Philadelphia Energy blaming RIN prices for internal budget cuts

September 8, 2016 |

In Pennsylvania, the East Coast’s largest oil refiner, Philadelphia Energy, is pointing the finger at RIN prices for having to cut back on costs that will see healthcare and pension costs for employees cut as well as buyouts of salaried employees and reduce capital investments. The company expects its RIN compliance costs to be around $250 million. High inventory levels of gasoline on the East Coast are also hitting margins, playing into the tight financial situation the Carlyle Group and Energy Transfer Partners-owned company is experiencing.

Category: Fuels

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