Carlyle-backed refiner seeks to crack IPO market

摘要

Oil refiners continue to thrive whether oil is at US$100 or sub-US$50. Large refiners with diversified operations are more likely to use excess cashflows generated to buy back stock than sell, as evidenced by valero energy's recent share repurchase authorisation of US$2.5bn. Philadelphia energy solutions, operator of the largest refinery on the East Coast, is an exception. The company is taking advantage of the strong operating environment to float an IPO that will see principal owner Carlyle Group cash out a portion of its investments.