Operator
Good day, everyone, and welcome to the PBF Energy fourth-quarter 2020 earnings conference call and webcast. [Operator instructions] It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.
Colin Murray
Investor Relations
Thank you, Daryl. Good morning, and welcome to today s call. With me today are Tom Nimbley, our CEO; Matt Lucey, our president; Erik Young, our CFO; Tom O Connor, our senior vice president of commercial; Paul Davis, our president of western region; and several other members of our management team. A copy of today s earnings release, including supplemental information, is available on our website.
4 Min Read
NEW YORK/HOUSTON (Reuters) - U.S. oil refiners are predicting a strong recovery in fuel demand in the second half of this year as vaccination rates increase and workers are expected to resume commuting and taking vacations.
FILE PHOTO: Flags wave in front of the Phillips 66 refinery near Lake Charles, Louisiana, U.S. October 11, 2020. REUTERS/Stephanie Kelly
But oil processors appear to be skimping on routine spring overhauls that typically prepare refineries for peak summer output. Maintenance cutbacks could make it hard to boost output as the economy recovers from its pandemic-related contraction.
U.S. plants are running at about 82% of capacity, according to U.S. government data, down about 10 percentage points from normal capacity at this time of year. Margins on average are positive on each barrel of oil processed, but refiners are losing money on output as crude prices rise faster than demand for fuel.
Lack of overhauls at U.S. refiners could stall industry recovery By Laura Sanicola and Erwin Seba
FILE PHOTO: Flags wave in front of the Phillips 66 refinery near Lake Charles, Louisiana
NEW YORK/HOUSTON (Reuters) – U.S. oil refiners are predicting a strong recovery in fuel demand in the second half of this year as vaccination rates increase and workers are expected to resume commuting and taking vacations.
But oil processors appear to be skimping on routine spring overhauls that typically prepare refineries for peak summer output. Maintenance cutbacks could make it hard to boost output as the economy recovers from its pandemic-related contraction.