BP plc BP, on Monday, announced the resumption of normal operations at its critical Whiting refinery, marking a milestone after more than six weeks of downtime due to a plantwide power outage.
The refinery stands as BP's largest facility in the United States and the nation's sixth. Processing a staggering 435,000 barrels of crude oil per day, the refinery produces a wide range of liquid fuels and asphalt, serving as a vital fuel supplier to the Chicago area.
The power outage on Feb 1, triggered a cascade of effects, including a notable surge in gasoline price in the Chicago region. The price soared more than $0.20 per gallon in the days following the incident.
BP initiated preparations for the refinery's resumption late last month, with expectations set for the recommencement of operations in the first half of March. This resumption marks a critical step in restoring stability to both regional fuel markets and BP's operational footprint.
The restoration of normal operations at the Whiting refinery comes as a relief to both BP and its consumers. With the refinery back in full swing, BP looks forward to leveraging its production capabilities to meet the evolving energy needs of consumers and businesses, while reaffirming its commitment to safety and reliability in its operations.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Sunoco LP SUN, Murphy USA Inc. MUSA and Energy Transfer LP ET. While both Sunoco and Murphy USA sport a Zacks Rank #1 (Strong Buy) at present, Energy Transfer carries a Zacks Rank #2 (Buy). 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 earnings per share (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 earnings per unit 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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