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Phillips 66 (PSX) Halts Crude at Rodeo Refinery in February
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Phillips 66 (PSX - Free Report) ), a leading energy company, announced its decision to temporarily shut down crude oil processing operations at the Rodeo refinery in California during February. This strategic move is part of the company's larger plan to change the facility to a renewable fuel production hub by the end of the first quarter.
During a post-earnings conference call on Wednesday, Phillips 66 revealed that it had already taken one crude unit offline last month but continued to process crude feedstocks in January. However, the company now plans to cease all crude processing activities in February.
Refining’s senior vice president, Rich Harbison, mentioned the timeline for the refinery's transition. He stated that one of the converted hydrocrackers is expected to start operating in March, rapidly reaching around 50% of its stated capacity. Following this, the completion of a pre-treatment unit (PTU) and a second hydrocracker is anticipated in April. The commissioning of these units is scheduled to extend into May. Upon the successful operation of the PTU, Phillips 66 plans to shift its processing focus to lower carbon intensity feedstocks, such as fats, greases and tallows, starting late second quarter and continuing into the third quarter.
The Rodeo refinery, currently operating at 115,000 barrels per day (bbl/d), is undergoing a significant transition to establish itself as a prominent player in the renewable energy sector. The facility is projected to achieve an initial production capacity of more than 50,000 bbl/d of renewable diesel by the end of the second quarter, marking a milestone for PSX.
Zacks Rank & Key Picks
Currently, Phillips 66 carries a Zack Rank #3 (Hold).
Vaalco Energy is an independent energy company principally engaged in the acquisition, exploration, development, and production of crude oil and natural gas.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $1.49. It has witnessed upward earnings estimate revisions for 2024 in the past 60 days. EGY’s earnings for 2024 are expected to surge 325.7% year over year.
Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.
The Zacks Consensus Estimate for SUBCY’s 2024 EPS is pegged at 89 cents. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days. EGY’s earnings for 2024 are expected to soar 242.3% year over year.
Oceaneering International is one of the leading suppliers of offshore equipment and technology solutions to the energy industry.
The Zacks Consensus Estimate for OII’s 2024 EPS is pegged at $1.52. It has a Zacks Style Score of A for Growth and B for Value. OII’s earnings for 2024 are expected to surge 76.4% year over year.
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Phillips 66 (PSX) Halts Crude at Rodeo Refinery in February
Phillips 66 (PSX - Free Report) ), a leading energy company, announced its decision to temporarily shut down crude oil processing operations at the Rodeo refinery in California during February. This strategic move is part of the company's larger plan to change the facility to a renewable fuel production hub by the end of the first quarter.
During a post-earnings conference call on Wednesday, Phillips 66 revealed that it had already taken one crude unit offline last month but continued to process crude feedstocks in January. However, the company now plans to cease all crude processing activities in February.
Refining’s senior vice president, Rich Harbison, mentioned the timeline for the refinery's transition. He stated that one of the converted hydrocrackers is expected to start operating in March, rapidly reaching around 50% of its stated capacity. Following this, the completion of a pre-treatment unit (PTU) and a second hydrocracker is anticipated in April. The commissioning of these units is scheduled to extend into May. Upon the successful operation of the PTU, Phillips 66 plans to shift its processing focus to lower carbon intensity feedstocks, such as fats, greases and tallows, starting late second quarter and continuing into the third quarter.
The Rodeo refinery, currently operating at 115,000 barrels per day (bbl/d), is undergoing a significant transition to establish itself as a prominent player in the renewable energy sector. The facility is projected to achieve an initial production capacity of more than 50,000 bbl/d of renewable diesel by the end of the second quarter, marking a milestone for PSX.
Zacks Rank & Key Picks
Currently, Phillips 66 carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked companies like Vaalco Energy (EGY - Free Report) , Subsea 7 S.A. (SUBCY - Free Report) and Oceaneering International, Inc. (OII - Free Report) , which presently sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Vaalco Energy is an independent energy company principally engaged in the acquisition, exploration, development, and production of crude oil and natural gas.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $1.49. It has witnessed upward earnings estimate revisions for 2024 in the past 60 days. EGY’s earnings for 2024 are expected to surge 325.7% year over year.
Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.
The Zacks Consensus Estimate for SUBCY’s 2024 EPS is pegged at 89 cents. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days. EGY’s earnings for 2024 are expected to soar 242.3% year over year.
Oceaneering International is one of the leading suppliers of offshore equipment and technology solutions to the energy industry.
The Zacks Consensus Estimate for OII’s 2024 EPS is pegged at $1.52. It has a Zacks Style Score of A for Growth and B for Value. OII’s earnings for 2024 are expected to surge 76.4% year over year.