Independent U.S. refiners are cutting capital spending and halting major projects while an era of record profits comes to a close, Reuters reports. The six largest U.S. refiners are planning to cut spending by 17% this year and companies such as Flint Hills Resources and CHS have put expansion projects on hold. Meanwhile, the combined net income of the 10 largest independent refiners fell 74% in the first quarter amid narrowing crack spreads and a global oversupply of gasoline and diesel. Sources tell Reuters refiners are focusing more on routine projects and cutting costs.
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