Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
You can save money by doing a quick check and unsubscribing from apps you no longer use.Technologyread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Refineries on the U.S. Gulf Coast continued to shut down or curtail operations as Hurricane Harvey barreled toward the nation's main fuel processing hub.
The Category 3 hurricane threatens to dump as much as 35 inches of rain on some areas of the Gulf Coast and cause 12-foot storm surge, raising concerns about flooding at refineries. Companies began controlled shutdowns along the Texas Gulf Coast before Harvey makes landfall on Friday night or Saturday morning.
An orderly shutdown at refineries assures that refiners will not have to rapidly power down the facilities, which can cause damage to equipment. Refiners ideally want at least two to three days to cease operations, according to energy research firm Wood Mackenzie.
The Gulf Coast is home to nearly half of U.S. refining capacity, or about 9 million barrels a day.
Valero is shutting down refineries in Corpus Christi and Three Rivers with combined capacity to refine about 380,000 barrels a day, according to Reuters.
Two other Corpus Christi refineries have also begun winding down operations. Flint Hills Resources is closing its nearly 300,000-barrels-a-day facility, while Citgo Petroleum is winding down its 157,000-barrels-a-day plant, Reuters reported.
Plastics, chemicals and refining company LyondellBasell was preparing for heavy rainfall at five regional plants, including a Houston refinery capable of refining 268,500 barrels a day, according to Reuters. LyondellBasell also initiated shutdowns at four of its chemicals and plastics manufacturing facilities in the region on Thursday.
Phillips 66 said its refining operations have not been affected, though it suspended operations at its Freeport export terminal.
A spokesperson for Marathon Petroleum told CNBC it considers the status of its refining units to be competitive information, so it does not discuss specifics of its operations. However, Reuters reported Marathon's nearly 500,000-barrels-a-day refinery in Galveston is curtailing rates but had no plans to shut down.
Several other refiners did not return requests for comment.
It will take refineries roughly one to two weeks to get back to full capacity if Harvey makes landfall as a Category 2 hurricane, according to Andy Lipow, president of Lipow Oil Associates. It could take two to three weeks if Harvey arrives on land as a Category 3 hurricane, he said.
Harvey is expected to bring heavy rain and significant storm surge. Flooding at refineries could extend outages to weeks or months, analysts and experts say.