Valero Energy Corp. has announced a substantial $1.1 billion writedown on its California oil refineries, signaling potential operational difficulties. Executives indicated that the carrying values of these assets were deemed unrecoverable. Similar to a planned shutdown of a San Francisco-area plant, the company's Los Angeles refinery is also under evaluation for closure due to high operating costs and strict regulations. This trend could impact California drivers facing elevated gasoline prices, with forecasts suggesting significant loss of refinery capacity by 2026.
Valero Energy Corp.'s $1.1 billion writedown on its California refineries reflects significant value loss, signaling challenges in maintaining fuel production in the state.
Valero executives noted that the LA refinery is under review for potential closure, following the trend of California refiners curtailing operations amid regulatory pressures.
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