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MarketScreener Homepage  >  Equities  >  Nyse  >  Hess Corporation    HES

HESS CORPORATION

(HES)
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Northeast Refineries Start Cutting Run Rates as Sandy Approaches

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10/28/2012 | 04:26pm EDT

A number of refineries in the U.S. northeast started scaling back production Sunday in anticipation of Hurricane Sandy bearing down on the east coast.

Sandy, a Category 1 hurricane with wind speeds of up to 75 miles an hour, is currently heading north in the Atlantic offshore of North Carolina, according to the National Hurricane Center. Forecasts call for the storm to continue north before plowing west into New Jersey and Delaware late Monday.

Philadelphia Energy, which operates a former Sunoco Inc. refinery in Philadelphia after buying a majority stake in September, was discussing reducing rates of some production units at the 330,000 barrel-a-day refinery and would likely take action as early as Sunday night, a source familiar with the refinery said Sunday.

Hess Corp. (>> Hess Corp.) said Sunday it would reduce rates at its 70,000-barrel-a-day refinery in Port Reading, N.J., by an unspecified amount at 6 p.m. EDT.

Phillips 66 (>> Phillips 66), which runs the 238,000-barrel-a-day refinery in Linden, N.J., is tracking Sandy's progress but had not yet made any changes to its refinery operations, company spokeswoman Janet Grothe said.

About 6.5% of the total U.S. refining capacity is near the region in Sandy's forecast path, according to the U.S. Energy Administration.

-Write to Ben Lefebvre at ben.lefebvre@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : Hess Corp., Phillips 66
Stocks mentioned in the article
ChangeLast1st jan.
HESS CORPORATION 0.97% 62.19 Delayed Quote.52.07%
PHILLIPS 66 0.08% 89.83 Delayed Quote.4.27%
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Financials ($)
Sales 2019 6 651 M
EBIT 2019 619 M
Net income 2019 55,5 M
Debt 2019 5 306 M
Yield 2019 1,70%
P/E ratio 2019 399,94
P/E ratio 2020 32,53
EV / Sales 2019 3,61x
EV / Sales 2020 3,15x
Capitalization 18 689 M
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Technical analysis trends HESS CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 70,8 $
Spread / Average Target 15%
EPS Revisions
Managers
NameTitle
John B. Hess Chief Executive Officer & Director
Gregory P. Hill President & Chief Operating Officer
James H. Quigley Chairman
John P. Rielly CFO, Principal Accounting Officer & Senior VP
Richard Lynch Senior Vice President-Technology & Services
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