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Phillips 66's Bayway Refinery in New Jersey Faces Production Outage
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Key Takeaways
{\"0\":\"Phillips 66 cut gasoline production at its Bayway refinery following a fire incident.\",\"1\":\"A fire at ancillary equipment of the FCCU caused the outage at the New Jersey plant.\",\"2\":\"The refinery aims to restore full production in the coming days after the disruption. \"}
Phillips 66 (PSX - Free Report) , a leading U.S.-based refining company, has cut gasoline production from its Bayway refinery in Linden, NJ. A fire near the gasoline-producing unit of the refinery is anticipated to have affected production. The Bayway refinery has a production capacity of 258,000 barrels per day and is one of the largest fuel suppliers along the U.S. East Coast.
Per a Reuters report, a fire broke out in an ancillary equipment of the fluid catalytic cracking unit (FCCU) at the refinery. The FCCU is a crucial component in refinery operations, used for converting heavy crude oil into lighter products such as gasoline. The fire triggered a production outage at the refinery. The exact cause of the fire, however, remains unknown. The refinery intends to fix the issue in the upcoming days and restore full production.
The Bayway refinery in New Jersey faced production disruptions last month due to a power outage at the plant. The power outage was caused by heavy rainstorms in the region. This led to a temporary increase in the prices for refined products at the New York Harbor. Given that Bayway is one of the largest refineries on the U.S. East Coast, the outage may cause a similar temporary spike in prices due to reduced supplies. However, the extent of the impact will depend on how long the outage lasts.
Enbridge is a leading midstream energy firm that operates an extensive crude oil and liquids transportation network spanning 18,085 miles, along with a gas transportation network covering 71,308 miles. The company has a stable business model supported by take-or-pay contracts, protecting it against commodity price volatility.
Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company’s higher dividend yield, compared to its sub-industry peers, makes it an attractive choice for investors who seek consistent returns.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly the Mopane discovery in the Orange Basin, offshore Namibia. After the initial exploration phase, Galp estimated that the Mopane prospect could hold nearly 10 billion barrels of oil. This discovery allows Galp to diversify its global presence, with the potential to become a significant oil producer in the region.
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Phillips 66's Bayway Refinery in New Jersey Faces Production Outage
Key Takeaways
Phillips 66 (PSX - Free Report) , a leading U.S.-based refining company, has cut gasoline production from its Bayway refinery in Linden, NJ. A fire near the gasoline-producing unit of the refinery is anticipated to have affected production. The Bayway refinery has a production capacity of 258,000 barrels per day and is one of the largest fuel suppliers along the U.S. East Coast.
Per a Reuters report, a fire broke out in an ancillary equipment of the fluid catalytic cracking unit (FCCU) at the refinery. The FCCU is a crucial component in refinery operations, used for converting heavy crude oil into lighter products such as gasoline. The fire triggered a production outage at the refinery. The exact cause of the fire, however, remains unknown. The refinery intends to fix the issue in the upcoming days and restore full production.
The Bayway refinery in New Jersey faced production disruptions last month due to a power outage at the plant. The power outage was caused by heavy rainstorms in the region. This led to a temporary increase in the prices for refined products at the New York Harbor. Given that Bayway is one of the largest refineries on the U.S. East Coast, the outage may cause a similar temporary spike in prices due to reduced supplies. However, the extent of the impact will depend on how long the outage lasts.
PSX’s Zacks Rank & Key Picks
Currently, PSX carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Enbridge Inc. (ENB - Free Report) , Antero Midstream Corporation (AM - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . While Enbridge currently sports a Zacks Rank #1 (Strong Buy), Antero Midstream and Galp Energia each carry a Zacks Rank #2(Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Enbridge is a leading midstream energy firm that operates an extensive crude oil and liquids transportation network spanning 18,085 miles, along with a gas transportation network covering 71,308 miles. The company has a stable business model supported by take-or-pay contracts, protecting it against commodity price volatility.
Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company’s higher dividend yield, compared to its sub-industry peers, makes it an attractive choice for investors who seek consistent returns.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly the Mopane discovery in the Orange Basin, offshore Namibia. After the initial exploration phase, Galp estimated that the Mopane prospect could hold nearly 10 billion barrels of oil. This discovery allows Galp to diversify its global presence, with the potential to become a significant oil producer in the region.