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Article: Poor West Coast margins hurt Ultramar Diamond Shamrock profits. (2nd qtr 1997)
- Article from:
- The Oil Daily
- Article date:
- July 30, 1997
- Author:
CopyrightCOPYRIGHT 1997 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Historically low West Coast refining margins and a major refinery turnaround in Quebec overpowered strong Midcontinent margins as Ultramar Diamond Shamrock Corp. reported a decline in second-quarter earnings of nearly 2%.
Net income was $46.3 million (58 cents/share) on revenues of $2.4 billion, down from net income of $47.1 million (60 cents/share) on revenues of $2.6 billion for the same period last year.
Refining earnings totaled $85.8 million, down $11 million from the previous year.
Margins at the Wilmington refinery in California dropped 43% but throughput was 122,800 b/d, a record rate. The reverse occurred at the McKee and Three Rivers ...