TotalEnergies' Texas Refinery Leak Shuts Down Key Units: Report
Portfolio Pulse from Lekha Gupta
TotalEnergies SE's refinery in Port Arthur, Texas, experienced a shutdown of its coker and small crude distillation unit due to a leak in the gasoline-producing fluidic catalytic cracker. The units are expected to be shut for 1-2 days for repairs. This incident follows a three-month overhaul of the FCC that ended in late November and a plantwide power outage in January. Additionally, TotalEnergies and QatarEnergy recently acquired interests in Block 3B/4B offshore South Africa. TTE shares saw a slight increase of 0.24% to $66.26.
March 12, 2024 | 5:42 pm
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POSITIVE IMPACT
TotalEnergies SE's refinery shutdown due to a leak may temporarily impact production, but shares rose slightly by 0.24% to $66.26, indicating investor resilience.
The shutdown of key refinery units due to a leak is a negative operational event, but the short expected downtime and the recent slight increase in share price suggest a limited short-term impact. The operational resilience shown by overcoming previous challenges, such as the power outage, and strategic expansion moves like the acquisition in South Africa, may contribute to investor confidence.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 90