BP-Husky's Toledo, Ohio, refinery, located on 586 acres east of the city, has operated continuously since 1919. Since that time, the facility has undergone numerous improvements and expansions to achieve its current capacity for processing 160,000 barrels of crude oil daily.
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BP unloaded the refinery with highest environmental liability for $300. It produces predominantly (57%) gasoline in a market that is shrinking. There are former Husky employees jumping over each other to congratulate CENOVUS on LINKEDIN. No wonder that company failed.
There are 580 permanent employees in Toledo. Some will transfer to stay with BP. Some will retire. The majority will transfer to Cenovus. After which there will be a series of rationalizations between Lima and Toledo. Historically the target is 25%.
An interesting development. On the surface it looks like Cenovus is the winner but I believe BP is the better negotiator. Industry talks about “demand destruction” over the next decade so in the long run refineries that primarily produce gasoline might become dinosaurs? Well done Alex.
BP operated three refineries in the US ... Whiting, Cherry Point, and Toledo. And then there were two !!