Marathon Petroleum (MPC), ADM Close Soybean Oil Production JV

Zacks2021-12-17

Marathon Petroleum Corporation MPC and Archer-Daniels-Midland Company (ADM) recently announced that their joint venture (JV) to manufacture soybean oil to meet rapidly-expanding demand for renewable ...

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The Spiritwood complex has plans to produce 600 million pounds of refined soybean oil per year, which is enough feedstock for 75 million gallons of sustainable diesel, annually.\nApart from the Spiritwood joint venture, the firms intend to collaborate on investigating other agricultural prospects to promote renewable transportation fuels.\nKen Campbell, president of ADM's North America Oils, Biodiesel and Renewable Chemicals said that the entity already supplies Marathon Petroleum with soybean oil for renewable diesel manufacturing but this contract certainly expands their partnership, significantly.\nBoth companies have the acumen, size and capabilities to deliver sustainable outcomes right from the agricultural farm to the fuel being delivered in millions of commercial and personal vehicles. This will help boost renewable diesel demand that ADM estimates could reach 5 billion gallons by 2025. More positive news is that the organization sees potential in generating more sustainable solutions by forging further alliances.\nThis joint venture will enable MPC to improve its capacity to optimize and acquire advantageous feedstock for its adjacent Dickinson facility, logistically. It will also provide Marathon Petroleum with a foundation for collaborations with two world-class partners as the same invests in a sustainable, energy-diverse future.\nThe approximately $350-million worth Spiritwood complex will feature cutting-edge automation technologies and can process 150,000 bushels of soybeans per day once completed. Plenty of new jobs are created in the region as a result of the new complex building and the facility is said to employ roughly 75 people once it is fully functional. The Spiritwood complex intends to commence production, keeping the 2023 harvest in view.\nZacks Rank & Key Picks\nMarathon Petroleum currently has a Zack Rank #3 (Hold). Investors interested in the  energy  sector might look at the following stocks worth considering with a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.\nOccidental Petroleum Corporation OXY is an integrated oil and gas company with significant exploration and production exposure. OXY is also a producer of various basic chemicals, petrochemicals, polymers and specialty chemicals. As of 2020 end, Occidental Petroleum's preliminary worldwide proved reserves totaled 2.91 billion BOE compared with 3.9 billion BOE at the end of 2019.\nIn the past year, shares of Occidental Petroleum have surged 99% compared with the industry's growth of 96.6%. OXY's 2021 earnings are expected to soar 151.4% from the year-ago reported figure. OXY has also witnessed eight northward estimate revisions in the past 60 days. In the third quarter, OXY achieved its divestiture target of $10 billion by inking a deal to sell off its interest in two offshore Ghana assets for $750 million.\nPDC Energy PDCE is an independent upstream operator dealing in exploration, development and production of natural gas, crude oil and natural gas liquids. PDCE, which reached its present status following the January 2020 merger with SRC Energy, is currently the second-largest producer in the Denver-Julesburg Basin. As of 2020 end, PDCE's total estimated proved reserves were 731,073 thousand barrels of oil equivalent.\nIn the past year, shares of PDC Energy have gained 169% compared with the industry's growth of 108.6%. PDCE's earnings for 2021 are expected to surge 273.4% from the prior-year reported figure. In the past 60 days, the Zacks Consensus Estimate for PDC Energy's 2021 earnings has been raised 26.8%. Earnings of PDCE beat the Zacks Consensus Estimate in all the last four quarters, the average being 51.06%.\nPhillips 66 PSX is the leading player with respect to operations like refining, chemicals and midstream in terms of size, efficiency and strengths. PSX’s operations include processing, transportation, storing, and marketing fuels and products worldwide. PSX is currently valued at $33.9 billion and offers a quarterly dividend of 92 cents.\nPSX is projected to see an earnings surge of 532.6% in 2021 from the prior-year reported number. It has witnessed three upward revisions in the past 30 days. Phillips 66’s bottom line beat the Zacks Consensus Estimate thrice in the last four quarters and missed the same once. PSX currently has a Zacks Style Score of A for Value.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. \nClick to get this free report\n \n\nOccidental Petroleum Corporation (OXY) : Free Stock Analysis Report\n \n\nMarathon Petroleum Corporation (MPC) : Free Stock Analysis Report\n \n\nPhillips 66 (PSX) : Free Stock Analysis Report\n \n\nPDC Energy, Inc. (PDCE) : Free Stock Analysis Report\n \n\nTo read this article on Zacks.com click here.\n \n\nZacks Investment Research","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2192894430"}