Featured Company News – Exxon Mobil Fined by US Regulators for Baton Rouge Fire Incident
ACCESSWIRE
LONDON, UK / ACCESSWIRE / July 18, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Exxon Mobil Corp. (NYSE: XOM), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=XOM. The Company has been fined approximately $165,000 by the US regulators for safety lapses, including inadequate training and equipment maintenance. The case dates back to November 22, 2016, where four people were critically injured after a fire broke out at the Company's refinery in Baton Rouge, Louisiana. The refinery was the then fourth-largest in the United States, with a capacity to refine about 502,500 bpd (Barrels per Day) in crude oil. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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According to the Baton Rouge General Hospital, four people were in critical condition post the accident and were admitted to the regional burn unit. The fine for Exxon Mobil is about $165,000, where the US Occupational Safety and Health Administration (OSHA) issued nine citations, several of which follow previous cautions by federal agencies at two other Exxon properties, according to the report.
Exxon reported to the Louisiana Department of Environmental Quality in a letter that a worker on the alkylation unit removed the cover of a malfunctioning valve on an isobutane line and used a wrench to turn the value stem. As volatile isobutane is converted into a component of gasoline in the alkylation unit, when the operator turned the valve stem, portions of it fell out, releasing isobutane, according to the letter, which caused a fire from a welding machine 70 feet away.
The fire broke out at an 18,750-bpd alkylation unit, which generates high-octane gasoline components. As the five workers started to restart it following repair work, the accident took place. According to the citations, Exxon's safety procedures and training for operators on the alkylation unit were lacking, equipment was not properly maintained, and the required inspections were not carried within specified timelines.
Other Cases
Exxon Mobile viewed fire break out at its then-owned refinery in Torrance California, where the CSB reported that the Company lacked a procedure for operating a fluidic catalytic cracking unit in an idled mode, as it was being done when the explosion occurred. The refinery was temporarily closed after the explosion in February 2015, which injured four workers and destroyed the plant's pollution control systems.
Eventually, on July 01, 2016, the Company sold its 155,000 bpd refinery to PBF Energy Inc., for $537.5 million. Post the explosion Exxon Mobil ran the refinery at about 20% of its normal production, which then pushed up gas prices in the Los Angeles region. The refinery and associated facilities had about 700 employees and 700 contractors, at the 750-acre property. PBF also received crude and product storage facilities with 8.6 million barrels of shell capacity.
Exxon Mobil, in the recent years, has aimed to streamline its operations and expand oil production across its different facilities. The Company proposed an increase in the production at North Slope facility, according to a July 15, 2017, report, under the terms of a 2012 settlement after a 7-year legal battle. The Company began working on the engineering studies and seek regulatory approval to boost the light oil, or condensate, being produced at the field to more than 50,000 barrels of the daily current capacity of 10,000 barrels.
Last Close Stock Review
At the close of trading session on Monday, July 17, 2017, Exxon Mobil's stock price marginally fell 0.52% to end the day at $80.86. A total volume of 7.89 million shares was exchanged during the session. The Company's shares are trading at a PE ratio of 33.79 and have a dividend yield of 3.81%. At Monday's closing price, the stock's net capitalization stands at $341.32 billion.
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