ExxonMobil sold Montana refinery for $310 million
ExxonMobil agreed to sell its refinery and related pipeline assets in Billings, Montana, to Par Pacific Holdings for $310 million.
The deal ended years of efforts by the American oil giant to further reduce its refining business and concentrate production in its plants along the Gulf Coast and the Midwest of the United States. The company has also been selling oil production assets to improve returns.
Karen McKee, head of ExxonMobil's product solutions department, said: "ExxonMobil is focusing on investing in facilities that can produce higher value products such as lubricants and chemicals."
ExxonMobil said in a statement that the transaction of the 63000 barrels per day refinery is expected to be completed in the second quarter of 2023.
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