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Valero seeking to sell California refineries-report

Reuters -- Valero spokesman Bill Day declined comment on the issue. However, he noted that Valero Chief Executive Bill Klesse told analysts nearly a year ago that the company was considering options for the two plants in light of a 2006 California law that requires emissions to match 1990 levels by 2020, which could cost hundreds of millions of dollars in upgrades to achieve.

During Valero's third-quarter 2011 conference call, an analyst asked if long-term viability of Valero's California refineries could be in question given the looming regulations.

"We're looking at our options," Klesse replied.

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Submitted Oct 20, 2012 By: NOTSOGRN

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honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Oct 24, 2012 5:43:08 AM Ignore honda0105 Report Abuse gonna see more of this as Pig Oil reaps record profits and no maintenance is being done.
honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Oct 23, 2012 6:07:18 AM Ignore honda0105 Report Abuse that's what happens when you don't put money into upkeep.
nsdp Champion Author San Antonio Posts:1,117 Points:47,190 Joined:Jun 2012	Message Posted: Oct 21, 2012 4:58:25 PM Ignore nsdp Report Abuse Obviously you people know nothing about Valero's balance sheet or you would know they couldn't afford to sell them in today's market since they would be heavily penalized for not having done anything other than waste a bunch of money on Prop 23 to try to solve the problem. Sitting there doing nothing for 6 years has come home to roost. Closing them would cost 4 or 5 times as much because of the cleanup required. Management made a bad bet and now has to pay for it. Exxon Shell and Chevron had no problem getting ready. Tesoro is in a bind as well.
EconomiserAZ All-Star Author Tucson Posts:745 Points:144,090 Joined:Mar 2011	Message Posted: Oct 21, 2012 1:33:21 PM Ignore EconomiserAZ Report Abuse I felt compelled to go to press on this one. But contributor 'bshort' just nailed it. Well done, mate!. You know for the longest time I have been going to buy myself a nice gift. Something refined. Maybe and oil well?
bsnort Veteran Author Huntsville Posts:415 Points:230,950 Joined:Aug 2012	Message Posted: Oct 21, 2012 12:30:45 PM Ignore bsnort Report Abuse You wonder why people/businesses pack up and leave the left coast. Only ones moving in are the freeloaders/illegal immigrants. What is cali gonna do when it runs out of other people's money?
daequitz Champion Author New Jersey Posts:6,297 Points:1,379,605 Joined:Jan 2007	Message Posted: Oct 21, 2012 6:43:52 AM Ignore daequitz Report Abuse I'll buy it. How much?
NOTSOGRN Champion Author Michigan Posts:2,055 Points:1,507,745 Joined:Dec 2007	Message Posted: Oct 21, 2012 2:02:01 AM Ignore NOTSOGRN Report Abuse . . Kinda like a Hugo thing...
Sneakers55 Champion Author Houston Posts:51,247 Points:2,139,925 Joined:Nov 2005	Message Posted: Oct 21, 2012 1:43:45 AM Ignore Sneakers55 Report Abuse On Oct 20, 2012 11:08:14 PM, RAE344 wrote: >This would devastate the chances of the president >winning California in his re-election bid. It's not going to be an issue, the possibility is out there but it will probably be years before anything happens. >I would not be surprised if he borrowed some more >money from our future generation and federalized >those refineries. I would be very surprised if Obama nationalized anything relating to the oil industry. He has enough of a mess with Government Motors and the Post Office already.
Ahking Champion Author Orange County Posts:3,492 Points:600,445 Joined:May 2011	Message Posted: Oct 21, 2012 1:40:10 AM Ignore Ahking Report Abuse talks.
Melinda205 Champion Author Alabama Posts:1,814 Points:354,815 Joined:May 2012	Message Posted: Oct 21, 2012 1:29:46 AM Ignore Melinda205 Report Abuse Okay
