U.S. refiners boost processing capacity to accommodate shale: Moody's [Reuters]
Phillips 66 (PSX)
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Source: Reuters
U.S. refiners boost processing capacity to accommodate shale: Moody's | Reuters 3 Min Read HOUSTON (Reuters) - As U.S. oil production rises - setting records in average daily output nearly every month this year - the companies that convert crude to diesel and gasoline are increasing their ability to consume more crude and generate higher profits. Using more efficient equipment and running bigger plants at peak speeds, the combined capacity of nation’s 135 refineries was 18.6 million barrels per day (bpd) at the start of the year, up 16 percent over the 15.7 million bpd in 1985, when there were 223 refineries, according to Energy Information Administration data. Demand for new products coming from these expansions “will lead to higher refinery utilization, higher distillate prices and higher refinery margins generally,” Arvinder Saluja, a senior analyst at debt ratings firm Moody’s Investors Service, wrote in a report on Thursday. U.S. refinery utilization, or how much of the capacity
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