Chevron Corp. expects fourth-quarter earnings to be “notably higher” than third-quarter profit. The company said Thursday that its fourth-quarter results will be helped by bigger gains on asset sales and more oil and gas production.
Chevron’s plan to get its Richmond refinery back to full operating capacity following a massive fire could be slowed by a dispute over the type of piping it wants to use to make repairs.
The damaged crude oil unit that exploded in flames at Chevron’s Richmond refinery last August is now undergoing repairs, but the work is being done under close scrutiny.
Chevron’s Richmond oil refinery should be fully functional again during the first quarter of 2013, once repairs to the crude oil unit devastated by a massive fire in August have been completed, a company spokesman said Friday.
Chevron says its third-quarter net income fell 33 percent as production declined and it sold oil and gas at lower prices.
Accidental releases from industrial facilities would require more extensive monitoring of emissions in the surrounding community under new rules adopted by air quality officials in response to the Chevron refinery fire this summer.
A state senator called for a legislative hearing regarding California’s oil refineries after Chevron announced that a unit at its Richmond refinery will remain closed until next year.
Throughout California, the average price of a gallon of regular gasoline jumped 8 cents overnight to $4.32 and was up 18 cents during the past week, according to the AAA’s Daily Fuel Gauge.
The resolution asks that Chevron make safety at the refinery its top priority, “pay its fair share” in taxes to the city and employ as many Richmond residents as possible.
Chevron spokeswoman Heather Kulp said the root cause of the pipe leak was high temperature sulfidation corrosion from the fuel moving within the five-foot segment of the refinery’s eight-inch-round 200-foot-long carbon steel pipe.