Number43 Champion Author Lexington Posts:8,672 Points:1,634,110 Joined:Oct 2008	Message Posted: Oct 21, 2012 12:25:33 AM Ignore Number43 Report Abuse More regulation will mean higher cost to drivers no matter who owns them.
Number43 Champion Author Lexington Posts:8,672 Points:1,634,110 Joined:Oct 2008	Message Posted: Oct 21, 2012 12:24:26 AM Ignore Number43 Report Abuse Gas prices will go higher in Ca.( and stay high).
hotrod_brother Champion Author Tampa Posts:12,606 Points:2,232,195 Joined:Oct 2006	Message Posted: Oct 21, 2012 12:16:33 AM Ignore hotrod_brother Report Abuse Californication !!!
boatfloyd Champion Author Jacksonville Posts:1,698 Points:383,975 Joined:Mar 2012	Message Posted: Oct 21, 2012 12:16:17 AM Ignore boatfloyd Report Abuse Far Out.
judgemobile Champion Author Ohio Posts:7,550 Points:2,441,135 Joined:Nov 2005	Message Posted: Oct 21, 2012 12:10:24 AM Ignore judgemobile Report Abuse if oil industry were looking better in the future, why would thy sell ?
rxman1 Champion Author Toledo Posts:9,522 Points:1,857,895 Joined:Nov 2007	Message Posted: Oct 21, 2012 12:09:00 AM Ignore rxman1 Report Abuse What? What? More regulations! Is this acway of creating more jobs.?
snky2k Champion Author Indianapolis Posts:1,378 Points:299,565 Joined:Mar 2012	Message Posted: Oct 21, 2012 12:08:49 AM Ignore snky2k Report Abuse Be careful, California lawmakers.
PrinceLH Champion Author Ontario Posts:2,672 Points:534,045 Joined:Jun 2011	Message Posted: Oct 21, 2012 12:08:19 AM Ignore PrinceLH Report Abuse Get it done!
RAE344 Champion Author Virginia Beach Posts:3,044 Points:657,520 Joined:Jun 2011	Message Posted: Oct 21, 2012 12:08:14 AM Ignore RAE344 Report Abuse This would devastate the chances of the president winning California in his re-election bid. I would not be surprised if he borrowed some more money from our future generation and federalized those refineries.
1fulltank Champion Author Buffalo Posts:7,883 Points:1,540,310 Joined:Nov 2008	Message Posted: Oct 21, 2012 12:08:09 AM Ignore 1fulltank Report Abuse I'm a little short this week.
Blue_Cruzer Champion Author Lexington Posts:7,500 Points:1,665,585 Joined:Mar 2007	Message Posted: Oct 21, 2012 12:07:16 AM Ignore Blue_Cruzer Report Abuse I wonder if Valero is looking for serious?
PrinceLH Champion Author Ontario Posts:2,672 Points:534,045 Joined:Jun 2011	Message Posted: Oct 21, 2012 12:06:16 AM Ignore PrinceLH Report Abuse I hope it spurs more refineries to be built.
vibdata Champion Author Massachusetts Posts:4,074 Points:846,275 Joined:Nov 2005	Message Posted: Oct 21, 2012 12:06:05 AM Ignore vibdata Report Abuse So you are saying, that with all the increased regulations and improvements over the past 20 years, that the emissions in 2020 must match those of long ago? I do not understand this at all. I thought there were IMRPOVEMENTS year to year all the time? How can the emissions in 2020 match those of 1990 unless they get much WORSE? This is ridiculous.
shores4now Champion Author Kentucky Posts:2,386 Points:519,800 Joined:Jul 2009	Message Posted: Oct 21, 2012 12:05:14 AM Ignore shores4now Report Abuse Ok
ManOfLeisureII Champion Author Philadelphia Posts:1,854 Points:450,900 Joined:Jan 2012	Message Posted: Oct 21, 2012 12:04:38 AM Ignore ManOfLeisureII Report Abuse Tough to make a buck in Kal-eye-four-nye-yea.
JamesCalvin Champion Author Lancaster Posts:3,171 Points:515,780 Joined:Nov 2011	Message Posted: Oct 21, 2012 12:03:51 AM Ignore JamesCalvin Report Abuse Hey, Hey! Hey!
Cableman66 Champion Author North Carolina Posts:2,095 Points:486,920 Joined:May 2011	Message Posted: Oct 21, 2012 12:03:43 AM Ignore Cableman66 Report Abuse Old news.
bowler360 Champion Author Illinois Posts:1,955 Points:495,775 Joined:Jun 2011	Message Posted: Oct 21, 2012 12:02:01 AM Ignore bowler360 Report Abuse money maker. maybe i'll buy one.
darkknight1 Champion Author Winston-Salem Posts:4,315 Points:891,835 Joined:Nov 2010	Message Posted: Oct 20, 2012 11:57:49 PM Ignore darkknight1 Report Abuse ok
