Cenovus Energy Achieves Full Run Rates at Toledo Refinery, Superior Refinery Start-Up Ongoing

Calgary-based Cenovus Energy has announced that it has successfully achieved full run rates at its 160,000 b/d Toledo refinery in Ohio. However, the start-up process for the fluid catcracker at the rebuilt Superior refinery in Wisconsin is still underway.

The Superior refinery, with a capacity of 50,000 b/d, underwent a five-year rebuild after a fire and explosion in spring 2018. It commenced processing crude in the second quarter, and Cenovus is currently in the process of starting up the FCC. The company also reported a utilization rate of 93% at its 175,000 b/d Lima refinery in Ohio. Cenovus acquired full ownership of the Toledo plant in February after purchasing the interest of the former operator, BP.

Cenovus also holds a 50% interest in two other refineries: the 150,000 b/d Borger refinery in Texas and the 173,000 b/d Wood River refinery in Illinois. However, Phillips 66 operates these facilities. According to Cenovus, the Borger facility experienced a turnaround and unplanned outages during the quarter but is now fully operational. The Wood River facility successfully completed a refinery turnaround in May.

For the third quarter, refinery managers have planned only a minimal amount of maintenance, approximately 10,000-12,000 b/d. However, the fourth quarter may require more significant maintenance work, ranging from 55,000-65,000 b/d.

On the upstream side, Cenovus witnessed a decline in upstream output to 730,000 barrels of oil equivalent per day in the second quarter. This was due to ongoing turnaround work at its Foster Creek facility in Alberta, Canada, as well as production interruptions caused by wildfires toward the end of the quarter.

Alongside these operational updates, Cenovus reported lower second quarter profit for 2023. The company attributed this decrease to the impact of wildfires and maintenance work. Net income for the period was recorded at $657.4 million.