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Bullboard - Stock Discussion Forum Cenovus Energy Inc T.CVE

Alternate Symbol(s):  CVE | CVE.WS | T.CVE.WT | T.CVE.PR.A | CNVEF | T.CVE.PR.B | T.CVE.PR.C | T.CVE.PR.E | T.CVE.PR.G

Cenovus Energy Inc. is a Canada-based integrated energy company. The Company has oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The Company's segments include Upstream, Downstream, and Corporate and Eliminations. Its Upstream segment includes Oil Sands, Conventional, and Offshore.... see more

TSX:CVE - Post Discussion

Cenovus Energy Inc > BIG Houston TX REFINERY CLOSING Giving CVE + MARKET ACCESS
View:
Post by ztransforms173 on Nov 02, 2024 2:07pm

BIG Houston TX REFINERY CLOSING Giving CVE + MARKET ACCESS

- CVE has a 50% OWNERSHIP INTEREST {Phillips66 is the OPERATOR & has the other 50%} in the BORGER Refinery in Borger Texas

See:


https://www.phillips66.com/refining/borger-refinery/

^^^

Another US oil refinery to vanish with Lyondell Houston plant closing

 
 


Chemical maker LyondellBasell Industries on Friday detailed its long-announced plan to permanently shutter its 263,776 barrel-per-day (bpd) Houston oil refinery in the first quarter of 2025.

 

The planned closing marks the latest in a wave of U.S. refinery closures as motor fuel demand is expected to peak this decade and decline under pressure from renewable fuels and electric vehicles.

In January, one of the facility’s crude distillation units (CDU) and coker production train will shut, Lyondell refining chief Kim Foley told analysts on a call to discuss third-quarter results.

In February, the second CDU-coker production train, which supplies the gasoline-producing fluidic catalytic cracker (FCC) and ancillary units, will shut, ending motor fuel production, Foley said.

For the fourth quarter of this year, Lyondell plans to run the refinery at 90% of its capacity.

Lyondell originally planned to shutter the Houston refinery in 2023, but extended its life due to strong fuel margins. Last month, rival U.S. refiners Phillips 66 and Valero Energy announced plans to close one California refinery and put two others under review for possible closure in that state.

Phillips 66’s 139,000-bpd Los Angeles refinery will cease production by the end of 2025.

“The refinery, if you think back historically, was originally designed to process in-state California crude production, and that has declined by about 75%,” CEO Mark Lashier said.

Valero CEO Lane Riggs said last month “all options are the table” for the company’s 91,300-bpd Wilmington and 145,000-bpd Benicia, California, refineries. New California laws for maintaining emergency inventories would penalize operators and make their refineries unprofitable, Valero said in a filing with the U.S. Securities and Exchange Commission.

In the last wave of U.S. refinery closures, which occurred between 2017 and 2022, nine crude oil refineries with a combined capacity of 1.2 million bpd were idled or converted to production of renewable fuels.

(Reporting by Erwin Seba in Houston Editing by Matthew Lewis)

https://boereport.com/2024/11/01/another-us-oil-refinery-to-vanish-with-lyondell-houston-plant-closing/

***

- Reuters does NOT MENTION that a BIG REFINERY {(Philadelphia Energy Solutions (PES) - 335,000 bbls/d} EXPLODED in Philadelphia, PA in 2019 and the PRIVATE EQUITY OWNER COLLECTED the INSURANCE MONEY & NEVER REBUILT IT

z173

Comment by ztransforms173 on Nov 02, 2024 2:28pm
- BORGER Refinery has 36,000 bbls/d of HEAVY OIL REFINING CAPACITY out of the TOTAL 150,000 bbls/d OPERABLE CAPACITY - it has ACCESS to the SOBO KEYSTONE pipeline from Canada so a LOT of WCS BARRELS 'could' be USED as FEEDSTOCK depending on the COMPETING PRICES & AVAILABILITY of heavy oil crudes like WEST TEXAS SOUR z173
Comment by Albatross on Nov 02, 2024 3:59pm
Unknown to a lot of people heavy oil has a high demand because of its ability to be cracked into molecules that are ideal for jet fuel and diesel production which is predicted to increase in demand as opposed to drop, unlike gasoline... (as airplanes and diesel trucks are hard to replace with batteries) the refineries that are able to crack the heavy are more complex and therefore more expensive ...more  
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