BP's Whiting refinery will remain shut for at least three weeks after a facility-wide power outage last week.
BP’s refinery in Whiting, Indiana, will remain shut for at least three weeks following a facility-wide power outage a week ago. Speaking to Reuters, unnamed sources familiar with developments said the following weeks will see a series of inspections carried out at the facility to ensure it is fit to return to operation. In case the inspectors uncover any damage, the shutdown will be extended until the damage is fixed.
Unless supply follows, prices will move higher, eventually affecting the recovering activity of the sector. BP earlier this week reported forecast-beating profits for 2023 and said it will accelerate share buybacks. Full-year earnings of $13.83 billion were half the record-high level of $27.65 billion earnings for 2022 when Big Oil raked in huge profits amid soaring oil and gas prices and volatility in oil and gas trading. Nevertheless, the full-year 2023 earnings also beat analyst expectations.