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BP to Invest in Low-Carbon Projects at Cherry Point Refinery
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BP plc (BP - Free Report) plans to invest $269 million in three projects at its Cherry Point refinery in Washington state to achieve net-zero emissions from operations.
The investment decision came as the company has been under increasing scrutiny for its significant contribution in producing, refining and marketing fossil fuels, which causes climate change.
The projects are aimed toward improving the refinery’s efficiency, reducing emissions and increasing its capacity to produce renewable diesel. The projects include the Hydrocracker Improvement Project (“HIP”), Cooling Water Infrastructure (“CWI”) and the Renewable Diesel Optimization (“RDO”) project.
Of the total, BP plans to invest $169 million in HIP to enhance efficiency as well as reduce periods of planned maintenance to prevent shutdowns and related events. After completion, the hydrocracker will convert natural gas by consuming less hydrogen with lower heat input and produce less CO2 emissions.
The company will invest $55 million in the CWI project, which will improve the cooling water infrastructure, increase the utilization, improve energy efficiency and reduce emissions. Together, the HIP and CWI projects are expected to reduce operational emissions at the Cherry Point refinery by about 160,000 tons per year. This is equivalent to taking more than 32,000 vehicles off the road.
The remaining investment amount will be allocated to the RDO project, which aims to increase the refinery’s current renewable diesel production capability to 2.6 million barrels per year. The increased capability will cut emissions by 400,000-600,000 tons per year.
With the latest investment, BP is well-positioned to provide low-carbon energy to customers as well as creating jobs and reducing emissions from operations. At present, the company supports more than 36,600 jobs in Washington and expects the new projects to create more than 300 local jobs in the next three years.
Cherry Point, which is the state’s largest oil refiner, continues to make efforts toward a low-carbon future that will help the company reach net-zero emissions. The investment is in line with BP’s ambition to obtain net-zero emissions across its operations and reduce 50% of the carbon intensity from its products by 2050.
Company Profile & Price Performance
Headquartered in London, the U.K., BP is a fully integrated energy company, with a strong focus on renewable energy.
Shares of the company have outperformed the industry in the past three months. The stock has gained 10.4% compared with the industry’s 8.5% growth.
Image: Bigstock
BP to Invest in Low-Carbon Projects at Cherry Point Refinery
BP plc (BP - Free Report) plans to invest $269 million in three projects at its Cherry Point refinery in Washington state to achieve net-zero emissions from operations.
The investment decision came as the company has been under increasing scrutiny for its significant contribution in producing, refining and marketing fossil fuels, which causes climate change.
The projects are aimed toward improving the refinery’s efficiency, reducing emissions and increasing its capacity to produce renewable diesel. The projects include the Hydrocracker Improvement Project (“HIP”), Cooling Water Infrastructure (“CWI”) and the Renewable Diesel Optimization (“RDO”) project.
Of the total, BP plans to invest $169 million in HIP to enhance efficiency as well as reduce periods of planned maintenance to prevent shutdowns and related events. After completion, the hydrocracker will convert natural gas by consuming less hydrogen with lower heat input and produce less CO2 emissions.
The company will invest $55 million in the CWI project, which will improve the cooling water infrastructure, increase the utilization, improve energy efficiency and reduce emissions. Together, the HIP and CWI projects are expected to reduce operational emissions at the Cherry Point refinery by about 160,000 tons per year. This is equivalent to taking more than 32,000 vehicles off the road.
The remaining investment amount will be allocated to the RDO project, which aims to increase the refinery’s current renewable diesel production capability to 2.6 million barrels per year. The increased capability will cut emissions by 400,000-600,000 tons per year.
With the latest investment, BP is well-positioned to provide low-carbon energy to customers as well as creating jobs and reducing emissions from operations. At present, the company supports more than 36,600 jobs in Washington and expects the new projects to create more than 300 local jobs in the next three years.
Cherry Point, which is the state’s largest oil refiner, continues to make efforts toward a low-carbon future that will help the company reach net-zero emissions. The investment is in line with BP’s ambition to obtain net-zero emissions across its operations and reduce 50% of the carbon intensity from its products by 2050.
Company Profile & Price Performance
Headquartered in London, the U.K., BP is a fully integrated energy company, with a strong focus on renewable energy.
Shares of the company have outperformed the industry in the past three months. The stock has gained 10.4% compared with the industry’s 8.5% growth.
Zacks Rank & Stocks to Consider
BP currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are NOW Inc. (DNOW - Free Report) , Schlumberger Limited (SLB - Free Report) and Ring Energy, Inc. (REI - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NOW’s earnings for 2021 are expected to surge 1,470% year over year.
Schlumberger’s earnings for 2021 are expected to increase 45.4% year over year.
Ring Energy’s earnings for 2021 are expected to rise 89.3% year over year.