Cenovus Energy Confirms October Start-up of FCC Refinery — OPIS

Cenovus Energy Inc. on Thursday said it had restarted a fluid catalytic cracking (FCC) unit at its 50,000 b/d Superior, Wis., refinery in October, helping to boost the Canadian integrated energy company's U.S. refinery third-quarter utilization rate.

In discussing the company's Q3 financial results with analysts, Chief Executive Jon McKenzie said most of its U.S. refineries ran "at or near full rates" in the quarter.

In addition, Cenovus' completed its purchase of BP Plc's 50% stake the 160,000 b/d Cenovus refinery in Toledo, Ohio. It said the start-up of its Superior refinery increased U.S. systemwide crude utilization to 88% with throughputs of 555,900 b/d in Q3, up from 70% with throughputs of 442,500 b/d in Q2, McKenzie said.

The Superior refinery had been shut since a 2018 explosion and fire that injured 36 workers and caused $550 million in damage. McKenzie also said the 157,000 b/d Borger refinery in Texas is now undergoing maintenance, which will lower the company's U.S. crude throughput in the current quarter. The Borger refinery is 50-50 jointly owned by Cenovus and Phillips 66 and operated by Phillips 66.

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 Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com

(END) Dow Jones Newswires

November 02, 2023 18:39 ET (22:39 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.