Monday, August 7, 2023

Marathon Petroleum Says Galveston Bay Refinery Reformer May be Down Entire Q3 

Marathon Petroleum (NYSE:MPC) said Tuesday the catalytic reformer at its 625K bbl/day Galveston Bay refinery in Texas could be offline for all of Q3 due to the fatal fire that knocked the unit out of service on May 15.

In the company’s post-earnings conference call, officials said the unit shutdown cut the refinery’s crude throughput by ~2.5M barrels in the quarter.

Even with the unit offline and planned Q2 maintenance at its Mid-Continent and West Coast facilities, Marathon (MPC) said its refinery utilization averaged 93% with total throughput at 2.9M bbl/day, down from 100% utilization and throughput of 3.07M bbl/day in the year-earlier quarter.

Marathon (MPC) said it completed the South Texas Asset Repositioning project at the refinery, which will add 40K bbl/day of incremental crude capacity and 17K bbl/day of resid processing capacity.

The company also said construction is progressing on the renewable fuels conversion project at its Martinez site in California, with pretreatment capabilities expected to come online in H2; the plant is expected to have capacity to produce more than 17M bbl/year of renewable fuels by the end of this year.

Marathon Petroleum (MPC) closed Tuesday’s trading +1.4% after reporting better than expected Q2 earnings.

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