Exxon Mobil Corporation XOM reportedly shut down its 251,800 barrels per day Joliet, Illinois refinery on Monday due to a power outage caused by a storm.
The refinery shutdown occurred due to severe weather conditions involving heavy wind and rain on Monday night, reported Reuters.
The Joliet refinery primarily processes Canadian crude oil and has a production capacity of approximately 9 million gallons per day of gasoline and diesel.
The report quoted one of the sources stating, “Situations like this take time to recover as they will have to see if the sudden shutdown did damage to any of the units.”
Yesterday, Exxon Mobil stated its plans to drill up to 30 wells for its seventh oil project in Guyana, named Hammerhead.
Exxon anticipates Hammerhead will produce 120,000-180,000 barrels of crude daily, less than the 250,000 barrels per day from its largest vessels in Guyana.
The oil giant will report second-quarter FY24 results on August 2, 2024.
Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund XLE and IShares U.S. Energy ETF IYE.
Price Action: XOM shares are up 0.05% at $116.10 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Del Henderson Jr. via Shutterstock
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