BP's Biggest Midwest US Refinery Reportedly Set for March Restart After Power Outage

BP P.L.C. BP reportedly plans to restart its 435,000 barrel-per-day Whiting, Indiana refinery, to full production in March.

The company expects to restart production in the last week of February at the Indiana refinery, which is it’s largest refinery in the U.S. Midwest, reported Reuters.

Earlier this month, BP evacuated its 435,000 barrel-per-day (bpd) Whiting, Indiana, hydrocarbons refinery following a transformer failure. 

As per the report, BP has been assessing refinery units and internal piping for possible damage from the sudden shutdown and ascertaining the exact cause of the power loss.

Last week, the company reported sales and other operating revenues came in at $52.14 billion, missing the consensus of $62.34 billion, and underlying RC profit per American Depositary Share (ADS) came in at $1.07, beating the consensus of $0.15. 

BP expects reported upstream production to be higher compared to the fourth quarter FY23. 

The company expects seasonally lower volumes in first-quarter across most businesses and the absence of one-off positive effects from the fourth quarter.

BP continues to expect both reported and underlying upstream production to be slightly higher Y/Y in FY24. The company projects capital expenditure (including inorganic capital expenditure) to be around $16 billion, weighted towards the first half of the year.

Price Action: BP shares are trading higher by 0.42% at $35.85 premarket on the last check Thursday.