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Chevron and Honeywell Declare Commissioning of ISOALKY Unit

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Chevron Corporation CVX and Honeywell UOP announced the commencement of the world’s first ISOALKY process unit on an industrial scale. Notably, ISOALKY is an innovative alkylation technology, which uses ionic liquids as catalysts to produce high-powered motor fuels.

Honeywell UOP, a unit of Honeywell International Inc. HON, is a leading global supplier and licensor of process technology, catalysts, adsorbents, equipment and consulting services to the oil and gas, refining, and other industries. Notably, Chevron licensed the technology to Honeywell UOP to offer it as an alternative to conventional liquid acid systems that focuses on process safety.

ISOALKY, which is first used in the Salt Lake City refinery of Chevron, is developed to address the rising needs of the refining industry. The state-of-the-art technology offers refiners a less risky and cost-effective solution compared with conventional liquid acid technologies that produce alkylate.

The new catalytic process is managed with standard personal protective equipment with the help of a non-aqueous liquid salt or ionic liquid. The ionic liquids have strong acid properties that facilitate the production of alkylate, without the volatility of conventional acids, thereby, allowing simpler handling procedures. Notably, it produces an advantageous high-octane blending component to make clean-burning fuels.

The technology can be used in new refineries and existing facilities, undergoing capital expansion or retrofit applications. Notably, it has enhanced feed flexibility compared with conventional alkylation technologies and can produce alkylate from a broad range of feedstocks, using a lower volume of catalyst. The liquid catalyst can be regenerated at the site, resulting in a lower carbon footprint than any other technologies.

The ISOALKY facility is a milestone for Chevron and a turning point for the refining industry. Chevron and Honeywell UOP have commercialized a solution that satisfies the growing demand for renewables at a lower cost, with simplified handling requirements.

Company Profile & Price Performance

Headquartered in San Ramon, CA, Chevron is one of the largest publicly-traded oil and gas companies. It is fully integrated, with operations all over the world.

Shares of the company have underperformed the industry in the past three months. Its stock has gained 13.3% compared with the industry’s 8.9% growth.

Zacks Rank & Stocks to Consider

The company currently has a Zack Rank #3 (Hold).

Some better-ranked players in the energy space are Diamondback Energy, Inc. FANG and Callon Petroleum Company CPE. Diamondback and Callon both currently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Diamondback’s earnings for 2021 are expected to increase 17% year over year.

Callon’s earnings for 2021 are expected to rise 41.2% year over year.

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