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Researched by Industrial Info Resources (Sugar Land, Texas)--Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) hopes to restart its 160,000-barrel-per-day (BBL/d) Toledo Refinery in Ohio, in April. Plant boilers are now operational, and progress toward a full restart is underway.
In a February press release reporting Cenovus' 2022 full-year and fourth-quarter earnings, President and Chief Executive Officer Alex Pourbaix said the company plans to reach full rates at the Toledo refinery by mid-second quarter.
The refinery has been offline since September 20, when a fire took the lives of two employees.
Cenovus previously owned 50% of the refinery, but now owns 100% after acquiring the remaining stake from BP plc (NYSE:BP) (London, England) for approximately US$370 million, "after closing adjustments, including working capital," according to a related press release. The acquisition closed last month. The transaction also includes a multi-year product supply agreement between the two companies, although details have not been disclosed.
The full stake will increase the Canadian integrated energy company's total downstream refining capacity to about 740,000 BBL/d; the company reported downstream throughput of 473,500 BBL/d for 2022, and expects throughput of between 610,000 BBL/d and 660,000 BBL/d in 2023, including 100,000 BBL/d to 110,000 BBL/d in Canada and 510,000 BBL/d to 550,000 BBL/d in the U.S.
The Toledo refinery provides the U.S. Midwest region with a variety of refined petroleum products. According to the U.S. Energy Information Administration's (EIA) November 2022 Gasoline and Diesel Fuel Update, the outage "contributed to comparatively higher retail gasoline prices..." On November 21, retail gasoline prices in the region averaged $3.52 per gallon, a 10% increase compared with the year prior.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Plant Database can see a profile for the Toledo Refinery.
Cenovus has said it plans to invest between C$4 billion (US$2.9 billion) and C$4.5 billion (US$3.3 billion) in 2023, a 21% increase from 2022's budget. For more information, see Industrial Info's December 8, 2022, article - Cenovus Plans 21% Higher Capex for 2023
Industrial Info is tracking 94 projects from Cenovus, worth US$15.2 billion. Subscribers to the GMI Oil & Gas Production and Refining project databases can click here for a list of detailed project reports.
Among the projects is a proposed US$150 million expansion of its Lloydminster Refinery in Alberta, Canada, which aims to increase the 31,500-BBL/d refinery's capacity by about 50%. Click here for a detailed project report.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
In a February press release reporting Cenovus' 2022 full-year and fourth-quarter earnings, President and Chief Executive Officer Alex Pourbaix said the company plans to reach full rates at the Toledo refinery by mid-second quarter.
The refinery has been offline since September 20, when a fire took the lives of two employees.
Cenovus previously owned 50% of the refinery, but now owns 100% after acquiring the remaining stake from BP plc (NYSE:BP) (London, England) for approximately US$370 million, "after closing adjustments, including working capital," according to a related press release. The acquisition closed last month. The transaction also includes a multi-year product supply agreement between the two companies, although details have not been disclosed.
The full stake will increase the Canadian integrated energy company's total downstream refining capacity to about 740,000 BBL/d; the company reported downstream throughput of 473,500 BBL/d for 2022, and expects throughput of between 610,000 BBL/d and 660,000 BBL/d in 2023, including 100,000 BBL/d to 110,000 BBL/d in Canada and 510,000 BBL/d to 550,000 BBL/d in the U.S.
The Toledo refinery provides the U.S. Midwest region with a variety of refined petroleum products. According to the U.S. Energy Information Administration's (EIA) November 2022 Gasoline and Diesel Fuel Update, the outage "contributed to comparatively higher retail gasoline prices..." On November 21, retail gasoline prices in the region averaged $3.52 per gallon, a 10% increase compared with the year prior.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Plant Database can see a profile for the Toledo Refinery.
Cenovus has said it plans to invest between C$4 billion (US$2.9 billion) and C$4.5 billion (US$3.3 billion) in 2023, a 21% increase from 2022's budget. For more information, see Industrial Info's December 8, 2022, article - Cenovus Plans 21% Higher Capex for 2023
Industrial Info is tracking 94 projects from Cenovus, worth US$15.2 billion. Subscribers to the GMI Oil & Gas Production and Refining project databases can click here for a list of detailed project reports.
Among the projects is a proposed US$150 million expansion of its Lloydminster Refinery in Alberta, Canada, which aims to increase the 31,500-BBL/d refinery's capacity by about 50%. Click here for a detailed project report.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
