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Marathon Oil Climbs Higher On Early Refinery Upgrades

By  +Follow July 30, 2013 12:20PM
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Shares for Marathon Petroleum Corporation (MPC) climbed higher on Monday’s late announcement that the company would be completing the final phase of a hydrocracker optimization project at its Louisiana refinery one full year ahead of schedule.

The Energy Information Administration defines hydrocracking as a process by which the heavy molecules in gas oil are broken down, or cracked, into distillate and gasoline using hydrogen. Hydrocracking turns low-quality heavy gas oil into high-quality jet fuel, diesel and gasoline.

Marathon, the third-largest oil and gas refiner in the US, will be taking advantage of an already-scheduled maintenance shut-down of its Garyville refinery in Louisiana to complete the renovation early. The upgrade will expand the capacity of its hydrocracker from 90,000 barrels per day to 110,000.

While a great deal of oil refiners have yet to invest heavily in hydrocracking, Marathon CFO Donald Templin explained the plan to upgrade its Garyville unit at a Raymond James conference in March as an investment the company very much wanted to get in on early. The Louisiana refinery can process up to 522,000 barrels a day, the vast majority of which comes from heavy and sour crude oils.

Furthermore, demand for distillates such as jet fuel, diesel, and even kerosene are on the rise in the US and throughout the world, particularly South America and Europe. The enlarged hydrocracker will also allow the company to up its production of platformate, a high-octane gasoline blending component, to 5,300 barrels per day.

The work is scheduled to be complete by January, with processing to resume by February at latest. The third largest US oil and gas refining company saw shares bump up over 1.6 percent to as high as $73.43 heading into midday trading. 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for MPC
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28 Feb 15 08:28:56
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Breaking News Now
28 Feb 15 07:01:01
$WPG $MPC $RRD: Stocks Surging - Washington Prime Group (WPG), Marathon ...: http://t.co/jp3v5HCWv1
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28 Feb 15 05:51:02
$MPC: YTD Top Risers:Marathon Petroleum, (MPC),Tesoro, (TSO),Barrick ...: http://t.co/19t0B06lEY
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27 Feb 15 17:17:02
$XOM $CVX $TSO $MPC $LYB: Striking Oil Workers, Shell to Resume Talks Next Week: http://t.co/j7VXD7oJXk
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27 Feb 15 13:07:34
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27 Feb 15 10:57:35
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27 Feb 15 10:56:40
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27 Feb 15 10:53:02
$MPC Marathon Petroleum Corp files Form 10-K (Annual Reports) SEC Filing.. http://t.co/6FGzalBRaL
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27 Feb 15 07:06:10
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27 Feb 15 04:06:19
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27 Feb 15 03:08:38
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27 Feb 15 03:08:23
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27 Feb 15 03:06:06
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27 Feb 15 02:35:34
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27 Feb 15 02:26:05
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26 Feb 15 22:00:09
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26 Feb 15 18:42:14
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26 Feb 15 09:42:24
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26 Feb 15 09:37:04
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26 Feb 15 08:50:39
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26 Feb 15 08:35:30
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26 Feb 15 05:48:22
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25 Feb 15 19:16:03
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By  +Follow July 30, 2013 12:20PM
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