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		<title>Hurricane Harvey raised the market value of Valero, Marathon Petroleum, and other oil refineries by millions — Quartz</title>

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			<span class="kicker">SUPPLY IN DEMAND</span>
		<h1 itemprop="headline">Hurricane Harvey has raised the market value of US oil-refining companies by millions</h1>	<div class="item-meta-mobile"><div class="byline item-meta-row">
	<h5>Written by</h5>

	
		
			
			<a href="https://qz.com/author/pvarathanqz/" class="author-name" data-index="0" itemprop="author">Preeti Varathan</a>

			
			
			
		
		
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			<span class="timestamp" itemprop="datePublished">August 30, 2017</span>
	
	
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			<a href="https://qz.com/author/pvarathanqz/" class="author-name" data-index="0" itemprop="author">Preeti Varathan</a>

			
			
			
		
		
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			<span class="timestamp" itemprop="datePublished">August 30, 2017</span>
	
	
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<p>Most Texan oil refineries are offline&mdash;underwater, flood damaged, and in the short term, closed for business. Close to <a href="https://www.forbes.com/sites/kenrapoza/2017/08/28/heres-how-many-barrels-of-oil-have-been-lost-to-hurricane-harvey/#445e112e34ec">2.2 million barrels of capacity</a> sit idle each day. Today (Aug. 30), the largest refinery in the country, owned by the privately held company Motiva, <a href="https://www.cnbc.com/2017/08/30/motiva-shuts-port-arthur-texas-refinery-due-to-flooding.html">shut down</a>, marking an additional 603,000 barrels-per-day of lost productivity.</p>
<p>And share prices for petroleum refining companies are up since the forecasts for Harvey <a href="http://www.wlox.com/story/36188029/first-alert-harvey-to-bring-heavy-rainfall-to-gulf-coast">started to worsen</a> on Aug. 22. <a href="https://www.reuters.com/article/us-global-oil-idUSKCN1B201V">Gasoline futures</a> also started to rise in anticipation of the storm, which hit on Aug. 25.</p>
<p>Texas is central to every step of the US gasoline supply chain. Its gulf coast houses nearly a <a href="https://www.eia.gov/state/analysis.php?sid=TX">third</a> of US refining capacity, with 30 operable refineries. The broader Gulf of Mexico region is responsible for close to 20% of all US crude production, and Texas, specifically, is home to 19 of the largest oil fields in the US.</p>
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<p>In response to Hurricane Harvey, Valero, the largest petroleum refinery company in the US, shut down its facilities in Texas. Three days into the storm, its share price was more than 4% up. Other major refiners, all with locations in Texas, have seen similar stock performances. Three major players in Texas&mdash;Valero, Phillips 66, and Marathon Petroleum&mdash;gained more than $850 million in value while their refineries were inundated by as much as 40 inches of rain. Their facilities elsewhere are operating, however.</p>
<div class="inline-ad" id="inline-1064975-1"></div><p>Harvey created ideal conditions for a knee-jerk share price jump. The storm strangled supply chains, pushing crude to a <a href="http://www.marketwatch.com/story/oil-sees-bumpy-trade-in-harveys-aftermath-2017-08-29">one-month low</a>, and shut down refineries, ratcheting up the price of gas. Companies that primarily convert crude into gasoline are temporarily in luck&mdash;their input is now extremely cheap and their output could cost up to <a href="https://www.cnbc.com/2017/08/28/gas-prices-could-jump-more-than-10-percent-by-labor-day-weekend.html">25 cents more</a>. The cost of damages will roll over to insurance companies. The cost of days to weeks of productivity losses will hit consumers nationally, at the gas pump.</p>
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<p>This is in part why ExxonMobil and Royal Dutch Shell&rsquo;s stocks have not faired as well as other refining companies&mdash;they have <a href="https://www.forbes.com/sites/laurengensler/2017/05/24/the-worlds-largest-oil-and-gas-companies-2017-exxon-mobil-reigns-supreme-chevron-slips/#3f9d67444f87">massive</a> investments in crude oil. The price of West Texas Intermediate, &ldquo;Texas light sweet&rdquo; crude, has been down by almost 1% since the state&rsquo;s refineries went offline.</p>
<p>Still, everything is not quite so rosy for refineries. The shutdowns are forcing international buyers, of both crude and gasoline, to take their <a href="https://www.csis.org/analysis/energy-impacts-harvey-will-be-felt-globally/?block3">business elsewhere,</a> raising demand for foreign raw and refined products.</p>
