Chevron Refinery Woes May Cost $50 Million

Chevron Corp. estimates refinery troubles will cost it between $30 million and $50 million in the third quarter, a spokeswoman said. Chevron’s Richmond refinery near San Francisco had problems at two key gasoline-making units in the first half of the third quarter. A March fire damaged a hydrocracking unit, which has been down for repairs estimated to last until the end of the year. A fluid catalytic cracker was offline from July 11 to Aug. 20 for unexpected repairs. Chevron officials estimate that ongoing repairs to the hydrocracker are restricting gasoline-making capacity at its two California refineries by 10%. Chevron’s other California refinery at El Segundo is operating normally. Chevron stock closed unchanged at $95.94 on the NYSE.