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Shell (RDS.A) Starts the Final Closedown of Convent Refinery
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Royal Dutch Shell Plc. recently commenced the shutdown of its Convent Refinery in South Louisiana as it was unable to find a viable buyer for the facility.
Per Reuters, the oil giant started the termination process by suspending 12,000 barrels per day (bpd) isomerization unit earlier this week followed by rendering its 36,000-bpd diesel hydrotreater inactive. Post conclusion of the shutdown activity by this year-end, Shell will keep the refinery on the market.
Last week, Shell reached an agreement with the United Steelworkers union (USW) on a severance package for 350 hourly workers at Convent. Per the deal, hourly employees at the refinery will be reimbursed three weeks for every year of service with a minimum of 12 weeks and a maximum of 78 weeks.
Last month, management announced that it willclose down the Convent Refinery due to slumping fuel demand as a consequence of the pandemic. The decision was in line with the company’s strategy to limit its number of operational refineries from 14 to 6 by 2025 as part of its goals to shift to alternative energy. The remaining facilities will have integrated oil refineries and petrochemical plants.
Further, this currently Zacks Rank #3 (Hold) company plans to invest in a core set of integrated manufacturing sites for a carbon-neutral future. Per management, a lasting association of these core sites with the company’s trading hubs alongside the production of chemical substances and other products adaptable to a low-carbon environment bodes well. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Convent facility, located along the Mississippi River midway between Baton Rouge and New Orleans, is equipped with a refining capacity of 211,100 barrels a day with a workforce of nearly 700. Following the shutdown, Shell will prioritize doling out sops to its staff by opening a selective voluntary severance program. This will enable workers to seek employment within and outside the company.
The above strategic stand was taken amid successive shut-offs of refineries in the United States by downstream service providers like Marathon Petroleum Corp. (MPC - Free Report) , PBF Energy (PBF - Free Report) and Phillips 66 (PSX - Free Report) . While some facilities are being shuttered permanently, others will be transformed into renewable diesel plants due to shrinking oil demand. Significantly, Shell wants to reserve its refineries with petrochemical segments including the one in Louisiana and aims to become a net zero-emission company for a low-carbon future.
Company Profile
Shell is one of the primary oil majors — a group of U.S. and Europe-based big energy multinationals — with global operations. The company is fully integrated as it participates in every aspect related to energy, right from oil production to refining and marketing.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Shell (RDS.A) Starts the Final Closedown of Convent Refinery
Royal Dutch Shell Plc. recently commenced the shutdown of its Convent Refinery in South Louisiana as it was unable to find a viable buyer for the facility.
Per Reuters, the oil giant started the termination process by suspending 12,000 barrels per day (bpd) isomerization unit earlier this week followed by rendering its 36,000-bpd diesel hydrotreater inactive. Post conclusion of the shutdown activity by this year-end, Shell will keep the refinery on the market.
Last week, Shell reached an agreement with the United Steelworkers union (USW) on a severance package for 350 hourly workers at Convent. Per the deal, hourly employees at the refinery will be reimbursed three weeks for every year of service with a minimum of 12 weeks and a maximum of 78 weeks.
Last month, management announced that it willclose down the Convent Refinery due to slumping fuel demand as a consequence of the pandemic. The decision was in line with the company’s strategy to limit its number of operational refineries from 14 to 6 by 2025 as part of its goals to shift to alternative energy. The remaining facilities will have integrated oil refineries and petrochemical plants.
Further, this currently Zacks Rank #3 (Hold) company plans to invest in a core set of integrated manufacturing sites for a carbon-neutral future. Per management, a lasting association of these core sites with the company’s trading hubs alongside the production of chemical substances and other products adaptable to a low-carbon environment bodes well. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Convent facility, located along the Mississippi River midway between Baton Rouge and New Orleans, is equipped with a refining capacity of 211,100 barrels a day with a workforce of nearly 700. Following the shutdown, Shell will prioritize doling out sops to its staff by opening a selective voluntary severance program. This will enable workers to seek employment within and outside the company.
The above strategic stand was taken amid successive shut-offs of refineries in the United States by downstream service providers like Marathon Petroleum Corp. (MPC - Free Report) , PBF Energy (PBF - Free Report) and Phillips 66 (PSX - Free Report) . While some facilities are being shuttered permanently, others will be transformed into renewable diesel plants due to shrinking oil demand. Significantly, Shell wants to reserve its refineries with petrochemical segments including the one in Louisiana and aims to become a net zero-emission company for a low-carbon future.
Company Profile
Shell is one of the primary oil majors — a group of U.S. and Europe-based big energy multinationals — with global operations. The company is fully integrated as it participates in every aspect related to energy, right from oil production to refining and marketing.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>