OLD GREENWICH, Conn., May 30 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) today announced that, based on industry refining margins and
hydrocarbon prices for the quarter to date and assuming seasonal market
conditions through the end of the quarter, it would expect its second quarter
2003 earnings to range between $.50 and $.75 per share.
Thomas D. O'Malley, Premcor's Chairman and Chief Executive Officer, said,
"Second quarter refining margins and the light-heavy spread got off to a solid
start this quarter but have weakened during the month of May. In addition,
natural gas prices have strengthened significantly this month, moving from
roughly $5.00 to roughly $6.00 per mmbtu. We believe that industry conditions
remain very favorable for refiners, with gasoline demand at all-time highs,
good trends in distillate demand, and U.S. refined product inventories at
extremely tight levels. It would not be unreasonable to expect refining
margins to improve from current levels as we move into the summer driving
season. It should be noted, however, that industry conditions remain equally
favorable for natural gas, which we purchase as a refinery fuel. All of
Premcor's facilities are running well this quarter, and planned maintenance is
light during the remaining weeks."
Premcor Inc. is one of the largest independent petroleum refiners and
marketers of unbranded transportation fuels and heating oil in the United
States.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including the
company's current expectations with respect to future market conditions,
future operating results, the future performance of its refinery operations,
and other plans. Words such as "expects," "intends," "plans," "projects,"
"believes," "estimates," "may," "will," "should," "shall," and similar
expressions typically identify such forward-looking statements. Even though
Premcor believes the expectations reflected in such forward-looking statements
are based on reasonable assumptions, it can give no assurance that its
expectations will be attained. Factors that could cause actual results to
differ materially from expectations include, but are not limited to,
operational difficulties, varying market conditions, potential changes in
gasoline, crude oil, distillate, and other commodity prices, government
regulations, and other factors contained from time to time in the reports
filed with the Securities and Exchange Commission by the company and its
subsidiary, The Premcor Refining Group Inc., including quarterly reports on
Form 10-Q, reports on Form 8-K, and annual reports on Form 10-K.
SOURCE Premcor Inc.
 back to top
Related links:
http://www.premcor.com
CONTACT:
Joe Watson, +1-203-698-7510, Karen Davis,
+1-314-854-1424, or Michael Taylor, +1-314-719-2304, all of
Premcor
|
