Oil firm Flying J applies for bankruptcy
from web site
NEW YORK - Traveling J, a privately held oil manufacturer, refiner and pipeline operator, filed for Phase 11 bankruptcy security on Monday, citing weak oil costs and also chaos in the credit markets.
The business detailed projected obligations between $100 million to $500 million and properties of more than $1 billion, according to papers filed with the UNITED STATE Personal Bankruptcy Court in the District of Delaware.
"With this unexpected as well as unexpected lack of ability to meet our liquidity requires, we regret that we had nothing else option than a Chapter 11 filing to enable us to support our financial base," J. Phillip Adams, its head of state and also chief executive, stated in a statement.
Flying J had 2007 sales of more than $16 billion from its rate of interests in about 200 oil as well as gas wells in the Rocky Hill region, a 70,000-barrels-per-day refinery in Bakersfield, California, a 35,000-barrels-per-day Utah refinery, 250 retail outlets and also a 700-mile polished items pipe possessed by its Longhorn Pipeline Holdings device.
The business does not expect any type of layoffs as part of the bankruptcy declaring.
West Coastline fine-tuned products traders state the business's insolvency is not most likely to affect items supply there.
Oil as well as gas costs have collapsed from their highs in July, with crude oil losing greater than 70 percent of its value.
Refining margins in the Rocky Mountains and on the West Coastline are commonly amongst the highest possible in the country due to an absence of local refining as well as pipe capability.
Over the previous four weeks, refiners in the Mountain ranges saw typical gross margins of $8.46 per barrel, while West Coast refiners pulled in $13.26 per barrel, according to a research study note from Credit score Suisse.
Chelating Agent contrasts to $2.72 per barrel in the refinery as well as pipeline-heavy Gulf Shore, according to the note.
Among the business's top creditors were Zions Bancorp (ZION.O), with $85.8 million in impressive bank loans; ConocoPhillips (COP.N), with $69.4 million in profession financial obligation; and Barry Petroleum, with $26.1 million in profession debt.
The business detailed projected obligations between $100 million to $500 million and properties of more than $1 billion, according to papers filed with the UNITED STATE Personal Bankruptcy Court in the District of Delaware.
"With this unexpected as well as unexpected lack of ability to meet our liquidity requires, we regret that we had nothing else option than a Chapter 11 filing to enable us to support our financial base," J. Phillip Adams, its head of state and also chief executive, stated in a statement.
Flying J had 2007 sales of more than $16 billion from its rate of interests in about 200 oil as well as gas wells in the Rocky Hill region, a 70,000-barrels-per-day refinery in Bakersfield, California, a 35,000-barrels-per-day Utah refinery, 250 retail outlets and also a 700-mile polished items pipe possessed by its Longhorn Pipeline Holdings device.
The business does not expect any type of layoffs as part of the bankruptcy declaring.
West Coastline fine-tuned products traders state the business's insolvency is not most likely to affect items supply there.
Oil as well as gas costs have collapsed from their highs in July, with crude oil losing greater than 70 percent of its value.
Refining margins in the Rocky Mountains and on the West Coastline are commonly amongst the highest possible in the country due to an absence of local refining as well as pipe capability.
Over the previous four weeks, refiners in the Mountain ranges saw typical gross margins of $8.46 per barrel, while West Coast refiners pulled in $13.26 per barrel, according to a research study note from Credit score Suisse.
Chelating Agent contrasts to $2.72 per barrel in the refinery as well as pipeline-heavy Gulf Shore, according to the note.
Among the business's top creditors were Zions Bancorp (ZION.O), with $85.8 million in impressive bank loans; ConocoPhillips (COP.N), with $69.4 million in profession financial obligation; and Barry Petroleum, with $26.1 million in profession debt.
