11-04-2024

Cenovus Energy to invest in Toledo and Lima refineries

Canada's Cenovus Energy said it will spend more than $1.5 billion on its 160,000 b/d Toledo and 185,000 b/d Lima refineries in Ohio over the next five years and expand its U.S. headquarters in the state.

A spokesperson with the Calgary-based company said Tuesday it is expanding its U.S. regional headquarters in Dublin, Ohio, which oversees the company's U.S. commercial operations and technical and professional services.

The company, which operates U.S. and Canadian refineries as well as oil sands, conventional crude-oil and natural-gas production operations, said it plans to add as many as 115 jobs at its Dublin office.

The Lima and Toledo refineries are both major fuel suppliers to the Midwest and Great Lakes regions. Cenovus now has about 1,200 employees in the state and creates thousands of "indirect jobs" related to its operations, the spokesperson said in an email.

"As we continue to grow our business in Ohio, with its strengthening energy sector, keeping our U.S. regional headquarters in Dublin was an obvious choice," said Doreen Cole, Cenovus's executive vice president of downstream, in a statement.

Cenovus also operates the 50,000 b/d refinery in Superior, Wis. In a March investor presentation, the company said it expects Superior to run at 80%-85% utilization in 2024 when the refinery isn't in turnaround.

In addition, Cenovus jointly owns with Phillips 66 the 367,500 b/d Wood River refinery in Illinois and the 155,000 b/d refinery in Borger, Texas. Both are operated by Phillips 66.

Phillips 66 in October said it was looking to sell non-core assets to raise $3 billion. At that time, refining industry sources said the company may look to sell its interests in both the Wood River and Borger facilities.
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