OLD GREENWICH, Conn., Sept. 4 /PRNewswire-FirstCall/ --
Premcor Inc. (NYSE: PCO) today notified the employees of its 70,000 barrel per
day Hartford, Illinois refinery that it will close the refinery in early
October. In February, the company announced its intention to close the
refinery in October after concluding there was no economically viable method
of reconfiguring the refinery to produce fuels meeting new specifications
mandated by the federal government. As disclosed in the company's second
quarter Form 10-Q, the expected closure date was later extended to November to
provide additional time to consider certain opportunities to maximize the
value of the refinery. Since that time, there has been a further erosion of
market conditions in the refining industry that has prevented the refinery
from operating at positive cash flow, and the scheduled closure date has been
moved back to early October. The company continues to pursue all
opportunities, including a sale of the refinery, to mitigate the loss of jobs
and refining capacity in the Midwest.
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 future debt reductions. 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
subsidiaries, Premcor USA Inc. and The Premcor Refining Group Inc., including
the company's Form S-1 and the company's and its subsidiaries' 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.premcorinc.com
CONTACT:
Media-Investors, Joe Watson, +1-203-698-7510,
or Investors, Karen Davis, +1-314-854-1424, or Michael Taylor,
+1-314-719-2304, all of Premcor Inc.
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