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Suncor (SU) to See Commerce City Refinery Turnaround in April

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Suncor Energy Inc.'s (SU - Free Report) 98,000-barrel-per-day Commerce City Refinery in the suburbs of Denver will soon start a turnaround in mid-April that will last through the first week of June, per a company executive.

Plants 1 and 3 of the facility will undergo a turnaround in the middle of the current month. Suncor will upgrade a gasoline-making fluid catalytic cracking unit (FCCU) at Plant 1 during the turnaround. The company completed a similar overhauling of the FCCU in Plant 2's automatic shutdown system last year.

In Plant 2, an additional control unit, improved instrumentation, automatic shutdown valves and new hydraulic pressure systems will be installed by 2023. The enhancements will cost a total of about $12 million with nearly $10 million allocated to the Plant 2 upgrades.

Also, recently, Suncor announced the results of a third-party investigation into pollution violations at its Colorado plant from 2017 to 2019. The Commerce City refinery signed a $9-million settlement with the Colorado Department of Public Health and Environment (CDPHE) to address air-pollution violations dating back to 2017.

The refinery's architecture complied with the environmental regulations and it was adequately financed, according to the report. However, it identified certain areas for improvement, such as staff training and system upgrades.

Company Profile

Founded in 1917, Suncor is Canada's premier integrated energy company. Its operations include oil sand development and upgrade, conventional and offshore crude oil and gas production, and petroleum refining and product marketing. Suncor is one of the largest owners of oil sands in the world.

Zacks Rank & Key Picks

Suncor currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy space are Matador Resources Company (MTDR - Free Report) , Diamondback Energy, Inc. (FANG - Free Report) and Devon Energy Corporation (DVN - Free Report) ,each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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