ExxonMobil Reached Agreement to Sell Montana Oil Refinery

SEATTLE (Oil Monster): ExxonMobil announced that it has entered into an agreement with Par Pacific Holdings towards sale of Billings, Montana oil refinery and certain other midstream assets in Montana and Washington. The $310 million deal is expected to close during the second quarter of 2023, subject to necessary regulatory approvals and customary closing conditions.

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The refinery sale is part of ExxonMobil’s ongoing efforts to reduce its refining footprint and concentrate on production from its plants along the U.S. Gulf Coast and in the Midwest. Of late, the company has been focused on investments in facilities capable of manufacturing higher-value products such as lubricants and chemicals.

The U.S. oil major will work closely with Par Pacific to manage the transition. It has already assigned dedicated teams to ensure continuity in relations with customers, vendors, personnel, and communities. Furthermore, it will maintain environmental protection in line with the law of the state. The direct employees at the assets under sale will be offered similar positions at Par Pacific, it noted.

ExxonMobil has been operating the Billings refinery since 1949. The refinery has a processing capacity of 63,000 barrel per day (bpd).