ConocoPhillips plans to sell its 185,000-b/cd refinery in Trainer, Pa., and associated pipelines and terminals. The major plans to close the plant in 6 months unless a buyer is found.
Meanwhile, ConocoPhillips immediately will begin the process of idling the refinery.
Willie Chiang, ConocoPhillips senior vice-president of refining, said, “US East Coast refining has been under severe market pressure for several years.” He attributed this to product imports, weakness in motor fuel demand, and what he called “costly regulatory requirements.”
The company expects a noncash asset impairment of $300 million after tax in its third-quarter financial results.
ConocoPhillips will redeploy employees to other positions within the company where possible. Employees who are not redeployed will receive severance benefits and job placement services.