Power Disruption Causes Unit Upset at Valero's 290,000 BPD Corpus Christi Refinery
VLO sits 93% above its 52-week low of $125.1.
Summary
Valero's 290,000 barrel-per-day Corpus Christi East Plant refinery reported an unanticipated power disruption, causing upset conditions in Complex 7 and requiring the use of flare control devices. This incident follows an earlier report today of flaring at the same facility. It also adds to a recent series of operational issues for Valero, including a fire and subsequent shutdown at its Port Arthur refinery in March, and flaring at its Houston refinery. Such disruptions at a major refinery can negatively impact production and refining margins.
At the time of this announcement, VLO was trading at $241.50 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $71.6B. The 52-week trading range was $125.10 to $263.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.