Exxon sells Montana refinery for $310 million
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.
Recommended
Exxon Mobile is criticized for $56 billion profit
1 February 2023
Massive profits of oil companies excite anger of White House
27 January 2023
Energy and Precious Metals Market events for February 2-3, 2023
2 February 2023
Last year recorded an increased demand for gold up to the levels of 2011
1 February 2023
White House Supports Alaska Oil Project
1 February 2023
Top news
Nothing found