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MarketScreener Homepage  >  Equities  >  Nyse  >  Chevron Corporation    CVX

CHEVRON CORPORATION

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Fuel shippers ask FERC to expedite hearing on Colonial Pipeline rates

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09/10/2018 | 06:44pm EDT
FILE PHOTO -  A Valero logo is seen at a Valero gas station in Hoboken

(Reuters) - Chevron Corp, Valero Energy Co and Delta Air Lines Inc have urged U.S. regulators to expedite a hearing on the fee structure of the largest fuel pipeline in the United States that they allege is costing them millions of dollars.

The lack of a scheduled hearing by the U.S. Federal Energy Regulatory Commission (FERC) on rates charged by Colonial Pipeline Co [COLPI.UL] is costing about $4.95 million per month "at a minimum," the companies said in filing late on Friday.

In November, Chevron Products Co, Valero Marketing & Supply Co and Epsilon Trading LLC, the trading arm of Delta, filed a complaint with FERC that said Colonial's fees "greatly exceed just and reasonable levels."

The complaint, which has been pending with FERC for nine months, also alleged Colonial overcharged the companies by more than $60 million combined over a two-year period, and is potentially monopolizing fuel delivery into the New York region.

Colonial has previously said the complaint has no merit and that the shippers manipulated data "and made improper and highly unrealistic assumptions in an effort to strengthen their arguments."

Colonial spokesman Steve Baker said on Monday that the company is preparing its response to the latest request. He said Colonial will reiterate that it believes FERC should deny the shippers' request and instead grant Colonial's request for dismissal.

Colonial connects Gulf Coast refineries with markets across the southern and eastern United States through more than 5,500 miles (8,851 km) of its pipeline system, delivering gasoline, diesel, jet fuel and other refined products.

In the new filing, the companies request that FERC set a hearing for the complaints against Colonial, saying that the delay by FERC is "abnormal," while "prejudicing" the companies.

FERC spokeswoman Tamara Young-Allen declined to comment on the filing, saying it is policy not to comment on a pending Commission decision.

U.S. Congress set Colonial's rates in 1990s-era legislation. In 2001, FERC allowed Colonial to charge market-based rates from the Gulf Coast to the Philadelphia and New York areas, on the understanding that Colonial lacked monopoly power over those markets.

(Reporting by Stephanie Kelly in New York; Editing by Andrea Ricci and Matthew Lewis)

By Stephanie Kelly

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION 0.39% 125.17 Delayed Quote.14.11%
DELTA AIR LINES INC. -2.36% 61.22 Delayed Quote.25.57%
VALERO ENERGY 0.67% 83.91 Delayed Quote.11.03%
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Financials (USD)
Sales 2019 158 B
EBIT 2019 22 926 M
Net income 2019 13 951 M
Debt 2019 20 564 M
Yield 2019 3,80%
P/E ratio 2019 16,9x
P/E ratio 2020 13,8x
EV / Sales2019 1,63x
EV / Sales2020 1,51x
Capitalization 238 B
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Number of Analysts 21
Average target price 138,33  $
Last Close Price 124,68  $
Spread / Highest target 21,1%
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Spread / Lowest Target -4,56%
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NameTitle
Michael K. Wirth Chairman & Chief Executive Officer
Patricia E. Yarrington Chief Financial Officer & Vice President
Joseph C. Geagea EVP-Technology, Projects & Services Divisions
Ronald D. Sugar Lead Independent Director
Enrique Hernandez Independent Director
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