SOURCE: Industrial Info Resources

Industrial Info Resources

April 07, 2015 06:00 ET

Refinery Turnarounds Hit Eight-Year Low as Market Conditions and Strikes Push Out Activity, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwired - Apr 7, 2015) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Anyone keeping an eye on the plunge in oil prices won't be surprised to learn that 2015 is seeing a dramatic dip in the number of maintenance turnarounds at North American petroleum refineries. Lower prices mean lower (and sometimes negative) profits for producers, who are responding by cutting expenditures and moving out their budgets. Those involved in both the upstream and downstream sides of the business -- like BP plc (NYSE:BP) (London, England) and Royal Dutch Shell plc (NYSE:RDS.A) (The Hague, Netherlands) -- are spending less on turnarounds as a result. But another factor emerged earlier this year that made 2015 an even weaker year for turnarounds: labor strikes at major facilities, particularly along the U.S. Gulf Coast.

Other companies featured: Marathon Petroleum Corporation (NYSE:MPC), two from BP plc (NYSE:BP), LyondellBasell (NYSE:LYB)

For details, view the entire article by subscribing to Industrial Info's Premium Industry News, or browse other breaking industrial news stories at www.industrialinfo.com.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the www.industrialinfo.com "Contact Us" page.

Contact Information

  • Contact:
    William Ploch
    713-783-5147