<div class="inline-ad" id="inline-1064975-2"></div><p><em><strong>Correction:</strong> An earlier version of this article misstated the gain in market value for four major refiners. It was more than $850 million, not more than $14 million. </em></p>
<p><em>This story was updated with details of Motiva&rsquo;s refinery closing due to flooding and to clarify when refinery-company share prices started to rise.</em></p>
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	QZ.bootstrap = {"https:\/\/qz.com\/api\/article\/1064975\/":{"version":3,"header":{"name":"Article","path":"article\/1064975\/","slug":"article","type":"article"},"items":[{"id":1064975,"title":"Hurricane Harvey has raised the market value of US oil-refining companies by millions","slug":"hurricane-harvey-has-raised-the-market-value-of-us-oil-refining-companies-by-millions","permalink":"https:\/\/qz.com\/1064975\/hurricane-harvey-has-raised-the-market-value-of-us-oil-refining-companies-by-millions\/","date":{"published":"2017-08-30 11:00:20","updated":"2017-08-31 00:51:11","pretty":"August 30, 2017"},"postType":"article","summary":"Most Texan oil refineries are offline\u2014underwater, flood damaged, and in the short term, closed for business. Close to 2.2 million barrels of capacity sit idle&hellip;","inlineAds":["inline-1064975-1","inline-1064975-2"],"content":"\n<p>Most Texan oil refineries are offline&mdash;underwater, flood damaged, and in the short term, closed for business. Close to <a href=\"https:\/\/www.forbes.com\/sites\/kenrapoza\/2017\/08\/28\/heres-how-many-barrels-of-oil-have-been-lost-to-hurricane-harvey\/#445e112e34ec\">2.2 million barrels of capacity<\/a> sit idle each day. Today (Aug. 30), the largest refinery in the country, owned by the privately held company Motiva, <a href=\"https:\/\/www.cnbc.com\/2017\/08\/30\/motiva-shuts-port-arthur-texas-refinery-due-to-flooding.html\">shut down<\/a>, marking an additional 603,000 barrels-per-day of lost productivity.<\/p>\n<p>And share prices for petroleum refining companies are up since the forecasts for Harvey <a href=\"http:\/\/www.wlox.com\/story\/36188029\/first-alert-harvey-to-bring-heavy-rainfall-to-gulf-coast\">started to worsen<\/a> on Aug. 22. <a href=\"https:\/\/www.reuters.com\/article\/us-global-oil-idUSKCN1B201V\">Gasoline futures<\/a> also started to rise in anticipation of the storm, which hit on Aug. 25.<\/p>\n<p>Texas is central to every step of the US gasoline supply chain. Its gulf coast houses nearly a <a href=\"https:\/\/www.eia.gov\/state\/analysis.php?sid=TX\">third<\/a> of US refining capacity, with 30 operable refineries. The broader Gulf of Mexico region is responsible for close to 20% of all US crude production, and Texas, specifically, is home to 19 of the largest oil fields in the US.<\/p>\n<div class=\"atlas-chart\" data-id=\"Syr8uQXtb\" data-width=\"640\" data-height=\"449\"><img src=\"https:\/\/www.theatlas.com\/i\/atlas_Syr8uQXtb.png\" style=\"max-width: 100%;\"><\/div>\n<p>In response to Hurricane Harvey, Valero, the largest petroleum refinery company in the US, shut down its facilities in Texas. Three days into the storm, its share price was more than 4% up. Other major refiners, all with locations in Texas, have seen similar stock performances. Three major players in Texas&mdash;Valero, Phillips 66, and Marathon Petroleum&mdash;gained more than $850 million in value while their refineries were inundated by as much as 40 inches of rain. Their facilities elsewhere are operating, however.<\/p>\n<div class=\"inline-ad\" id=\"inline-1064975-1\"><\/div><p>Harvey created ideal conditions for a knee-jerk share price jump. The storm strangled supply chains, pushing crude to a <a href=\"http:\/\/www.marketwatch.com\/story\/oil-sees-bumpy-trade-in-harveys-aftermath-2017-08-29\">one-month low<\/a>, and shut down refineries, ratcheting up the price of gas. Companies that primarily convert crude into gasoline are temporarily in luck&mdash;their input is now extremely cheap and their output could cost up to <a href=\"https:\/\/www.cnbc.com\/2017\/08\/28\/gas-prices-could-jump-more-than-10-percent-by-labor-day-weekend.html\">25 cents more<\/a>. The cost of damages will roll over to insurance companies. The cost of days to weeks of productivity losses will hit consumers nationally, at the gas pump.<\/p>\n<div class=\"atlas-chart\" data-id=\"ByB4VwmKZ\" data-width=\"640\" data-height=\"449\"><img src=\"https:\/\/www.theatlas.com\/i\/atlas_ByB4VwmKZ.png\" style=\"max-width: 100%;\"><\/div>\n<p>This is in part why ExxonMobil and Royal Dutch Shell&rsquo;s stocks have not faired as well as other refining companies&mdash;they have <a href=\"https:\/\/www.forbes.com\/sites\/laurengensler\/2017\/05\/24\/the-worlds-largest-oil-and-gas-companies-2017-exxon-mobil-reigns-supreme-chevron-slips\/#3f9d67444f87\">massive<\/a> investments in crude oil. The price of West Texas Intermediate, &ldquo;Texas light sweet&rdquo; crude, has been down by almost 1% since the state&rsquo;s refineries went offline.