The situation surrounding the potential closure of the Sunoco refinery in Marcus Hook just got a little more dire.
The company announced back in September that they are exiting the refining business. They are seeking a buyer for the plant, but if one can’t be found, they will close the doors in Marcus Hook as well as a refinery in South Philly.
That was followed three weeks later by another economic haymaker. The folks at ConocoPhillips in Trainer must have liked what they heard from Sunoco. They shut down production at their Trainer refinery and said they also would seek a buyer. And yes, if no buyer comes forward, they will shutter the plant.
Yesterday Sunoco announced its third-quarter earnings. Here’s a hint. They weren’t good.
A lot of that was because of a $1.96 billion charge related to writing down the value of its two local refineries.
Sunoco CEO Lynn Elsenhans hinted the loss might mean the company could shut down the plants earlier than July if shareholders believe that’s the best course of action.
Elsenhans said refining and supply lost $17 million in the quarter, the 11th straight quarter it has been in the red.
Which makes Saturday’s planned march and rally in Marcus Hook even more important.
The unions involved in both plants are urging the public to come out and show their support. They will meet at the United Steelworkers Hall in Linwoood at 1 p.m. and march to Marcus Hook Community Park for a community day until 5 p.m.
They are urging the public to come out and support keeping these refineries open and good jobs here in Delaware County.
Not a bad idea. Given what we heard from Sunoco execs yesterday, the situation is more dire now than ever.
The company announced back in September that they are exiting the refining business. They are seeking a buyer for the plant, but if one can’t be found, they will close the doors in Marcus Hook as well as a refinery in South Philly.
That was followed three weeks later by another economic haymaker. The folks at ConocoPhillips in Trainer must have liked what they heard from Sunoco. They shut down production at their Trainer refinery and said they also would seek a buyer. And yes, if no buyer comes forward, they will shutter the plant.
Yesterday Sunoco announced its third-quarter earnings. Here’s a hint. They weren’t good.
A lot of that was because of a $1.96 billion charge related to writing down the value of its two local refineries.
Sunoco CEO Lynn Elsenhans hinted the loss might mean the company could shut down the plants earlier than July if shareholders believe that’s the best course of action.
Elsenhans said refining and supply lost $17 million in the quarter, the 11th straight quarter it has been in the red.
Which makes Saturday’s planned march and rally in Marcus Hook even more important.
The unions involved in both plants are urging the public to come out and show their support. They will meet at the United Steelworkers Hall in Linwoood at 1 p.m. and march to Marcus Hook Community Park for a community day until 5 p.m.
They are urging the public to come out and support keeping these refineries open and good jobs here in Delaware County.
Not a bad idea. Given what we heard from Sunoco execs yesterday, the situation is more dire now than ever.
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