BP Faces Serious Safety Violation Charges, Fined $150,000
BP plc BP, a British firm, was recently charged by the Occupational Safety and Health Administration ("OSHA") for 10 "serious violations" of safety management, leading to a punishment of more than $150,000 following two workers’ death at the Husky oil refinery in Ohio last year.
Inspectors from OSHA discovered that BP had failed to adopt protocols for highly hazardous materials and had improperly trained personnel in health and safety measures. Following the entry of naphtha, a flammable liquid hydrocarbon, into the refinery's fuel-gas system, BP received a citation for failing to implement shutdown procedures, per media reports.
According to OSHA a flammable vapor cloud formed, ignited and then triggered an explosion, resulting in fatal burns as employees tried to lower increasing liquid levels in the fuel-gas-mix drum.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy sector are CVR Energy CVI, Par Pacific Holdings Inc. PARR and Valero Energy Corporation VLO. While CVR Energy and Par Pacific Holdings Inc. sport a Zacks Rank #1, Valero Energy Corporation carries a Zacks Rank #2 (Buy).
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific is a growth-oriented company which combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 bpd of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, PARR has witnessed upward earnings estimate revisions for 2023 and 2024.
Valero Energy is a global manufacturer and marketer of transportation fuels and petrochemical products. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past 30 days, VLO has seen an upward revision in earnings estimates for 2023 and 2024.
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