Philadelphia Energy Solutions (PES) announced last week (on June 26) that it was shutting down its 335-Mb/d refinery in Philadelphia, PA. This announcement came just five days after a major fire destroyed a portion of the refinery, which turned out to be the last straw for the facility that has been struggling financially for many years. Today, we consider the various market impacts that will likely follow the closure of the PES refinery, including its effect on fuel supply, where the closure leaves refinery production capacity in the region and how the refined product supply will need to adjust in response.
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The PES refinery, which has a long history in the Philadelphia region, is currently made up of two adjacent facilities located at Point Breeze and Girard Point (shown in the map to the left in Figure 1). The initial refining facility at Point Breeze was constructed in 1870 by Atlantic Refining Company, while the Girard Point facility was constructed in the 1920s by Gulf Oil. Over the years, the facilities have been modernized and expanded, and ownership has changed hands several times, as shown in the timeline to the right in Figure 1, with the two facilities integrating in 1995 under the Sunoco banner. Sunoco, now a subsidiary of Energy Transfer, reportedly contemplated closure of the refinery in 2012 but subsequently formed a joint venture (JV) with The Carlyle Group called Philadelphia Energy Solutions, or PES. After a bankruptcy restructuring in 2018, Credit Suisse Asset Management and Bardin Hill became majority shareholders in the partnership, leaving The Carlyle Group/Energy Transfer JV with a minority stake.
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About the song
"Another One Bites the Dust" was written by Queen bassist John Deacon, and appears as the third cut on side one of Queen's eighth studio album, The Game. It was the fourth single released from the album in August 1980, and went to #1 on the Billboard Hot 100, #2 on the Hot Soul Singles, and #2 on the Disco Top 100 charts. The single has sold over 7 million copies worldwide to date. It has been covered and sampled by many different artists over the years, and along with Queen's We Are the Champions, is a popular song at sporting events. Personnel on the record were: John Deacon (bass, piano, electric guitar, hand claps), Roger Taylor (drum loops), Brian May (electric guitar), and Freddie Mercury (vocals).
The Game was produced by Queen and Reinhold Mack, and recorded at Musicland Studios in Munich, Germany. It was the first Queen album on which synthesizers were used. The first single released from the album, Crazy Little Thing Called Love, also reached #1 on the Billboard Hot 100, and has sold 2.5 million copies worldwide to date. The Game was Queen's only album to reach #1 on the Billboard Top 200 Albums chart.
Queen is a British rock band formed in London in 1970. The group has released 15 studio albums, 10 live albums, 15 compilation albums, and 72 singles. They have won four Brit Awards four Ivor Novello Awards, and a Grammy Lifetime Achievement Award, and are members of the Rock and Roll Hall of Fame, Songwriters Hall of Fame, and Grammy Hall of Fame. Freddie Mercury passed away in 1991, and John Deacon officially retired from the band in 1997. Brian May and Roger Taylor have toured performing Queen songs with vocalists Paul Rodgers and Adam Lambert. As a side note of interest, guitarist Brian May holds a Ph.D. in astrophysics, and is a science team collaborator with NASA. Asteroid 52665 Brianmay is named after him. He is also a major animal rights activist.
