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21 October 2022 | Other

Exxon sells Montana refinery for $310 million

Exxon Mobil Corp

U.S. Exxon Mobil Corp has signed an agreement to sell its refinery in Billings, Montana, and associated pipelines to Par Pacific Holdings Inc. for $310 million.

The deal completes a multi-year effort by the U.S. oil giant to scale back refining and concentrate production capacity at facilities along the Gulf Coast and in the Midwest. In addition, the company is selling oil production facilities to improve profitability.

Karen McKee, the oil company's head of product solutions, said ExxonMobil is focusing on investing in facilities that can produce higher-margin products such as lubricants and chemicals.

The deal is scheduled to close in the second quarter of 2023, Exxon said.

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