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(USA Today)   Your prized collection of Hess trucks just got a little more valuable   (usatoday.com) divider line 21
    More: Fail, Hess Corporation, Superstorm Sandy, Commodities market, Marathon Oil, David Caruso  
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3310 clicks; posted to Business » on 05 Mar 2013 at 9:24 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



21 Comments   (+0 »)
   
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2013-03-05 09:38:28 AM  
All these companies getting out of the refining business can't be good for gasoline prices.
 
2013-03-05 09:56:12 AM  
Bummer.  The Hess stations around here have been fixtures for location and price.
 
2013-03-05 10:16:42 AM  
Isn't almost all of the profit squeezed out of a gallon of gas by the time it reaches the gas station's storage tanks?

Then again, it's odd how many oil companies are also spinning off their refining operations.

Because fark you, that's why. That's always the answer. The money's going SOMEWHERE, though. Political slush funds are a likely destination.
 
2013-03-05 10:51:09 AM  
fark the tracks! What about the helicopters?
 
2013-03-05 10:51:55 AM  

wildsnowllama: fark the tracks! What about the helicopters?


Hell, fark the trucks too!
 
2013-03-05 10:52:29 AM  
upload.wikimedia.org

RIP Hesse
 
2013-03-05 10:53:27 AM  
upload.wikimedia.org

RIH Hess
 
2013-03-05 11:01:29 AM  
I hate to hear that.  I only use hess gasoline.
 
2013-03-05 11:27:40 AM  
www.rttnews.com
I hate to break it to you subby, they made millions of these... millions.  The best I can give you is $5 for the lot.
 
2013-03-05 11:42:14 AM  

Fubegra: Isn't almost all of the profit squeezed out of a gallon of gas by the time it reaches the gas station's storage tanks?

Then again, it's odd how many oil companies are also spinning off their refining operations.

Because fark you, that's why. That's always the answer. The money's going SOMEWHERE, though. Political slush funds are a likely destination.


I was wondering about this too -- I was under the impression that those stations are franchises anyway.
 
2013-03-05 12:06:33 PM  
My step-father's father used to buy me one every Xmas, and I always hated them.  I've probably got a dozen or so sitting unopened in a box somewhere.
 
2013-03-05 01:19:01 PM  

Fubegra: Isn't almost all of the profit squeezed out of a gallon of gas by the time it reaches the gas station's storage tanks?

Then again, it's odd how many oil companies are also spinning off their refining operations.

Because fark you, that's why. That's always the answer. The money's going SOMEWHERE, though. Political slush funds are a likely destination.


nearly all the profit in the oil business is in exploration and delivery. Refining tends to be a very low margin business, and retail overall barely breaks even in a good year. Hess' retail operation is profitable, mostly thanks to an energy plant in Bayonne, but not profitable enough to justify more investment.

Hess' stations are mostly company owned. Your local Hess station likely won't be closing, the retail business will be sold off.
 
2013-03-05 01:21:40 PM  

Fubegra: Isn't almost all of the profit squeezed out of a gallon of gas by the time it reaches the gas station's storage tanks?

Then again, it's odd how many oil companies are also spinning off their refining operations.

Because fark you, that's why. That's always the answer. The money's going SOMEWHERE, though. Political slush funds are a likely destination.


I think most of what you're seeing right now in the U.S. is geographical in nature.  Most refiners in the northeast are limited in their access to a variety of the types of crude oils that are out there.  Some of the refineries were also designed to run the types of crude oils that are more expensive today as well - so even if they could buy cheap crude, they may not be able to process it.  Not sure if most people understand that there are varying types of crude oil that range in how much they cost, how intensive they are to refine, and what yield of products you get per barrel.

This problem is only compounded for companies that derive all of their profits from refining, which I think Hess is an example of.
 
2013-03-05 02:13:42 PM  

GoodyearPimp: Bummer.  The Hess stations around here have been fixtures for location and price.


Same here, this blows.  Hopefully a decent (for an oil company) company will buy their locations.
 
2013-03-05 07:05:22 PM  

StrikitRich: All these companies getting out of the refining business can't be good for gasoline prices.


TFA didn't say they were getting out of refining. It said they were getting out of retail and marketing. This means the Hess, ITSELF, will not own any of their gas stations. They will still, presumably, let people pay a license fee to operate under the HESS banner.

Hell ExxonMobil did this a few years ago. "Production" can mean upstream production (Crude and Nat Gas) AND refining you know.
 
2013-03-05 07:14:10 PM  
TFA didn't say they were getting out of refining. It said they were getting out of retail and marketing. This means the Hess, ITSELF, will not own any of their gas stations. They will still, presumably, let people pay a license fee to operate under the HESS banner.

TFA:  Hess has already announced plans sell U.S. oil storage terminals and close a New Jersey refinery as it exits the volatile refining business
 
2013-03-05 08:54:40 PM  

The Singing Bush: My step-father's father used to buy me one every Xmas, and I always hated them.  I've probably got a dozen or so sitting unopened in a box somewhere.


If they are from the 90's, they are worth $8-12 each.
 
2013-03-05 09:09:51 PM  

Fubegra: Isn't almost all of the profit squeezed out of a gallon of gas by the time it reaches the gas station's storage tanks?

Then again, it's odd how many oil companies are also spinning off their refining operations.


What's funny is that the Phillips 66 (downstream spin-off of ConocoPhillips) share price has gone up by 50% since they split, while ConocoPhillips stock has basically stagnated in the same time period.
 
2013-03-05 09:23:58 PM  
there's more money in selling to the war monger in bulk than pumping it out one gallon at a time.
 
2013-03-05 10:07:58 PM  

The Singing Bush: My step-father's father used to buy me one every Xmas, and I always hated them.  I've probably got a dozen or so sitting unopened in a box somewhere.


That's not a bad thing, as there's still a collector's market for them, if they've never been out of their box.

The one to find is the tanker, which was the first one.
 
2013-03-05 10:40:26 PM  

some guy SC: TFA didn't say they were getting out of refining. It said they were getting out of retail and marketing. This means the Hess, ITSELF, will not own any of their gas stations. They will still, presumably, let people pay a license fee to operate under the HESS banner.

TFA:  Hess has already announced plans sell U.S. oil storage terminals and close a New Jersey refinery as it exits the volatile refining business


Huh...missed that part. My bad.
 
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