Exxon's 275,000-Barrel-a-Day Joliet Refinery Still Offline After Power Loss and Flooding

GuruFocus··US·Read original
3▲2 ▼1Impact / 5
Summary · why it matters

Exxon Mobil's 275,000-barrel-per-day Joliet refinery remained shut on Friday, leaving a meaningful slice of Midwest refining capacity on the sidelines. The Illinois plant first lost power and then faced a second operational problem when floodwater overwhelmed a pump; electricity has since returned, but Exxon has not said the two incidents were directly connected and has yet to give a firm timetable for restarting the facility. A containment boom was deployed as cleanup work continued. The refinery can turn out roughly 11 million gallons of gasoline and diesel each day, though inventories and pipeline flows can absorb part of that missing production in the short run, so the 275,000 barrels per day of offline capacity does not automatically translate into a same-sized supply shortage. With Midwest fuel prices already elevated, a prolonged shutdown would steadily remove another layer of flexibility from the regional market. Exxon shares traded at $162.69, about 27.09% above the GuruFocus GF Value estimate of $128.01.

Impact on assets 3

Energy Transition & Power Demand▼ · 1 stocks
Exxon Mobil Corp
XOM
▼ NegativeSupplyrelevance

Exxon's 275,000-bpd Joliet refinery remains shut after power loss and flooding, removing a meaningful slice of its Midwest refining capacity.

Others▲ · 2 stocks
⛏RBOB Gasoline Futures
GASOLINE
▲ PositiveSupplyrelevance

Prolonged loss of 275,000 bpd of Midwest refining capacity tightens gasoline supply, supporting RBOB futures.

⛏Heating Oil Futures
HEATOIL
▲ PositiveSupplyrelevance

Refinery outage cuts distillate output (diesel/heating oil) from the Joliet plant, tightening supply.

Off-coverage companies 1

GuruFocusPrivate± Mixed
relevance

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