going to buy myself a nice gift. Something refined. Maybe and oil well?
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bsnort
Champion Author Huntsville

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Message Posted: Oct 21, 2012 12:30:45 PM

You wonder why people/businesses pack up and leave the left coast. Only ones moving in are the freeloaders/illegal immigrants. What is cali gonna do when it runs out of other people's money?
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daequitz
Champion Author New Jersey

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Message Posted: Oct 21, 2012 6:43:52 AM

I'll buy it. How much?
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NOTSOGRN
Champion Author Michigan

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Message Posted: Oct 21, 2012 2:02:01 AM

.
.
Kinda like a Hugo thing...
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Sneakers55
Champion Author Houston

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Message Posted: Oct 21, 2012 1:43:45 AM

On Oct 20, 2012 11:08:14 PM, RAE344 wrote:

>This would devastate the chances of the president
>winning California in his re-election bid.

It's not going to be an issue, the possibility is out there but it will probably be years before anything happens.

>I would not be surprised if he borrowed some more
>money from our future generation and federalized
>those refineries.

I would be very surprised if Obama nationalized anything relating to the oil industry.

He has enough of a mess with Government Motors and the Post Office already.

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Ahking
Champion Author Orange County

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Message Posted: Oct 21, 2012 1:40:10 AM

talks.
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Melinda205
Champion Author Alabama

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Message Posted: Oct 21, 2012 1:29:46 AM

Okay
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Number43
Champion Author Lexington

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Message Posted: Oct 21, 2012 12:25:33 AM

More regulation will mean higher cost to drivers no matter who owns them.
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Number43
Champion Author Lexington

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Message Posted: Oct 21, 2012 12:24:26 AM

Gas prices will go higher in Ca.( and stay high).
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hotrod_brother
Champion Author Tampa

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Message Posted: Oct 21, 2012 12:16:33 AM

Californication !!!
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boatfloyd
Champion Author Jacksonville

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Message Posted: Oct 21, 2012 12:16:17 AM

Far Out.
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judgemobile
Champion Author Ohio

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Message Posted: Oct 21, 2012 12:10:24 AM

if oil industry were looking better in the future, why would thy sell ?
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rxman1
Champion Author Toledo

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Message Posted: Oct 21, 2012 12:09:00 AM

What? What? More regulations! Is this acway of creating more jobs.?
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snky2k
Champion Author Indianapolis

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Message Posted: Oct 21, 2012 12:08:49 AM

Be careful, California lawmakers.
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PrinceLH
Champion Author Ontario

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Message Posted: Oct 21, 2012 12:08:19 AM

Get it done!
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RAE344
Champion Author Virginia Beach

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Message Posted: Oct 21, 2012 12:08:14 AM

This would devastate the chances of the president winning California in his re-election bid. I would not be surprised if he borrowed some more money from our future generation and federalized those refineries.
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1fulltank
Champion Author Buffalo

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Message Posted: Oct 21, 2012 12:08:09 AM

I'm a little short this week.
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Blue_Cruzer
Champion Author Lexington

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Message Posted: Oct 21, 2012 12:07:16 AM

I wonder if Valero is looking for serious?
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PrinceLH
Champion Author Ontario

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Message Posted: Oct 21, 2012 12:06:16 AM

I hope it spurs more refineries to be built.
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vibdata
Champion Author Massachusetts

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Message Posted: Oct 21, 2012 12:06:05 AM

So you are saying, that with all the increased regulations and improvements over the past 20 years, that the emissions in 2020 must match those of long ago? I do not understand this at all. I thought there were IMRPOVEMENTS year to year all the time?

How can the emissions in 2020 match those of 1990 unless they get much WORSE?

This is ridiculous.
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shores4now
Champion Author Kentucky

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Message Posted: Oct 21, 2012 12:05:14 AM

Ok
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ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Oct 21, 2012 12:04:38 AM

Tough to make a buck in Kal-eye-four-nye-yea.
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JamesCalvin
Champion Author Lancaster

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Message Posted: Oct 21, 2012 12:03:51 AM

Hey, Hey! Hey!
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Cableman66
Champion Author North Carolina

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Message Posted: Oct 21, 2012 12:03:43 AM

Old news.
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bowler360
Champion Author Illinois

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Message Posted: Oct 21, 2012 12:02:01 AM

money maker. maybe i'll buy one.
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darkknight1
Champion Author Winston-Salem

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Message Posted: Oct 20, 2012 11:57:49 PM

ok
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Cableman66
Champion Author North Carolina

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Message Posted: Oct 20, 2012 11:57:07 PM

Self inflict wounds at the pump. Sorry guys better stop smoking the weed or start cause looks like your pump price is of your own doing.
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30mpg80
Champion Author Lexington

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Message Posted: Oct 20, 2012 11:56:17 PM

When you have options, they will be considered, duh!
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tidalwave3
Champion Author Tallahassee

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Message Posted: Oct 20, 2012 11:53:56 PM

More California regs. killing business and consumers :(
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clermont40miles
Champion Author Cincinnati

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Message Posted: Oct 20, 2012 11:53:32 PM

Can't blame ANY business for leaving the Socialist state of Caleefornia.

Adios.
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kbierley
Champion Author Dayton

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Message Posted: Oct 20, 2012 11:53:17 PM

Sell them to who?
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abacus44
Champion Author Toms River

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Message Posted: Oct 20, 2012 11:53:04 PM

California gets what it votes for.
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scubadaniel
Champion Author Dayton

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Message Posted: Oct 20, 2012 11:52:12 PM

Any takers out there? Wanna be a oil tycoon?
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smokay
Rookie Author New Hampshire

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Message Posted: Oct 20, 2012 11:51:27 PM

Wow
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raj_fl
Champion Author Trenton

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Message Posted: Oct 20, 2012 11:47:41 PM

nice
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raj_fl
Champion Author Trenton

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Message Posted: Oct 20, 2012 11:47:26 PM

well u know what who ever buys the refinery will have to upgrade
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Dodge_Me
Champion Author Atlanta

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Message Posted: Oct 20, 2012 11:47:26 PM

Hmm
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nickatnite
Veteran Author Indianapolis

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Message Posted: Oct 20, 2012 11:46:51 PM

Nice
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Daveyfudd
All-Star Author Jackson

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Message Posted: Oct 20, 2012 11:45:30 PM

Whatever a man sows (in this case, a state), he (California) is going to reap!

California has beautiful weather but that's about it.
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colaguy
Champion Author Columbia

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Message Posted: Oct 20, 2012 11:45:08 PM

ok
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Jeeputtputt
Champion Author Ohio

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Message Posted: Oct 20, 2012 11:43:28 PM

what?
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livedream
Champion Author Michigan

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Message Posted: Oct 20, 2012 11:43:11 PM

Good point, us4usa!

California residents should all switch to electric cars.

No more emissions. No more gas gouging at the pumps!
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OOXXFF
Champion Author Greensboro

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Message Posted: Oct 20, 2012 11:41:31 PM

Not good news.
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munch252
Veteran Author Cleveland

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Message Posted: Oct 20, 2012 11:37:19 PM

I'll bu yit
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us4usa
Champion Author Missouri

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Message Posted: Oct 20, 2012 11:35:37 PM

Hey GM should buy them, then shut them down gas prices jump, and everyone in Cali. will buy a volt...
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TheHermit
Champion Author Maine

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Message Posted: Oct 20, 2012 11:31:03 PM

Raffle them off
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SparkieMi
Champion Author Kalamazoo

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Message Posted: Oct 20, 2012 11:30:49 PM

Interesting...
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