ExxonMobil Corporation XOM, a U.S. energy major, has shut down its 251,800-barrel-per-day refinery in Joliet, IL, following a power outage caused by a severe storm, per a Reuters report. The outage led to a flaring incident on Monday night, adding to the operational challenges faced by the refinery.
The storm, which brought heavy wind and rain to the area, resulted in widespread power outages, affecting thousands, according to National Weather Service. The Joliet refinery, a significant player in ExxonMobil's portfolio, processes Canadian crude oil and is crucial for producing gasoline and diesel, generating approximately 9 million gallons daily. The sudden loss of power not only halted these operations but also posed potential risks to the refinery's equipment and systems.
Recovery from such situations typically takes time, as the sudden shutdown might have caused damage to some of the units. The assessment and recovery process involves thorough inspections to ensure that no critical component was compromised during the abrupt shutdown.
XOM has neither commented on the incident nor provided an estimated timeline for the refinery's return to normal operations. The company's focus will likely be on ensuring the safety and integrity of the refinery before resuming full production.
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #4 (Sell).
Investors interested in the energy sector may look at some better-ranked stocks like Sunoco LP SUN, SM Energy Company SM and Hess Corporation HES. While Sunoco and SM Energy sport a Zacks Rank #1 (Strong Buy) each, Hess carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $7.15. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Hess is a leading oil and natural gas exploration and production company that made several world-class oil discoveries in the Stabroek Block, located off the coast of Guyana. The company is currently in the process of being acquired by supermajor Chevron in an all-stock deal worth $53 billion. The merger will likely result in the creation of an energy behemoth with a massive portfolio of producing assets.
The Zacks Consensus Estimate for HES’ 2024 EPS is pegged at $10.52. The company has a Zacks Style Score of B for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
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