Cenovus Restores Full Operations at Toledo, Ohio, Refinery -- OPIS
July 27 2023 - 11:40AM
Dow Jones News
Calgary, Alberta-based Cenovus Energy disclosed this morning
that it has achieved full run rates at the 160,000 b/d Toledo,
Ohio, refinery that it now operates, but has yet to conclude the
start-up at a fluid catcracker at the rebuilt Superior refinery in
Wisconsin.
The 50,000 b/d Superior refinery was idle for five years for a
rebuild after a spring 2018 fire and explosion. It began processing
crude in the second quarter and Cenovus is now starting up the FCC.
Cenovus cited utilization of 93% at its 175,000 b/d Lima, Ohio,
refinery. Cenovus took title to full ownership of the Toledo plant
in February, purchasing the interest of former operator BP.
Cenovus also boasts 50% interests in a 150,000 b/d Borger,
Texas, refinery and the 173,000 b/d Wood River, Ill., refinery but
Phillips 66 is the operator of those two facilities. Cenovus
indicated that the Borger facility was impacted by a turnaround as
well as unplanned outages during the quarter, but suggested it is
now fully operational. The Wood River facility successfully
completed a May refinery turnaround.
Refinery managers target only a small amount of maintenance in
the third quarter, amounting to 10,000-12,000 b/d. The fourth
quarter may see 55,000-65,000 b/d of work.
On the upstream side, Cenovus saw upstream output decline to
730,000 barrels of oil equivalent per day in the second quarter,
with turnaround work in progress at its Foster Creek facility in
Alberta, Canada. Alberta wildfires cut into production toward the
end of the quarter.
The disclosures came as Cenovus reported lower second quarter
2023 profit today. The company also downsized its upstream
production outlook thanks to the wildfires and maintenance. Net
income fell to $657.4 million in the period.
This content was created by Oil Price Information Service, which
is operated by Dow Jones & Co. OPIS is run independently from
Dow Jones Newswires and The Wall Street Journal.
--Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Steve
Cronin, scronin@opisnet.com
(END) Dow Jones Newswires
July 27, 2023 12:25 ET (16:25 GMT)
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