OLD GREENWICH, Conn., July 31 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) today announced that it has completed the sale of certain of the
processing units and ancillary assets at its 70,000 barrel-per-day Hartford,
Illinois refinery to ConocoPhillips for $40 million. Premcor had previously
recorded a pretax charge of $16.6 million related to the transaction in its
first quarter ended March 31, 2003.
Thomas D. O'Malley, Premcor's Chairman and Chief Executive Officer, said,
"We are pleased that ConocoPhillips, a major integrated oil company with a
long history of operating refineries responsibly, will be integrating certain
of the Hartford refining assets with its Wood River facility in a way that
will create or preserve jobs for the local community. Premcor will continue
to operate the Hartford terminal facility to accommodate our wholesale
petroleum product distribution business. These efforts will help maintain the
Hartford facility's long-standing contributions to the Midwest refining
market."
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.
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Related links:
http://www.premcor.com
CONTACT:
Media-Investors, Joe Watson, +1-203-698-7510,
or Investors, Karen Davis, +1-314-854-1424, or Investors, Michael
Taylor, +1-314-719-2304, all of Premcor Inc.
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