Storm Slows Production

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Storm Slows Production

NEW ORLEANS -- Oil refiner Valero Energy Corp. said on Wednesday that it was shutting its Krotz Springs plant in Louisiana ahead of Hurricane Lili and was reducing rates at three Texas refineries.

"Krotz Springs will be shut down by end of today to ride out the storm," the company said in a statement. The crude rate had been 55,000 barrels per day (bpd). "We expect to restart over the weekend if possible -- depending upon damage or loss of outside power supply."

The 220,000 bpd Texas City refinery has reduced rates further due to problems getting crude into the refinery because of the storm. "Our crude unit has been shut back an additional 60,000 bpd," or 75,000 bpd less than the planned rate, the company said.

The 94,000 bpd Corpus Christi plant has reduced crude rates by 10,000 bpd and the 85,000 bpd Houston plant has reduced crude rates by 15,000 bpd, the company added.