London, England-based BP Plc (BP) recently reported a breakdown in a gasoline-producing fluidic catalytic cracking (FCC) unit at its 406,570 barrels per day (bpd), Texas City, Texas, refinery.
A malfunction at FCC No.1 resulted from the loss of a blower on Saturday morning, halting production at the unit. BP informed about the same to the Texas Commission on Environmental Quality.
The unit has been repaired and is currently operating normally. According to the U.S. Energy Information Administration, BP’s Texas City refinery is the fifth largest in the country.
BP took over the Texas City refinery during a merger with Amoco in 1998. BP’s Texas facility spreads over 1,200 acres with 24 main process units. It produces 3% of the nation’s fuel supply. In Texas City, the refinery has a huge economic impact.
BP is one of the world's largest energy companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemical products. It operates in three segments: Exploration and Production, Refining and Marketing, and Other Businesses and Corporate. Exploration success will be the key for the company to deliver strong future growth and re-establish its position following the oil spill.
BP has a Zacks #3 Rank, which is equivalent to a Hold rating for a period of one to three months. We also maintain a Neutral rating on the stock for the long term and expect it to perform in line with the broader market indices. Total S.A. (TOT) and ConocoPhillips (COP) are major competitors of the company.
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