NEW YORK, NY — (Marketwire) — 05/16/12 — Refiners have continued to battle costly regulations and high oil prices. The Oil & Gas Refining & Marketing Industry is one of the most regulated in the U.S. and will soon face even more with the implementation of EPA–s Tier III standards. Five Star Equities examines the outlook for companies in the Oil & Gas Refining & Marketing Industry and provides equity research on HollyFrontier Corp. (NYSE: HFC) and InterOil Corporation (NYSE: IOC).
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EPA–s Tier II standards, implemented in 2004, have forced refiners to cut sulfur levels from an average of 300 parts per million to an average of 30 ppm. The 90 percent decrease came at a cost of $10 billion to the industry, while new Tier III rules would see sulfur content in gasoline drop further from 30 ppm to 10 ppm. Tier III would add approximately six to nine cents per gallon in manufacturing costs, according to a report from Baker and O–Brien conducted for the American Petroleum Institute (API).
“We urge the administration to take a step back on Tier III and its other proposed rules,” said Bob Greco, API downstream and industry operations director. “We must be sure that new regulatory proposals are necessary, properly crafted, practical and fair to allow US refiners to remain competitive, preserve good paying refinery jobs and ensure our energy security.”
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HollyFrontier Corporation is among the largest independent petroleum refiners in the United States with operations throughout the mid-continent, southwestern and Rocky Mountain regions. The company reported first quarter net income of $241.7 million or $1.16 per diluted share for the quarter ended March 31, 2012, compared to $84.7 million or $0.79 per diluted share for the quarter ended March 31, 2011.
InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil–s assets consist of petroleum licenses covering about 3.9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. The company recently announced receipt through an unofficial channel, from the Department of Petroleum and Energy (DPE), of a copy of a notice of intention to cancel the 2009 LNG Project Agreement between Liquid Niugini Gas Limited and the Independent State of Papua New Guinea.
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