BP to Reduce Gelsenkirchen Refinery Capacity Amid Demand Shift [Yahoo! Finance]
Murphy USA Inc. (MUSA)
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Source: Yahoo! Finance
The decision to reduce capacity comes against the backdrop of mounting challenges faced by European refiners, including stringent environmental regulations, intensifying overseas competition and the surge in electric vehicle sales. Speaking at the CERAWeek energy conference, Amber Russell, the head of refining at BP, highlighted the significant decline in demand projected for Germany, prompting BP to reassess its operational strategy. The Gelsenkirchen refinery, established in 1935 and comprising two plants along with a petrochemicals site, faces structural challenges that contribute to its high operational costs. Currently, the refinery, located in western Germany, has a crude oil processing capacity of 265,000 barrels per day, a figure that will be slashed by approximately one-third. Additionally, starting in 2025, the refinery will ramp up its biofuels processing capabilities. Per the report, a spokesperson for BP confirmed that the reduction is slated to commence in 2025 an
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MUSA
Earnings
- 2/7/24 - Beat
MUSA
Sec Filings
- 4/2/24 - Form 4
- 4/2/24 - Form 4
- 4/2/24 - Form 4
- MUSA's page on the SEC website