Cableman66 Champion Author North Carolina Posts:2,095 Points:486,920 Joined:May 2011	Message Posted: Oct 20, 2012 11:57:07 PM Ignore Cableman66 Report Abuse Self inflict wounds at the pump. Sorry guys better stop smoking the weed or start cause looks like your pump price is of your own doing.
30mpg80 Champion Author Lexington Posts:9,987 Points:1,483,855 Joined:Nov 2008	Message Posted: Oct 20, 2012 11:56:17 PM Ignore 30mpg80 Report Abuse When you have options, they will be considered, duh!
tidalwave3 Champion Author Tallahassee Posts:1,294 Points:1,460,075 Joined:Jun 2008	Message Posted: Oct 20, 2012 11:53:56 PM Ignore tidalwave3 Report Abuse More California regs. killing business and consumers :(
clermont40miles Champion Author Cincinnati Posts:10,543 Points:1,767,935 Joined:Apr 2008	Message Posted: Oct 20, 2012 11:53:32 PM Ignore clermont40miles Report Abuse Can't blame ANY business for leaving the Socialist state of Caleefornia. Adios.
kbierley Champion Author Dayton Posts:10,730 Points:1,415,690 Joined:Nov 2003	Message Posted: Oct 20, 2012 11:53:17 PM Ignore kbierley Report Abuse Sell them to who?
abacus44 Champion Author Toms River Posts:3,460 Points:744,490 Joined:Jan 2011	Message Posted: Oct 20, 2012 11:53:04 PM Ignore abacus44 Report Abuse California gets what it votes for.
scubadaniel Champion Author Dayton Posts:1,401 Points:688,170 Joined:Jan 2011	Message Posted: Oct 20, 2012 11:52:12 PM Ignore scubadaniel Report Abuse Any takers out there? Wanna be a oil tycoon?
smokay Rookie Author New Hampshire Posts:59 Points:40,490 Joined:Aug 2012	Message Posted: Oct 20, 2012 11:51:27 PM Ignore smokay Report Abuse Wow
raj_fl Champion Author Trenton Posts:3,189 Points:724,005 Joined:Oct 2010	Message Posted: Oct 20, 2012 11:47:41 PM Ignore raj_fl Report Abuse nice
raj_fl Champion Author Trenton Posts:3,189 Points:724,005 Joined:Oct 2010	Message Posted: Oct 20, 2012 11:47:26 PM Ignore raj_fl Report Abuse well u know what who ever buys the refinery will have to upgrade
Dodge_Me Champion Author Atlanta Posts:2,214 Points:553,230 Joined:Mar 2006	Message Posted: Oct 20, 2012 11:47:26 PM Ignore Dodge_Me Report Abuse Hmm
nickatnite Veteran Author Indianapolis Posts:370 Points:276,465 Joined:May 2012	Message Posted: Oct 20, 2012 11:46:51 PM Ignore nickatnite Report Abuse Nice
Daveyfudd All-Star Author Jackson Posts:896 Points:607,485 Joined:May 2008	Message Posted: Oct 20, 2012 11:45:30 PM Ignore Daveyfudd Report Abuse Whatever a man sows (in this case, a state), he (California) is going to reap! California has beautiful weather but that's about it.
colaguy Champion Author Columbia Posts:3,166 Points:1,006,150 Joined:Oct 2008	Message Posted: Oct 20, 2012 11:45:08 PM Ignore colaguy Report Abuse ok
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Oct 20, 2012 11:43:28 PM Ignore Jeeputtputt Report Abuse what?
livedream Champion Author Michigan Posts:3,664 Points:751,060 Joined:Mar 2011	Message Posted: Oct 20, 2012 11:43:11 PM Ignore livedream Report Abuse Good point, us4usa! California residents should all switch to electric cars. No more emissions. No more gas gouging at the pumps!
OOXXFF Champion Author Greensboro Posts:3,040 Points:1,074,595 Joined:Sep 2009	Message Posted: Oct 20, 2012 11:41:31 PM Ignore OOXXFF Report Abuse Not good news.
munch252 Veteran Author Cleveland Posts:282 Points:135,985 Joined:Aug 2012	Message Posted: Oct 20, 2012 11:37:19 PM Ignore munch252 Report Abuse I'll bu yit
us4usa Champion Author Missouri Posts:5,976 Points:1,108,585 Joined:May 2008	Message Posted: Oct 20, 2012 11:35:37 PM Ignore us4usa Report Abuse Hey GM should buy them, then shut them down gas prices jump, and everyone in Cali. will buy a volt...
TheHermit Champion Author Maine Posts:3,404 Points:127,030 Joined:May 2012	Message Posted: Oct 20, 2012 11:31:03 PM Ignore TheHermit Report Abuse Raffle them off
SparkieMi Champion Author Kalamazoo Posts:3,239 Points:584,220 Joined:Sep 2011	Message Posted: Oct 20, 2012 11:30:49 PM Ignore SparkieMi Report Abuse Interesting...