<\/p>\n<p>Still, everything is not quite so rosy for refineries. The shutdowns are forcing international buyers, of both crude and gasoline, to take their <a href=\"https:\/\/www.csis.org\/analysis\/energy-impacts-harvey-will-be-felt-globally\/?block3\">business elsewhere,<\/a> raising demand for foreign raw and refined products.<\/p>\n<div class=\"inline-ad\" id=\"inline-1064975-2\"><\/div><p><em><strong>Correction:<\/strong> An earlier version of this article misstated the gain in market value for four major refiners. It was more than $850 million, not more than $14 million. <\/em><\/p>\n<p><em>This story was updated with details of Motiva&rsquo;s refinery closing due to flooding and to clarify when refinery-company share prices started to rise.<\/em><\/p>\n","hero":{"id":1065272,"alt":"Temporarily out of office.","caption":"Temporarily out of office.","credit":"Reuters\/Donna Carson","width":2183,"height":1232,"aspectRatio":1.7719155844156,"url":"https:\/\/qzprod.files.wordpress.com\/2017\/08\/rtx2w6av-e1504041456977.jpg?quality=80&strip=all&w=2183","size":"extra-large"},"kicker":"SUPPLY IN DEMAND","seoTitle":"Hurricane Harvey raised the market value of Valero, Marathon Petroleum, and other oil refineries by millions","facebookDescription":"The loss in productivity will be paid for by consumers at the pump.","edition":"global","taxonomies":{"obsession":[],"tags":[{"name":"andeavor","slug":"andeavor"},{"name":"barrels","slug":"barrels"},{"name":"Climate change","slug":"climate-change"},{"name":"crude","slug":"crude-2"},{"name":"extreme weather","slug":"extreme-weather-2"},{"name":"Exxon","slug":"exxon"},{"name":"gas","slug":"gas"},{"name":"gasoline","slug":"gasoline"},{"name":"Global warming","slug":"global-warming"},{"name":"Harvey","slug":"harvey"},{"name":"hurricane","slug":"hurricane"},{"name":"Hurricane Harvey","slug":"hurricane-harvey"},{"name":"Marathon Petroleum","slug":"marathon-petroleum"},{"name":"million","slug":"million"},{"name":"oil","slug":"oil"},{"name":"performance","slug":"performance"},{"name":"philips 66","slug":"philips-66"},{"name":"Price","slug":"price"},{"name":"share","slug":"share"},{"name":"Shell","slug":"shell"},{"name":"stock","slug":"stock"},{"name":"Texas","slug":"texas"},{"name":"tropical storm harvey","slug":"tropical-storm-harvey"},{"name":"valero","slug":"valero"}],"qz_series":[],"topic":[{"name":"Finance and economics","slug":"finance-and-economics"}]},"byline":{"authors":[{"name":"Preeti Varathan","username":"pvarathanqz","url":"https:\/\/qz.com\/author\/pvarathanqz\/","twitter":"preeti_varathan"}],"type":"author","label":"Written by"},"share":{"twitter":"https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Fqz.com%2F1064975&text=Hurricane%20Harvey%20has%20raised%20the%20market%20value%20of%20US%20oil-refining%20companies%20by%20millions&via=qz","facebook":"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fqz.com%2F1064975%2Fhurricane-harvey-has-raised-the-market-value-of-us-oil-refining-companies-by-millions%2F&caption=qz.com%20%7C%20By%20Preeti%20Varathan","linkedin":"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https%3A%2F%2Fqz.com%2F1064975%2Fhurricane-harvey-has-raised-the-market-value-of-us-oil-refining-companies-by-millions%2F&title=Hurricane%20Harvey%20has%20raised%20the%20market%20value%20of%20US%20oil-refining%20companies%20by%20millions&summary=Most%20Texan%20oil%20refineries%20are%20offline%E2%80%94underwater%2C%20flood%20damaged%2C%20and%20in%20the%20short%20term%2C%20closed%20for%20business.%20Close%20to%202.2%20million%20barrels%20of%20capacity%20sit%20idle%E2%80%A6&source=Quartz","email":"mailto:?subject=Quartz%3A%20Hurricane%20Harvey%20has%20raised%20the%20market%20value%20of%20US%20oil-refining%20companies%20by%20millions&body=https%3A%2F%2Fqz.com%2F1064975%2Fhurricane-harvey-has-raised-the-market-value-of-us-oil-refining-companies-by-millions%2F%0A%0AMost%20Texan%20oil%20refineries%20are%20offline%E2%80%94underwater%2C%20flood%20damaged%2C%20and%20in%20the%20short%20term%2C%20closed%20for%20business.%20Close%20to%202.2%20million%20barrels%20of%20capacity%20sit%20idle%E2%80%A6%0A%0ASign%20up%20for%20the%20Quartz%20Daily%20Brief%3A%20https%3A%2F%2Fbit.ly%2Fquartzdailybrief.","whatsapp":"whatsapp:\/\/send?text=Hurricane%20Harvey%20has%20raised%20the%20market%20value%20of%20US%20oil-refining%20companies%20by%20millions%3A+https%3A%2F%2Fqz.com%2F1064975%2Fhurricane-harvey-has-raised-the-market-value-of-us-oil-refining-companies-by-millions%2F"}}]}};
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