Western Refining to halt operations at Bloomfield refinery
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WNR | Quote | Chart | News | PowerRating -- Western Refining is idling its refinery in Bloomfield, N.M., and is putting all New Mexico refining operations at its Gallup, N.M., refinery to save $25 million per year, the company announced Monday.
"The decision to idle the Bloomfield refinery was a difficult, but necessary decision to ensure that Western remains well positioned for the future, despite the weak industry dynamics," Western CEO Paul Foster said in a written statement.
The company did not report how many people work at the refinery and how many may lose their jobs.
Western is evaluating alternative uses for the Bloomfield refinery, including biofuels production.
The Gallup refinery will be able to process the same amount of crude oil as has recently been processed at the two refineries combined, the company reported. In the July-September third quarter the two refineries combined processed 25,413 barrels per day of crude oil. The two refineries have the capacity to process about 40,000 barrels of crude oil per day, according to the Western Web site.
The refinery consolidation will reduce operating costs about $25 million per year beginning in the first quarter of next year, the company said. Western will take a pre-tax, mostly non-cash charge of $55 million to $65 million in the fourth quarter for idling costs and asset impairment, it said.
Western will continue to operate its Bloomfield products terminal, and will supply the Four Corners, N.M., area with refined products through
a new pipeline connection, the company said.
Monitor elpasotimes.com for updates and see Tuesday's print edition of the Times for complete details.
Vic Kolenc may be reached at vkolenc@elpasotimes.com, 546-6421
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