fbpx
Big Law

Exxon to Sell Oil Refinery to Par Pacific for $310 Million

Exxon Mobil Corp on Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc for $310 million.

The sale ends a years-long effort by the U.S. oil giant to further reduce its refining footprint and concentrate production on plants along the U.S. Gulf Coast and in the Midwest. It also has been selling oil producing properties to boost returns.

“ExxonMobil is focused on investing in facilities where we can manufacture higher-value products such as lubricants and chemicals,” said Karen McKee, the head of the oil company’s product solutions unit.

Read the source article at Yahoo Finance

Leave a Review or Comment

Back to top button