WASHINGTON, D.C. — American Fuel & Petrochemical Manufacturers (AFPM) today issued the following statement from Rob Benedict, AFPM Vice President of Petrochemicals & Midstream, commending the U.S. Surface Transportation Board (STB) on its unanimous decision to amend the emergency service regulations for freight rail. The final rule, finalized Wednesday, streamlines the process for rail shippers to request and receive emergency relief when faced with severe deteriorations in rail service.
Publicly owned companies, like many U.S. refineries, have a fiduciary responsibility (which is a legal obligation) to act in the best interest of their shareholders, and that extends to how companies spend their earnings. Often, earnings are spent on a combination of the following: direct dividends, stock buy back programs, paying down debt and capital investment projects.