Adrian JohnsonTotalEnergies has shut down its Port Arthur refinery in Texas just days after restarting operations following a power outage. The refinery was struggling to meet production targets for its coker and reformer units. TotalEnergies made significant investments in the Port Arthur refinery in recent years, but has experienced a drop in earnings due to lower oil and gas prices and refining margins. The company expects weak refining margins to continue to impact its earnings in 2024, and plans to invest in its integrated power business, including renewables, battery storage, and natural gas.
TotalEnergies’ Texan refinery reopened, but swiftly closed soon after.
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