Conoco:2Q Global Refinery Utilization Rate To Be In Upper 80% Range
24 April 2009 - 2:25AM
Dow Jones News
ConocoPhillips' (COP) global refinery utilization rate will be
in the upper 80% range during the second quarter, chief operating
officer John Carrig said Thursday.
The company' U.S. refineries will see a utilization rate "in the
mid-90s," Carrig said during a conference call with analysts. But
turn-arounds and lower utilization in international refineries will
bring down the global rate, he said.
During the first quarter, the utilization rate of U.S.
refineries ranged around 80% due to maintenance in Gulf Coast and
East Coast refineries. Global refining utilization stood at 81%,
12% lower than the previous quarter, Carrig said.
Profits at the company's refining and marketing segments fell
61% from a year earlier, primarily due to a 70% plunge in marketing
margins.
- By Angel Gonzalez, Dow Jones
Newswires;713-547-9214;angel.gonzalez2dowjones.com
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