The parent of Mapco has agreed with its lenders to amend an asset-based lending agreement because of the fatal accident that shut down its Texas refinery last November. Among the terms is a clause that lets the company (Ticker: DK) shift assets from one division to another and a Sept. 30 deadline to get the refinery back up and running. The company last month said it was shooting for a May restart.
Feb 23, 2009 7:51 AM
The roughly 180 Steelworkers Union members (out of a total payroll of about 3,800) that work in the refinery division of Brentwood-based Delek (Ticker: DK) are getting a raise and a signing bonus, but it's not as much as they'd hoped for.
The union, which represents 30,000 employees in the oil industry, said it was not able to negotiate for better health and safety conditions. "The recession had a dampening effect on our proposal for a more significant wage increase," Gary Beevers, the union's vice president and lead negotiator, said in a statement. "Even though the oil companies made record profits the last few years, they used the poor economy as a shield to prevent us from receiving a higher pay increase."
Feb 8, 2009 9:58 PM
Also: Delek boosts borrowing capacity, tacks on $15M
Jan 5, 2009 10:46 PM
Officials from Delek (Ticker: DK) today told investors that rebuilding the Texas refinery where a recent accident ended up killing two workers will take five months and $30 million.
Portions of the sat gas plant, naphtha hydrotreater, piping and the control room were damaged in the blast and fire. The control room also runs the refinery's crude distillation unit.
Dec 12, 2008 6:28 PM
An explosion and fire at Delek Holdings' Texas refinery has injured at least four workers and shut down production. The refining segment of Delek (Ticker: DK) generated 45 percent of the company's profits in the first nine months of the year. UPDATE: The company says six people received medical help.
Nov 21, 2008 12:02 AM
LifePoint in talks to sell two hospitals, Gabelli keeps the faith in Gaylord, Vandy research says private prisons help save money, and more...
Nov 20, 2008 10:07 PM