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ExxonMobil (XOM) Brings France Refinery Fire Under Control
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Exxon Mobil Corporation's (XOM - Free Report) Port Jerome-Gravenchon petroleum refinery in northern France witnessed a fire on Monday. The incident occurred at approximately 3:30 p.m., originating from a gasoline distillation unit. The company's internal firefighting team was prompt enough to successfully bring the blaze under control, according to reports from the Seine-Maritime prefecture.
XOM confirmed that the fire was quickly contained, and there was no need of any external assistance. The company is currently assessing the situation, and it is too early to estimate the adverse impact of the fire on the refinery's production.
The Gravenchon refinery, situated in Normandy on the Seine river, is an important facility with two distillery towers and a substantial capacity of 240,000 barrels per day. This makes it one of the largest refineries in France.
The Gravenchon site is XOM’s largest integrated platform in Europe, playing a pivotal role in producing a diverse range of petroleum and chemical products. These include gas, fuels, lubricants, polymers and specialty products, contributing significantly to the European market.
The company's firefighting team's quick response and effective control of the situation have mitigated potential damage, reassuring both the local community and stakeholders.
Authorities from the Seine-Maritime prefecture have commended ExxonMobil for its swift and efficient handling of the situation, preventing any escalation and ensuring the safety of personnel and surrounding areas. As investigations into the cause of the fire are underway, ExxonMobil emphasizes its commitment to transparency. It will divulge further details as more information becomes available.
The incident prompted an emergency shutdown at the refinery, and as of early Tuesday, the facility's staff were diligently assessing the damage to one of the two distillation towers. The spokesperson for ExxonMobil could not provide a specific timeline for when the affected tower would be operational again. Despite the challenging situation, XOM has fulfilled all delivery contracts from the existing stock, as confirmed by a company spokesperson.
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $4.89. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $25.58. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Energy Transfer is a publicly traded limited partnership, focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 EPS is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.
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ExxonMobil (XOM) Brings France Refinery Fire Under Control
Exxon Mobil Corporation's (XOM - Free Report) Port Jerome-Gravenchon petroleum refinery in northern France witnessed a fire on Monday. The incident occurred at approximately 3:30 p.m., originating from a gasoline distillation unit. The company's internal firefighting team was prompt enough to successfully bring the blaze under control, according to reports from the Seine-Maritime prefecture.
XOM confirmed that the fire was quickly contained, and there was no need of any external assistance. The company is currently assessing the situation, and it is too early to estimate the adverse impact of the fire on the refinery's production.
The Gravenchon refinery, situated in Normandy on the Seine river, is an important facility with two distillery towers and a substantial capacity of 240,000 barrels per day. This makes it one of the largest refineries in France.
The Gravenchon site is XOM’s largest integrated platform in Europe, playing a pivotal role in producing a diverse range of petroleum and chemical products. These include gas, fuels, lubricants, polymers and specialty products, contributing significantly to the European market.
The company's firefighting team's quick response and effective control of the situation have mitigated potential damage, reassuring both the local community and stakeholders.
Authorities from the Seine-Maritime prefecture have commended ExxonMobil for its swift and efficient handling of the situation, preventing any escalation and ensuring the safety of personnel and surrounding areas. As investigations into the cause of the fire are underway, ExxonMobil emphasizes its commitment to transparency. It will divulge further details as more information becomes available.
The incident prompted an emergency shutdown at the refinery, and as of early Tuesday, the facility's staff were diligently assessing the damage to one of the two distillation towers. The spokesperson for ExxonMobil could not provide a specific timeline for when the affected tower would be operational again. Despite the challenging situation, XOM has fulfilled all delivery contracts from the existing stock, as confirmed by a company spokesperson.
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Sunoco LP (SUN - Free Report) , Murphy USA Inc. (MUSA - Free Report) and Energy Transfer LP (ET - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $4.89. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $25.58. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Energy Transfer is a publicly traded limited partnership, focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 EPS is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.