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Buyer interest in ExxonMobil’s Montana refinery rises with fuel margins – BIC Magazine

(Reuters) Doc-extreme refining margins have renewed purchaser curiosity in ExxonMobil Corp’s smallest oil refinery, a 61,500 barrel-per-day plant in Billings, Montana, said people Conversant Inside the matter.

U.S. revenue margins for processing crude into gasoline, diesel and jet gasoline hit 5-yr extremes this month, reviving the plant’s attraction. Rising journey and fewer refineries from pandemic-shutdowns have U.S. gasoline prices headed in the direction of A imply $6 a gallon this summer time, say analysts.

A minimal of three corporations and A private funding group have proven renewed curiosity Inside the refinery this yr, which returned to full manufacturing this week for The primary time since a March 27 hearth, the people said.

“We don’t Contact upon rumors,” said ExxonMobil spokesperson Julie King.

The nation’s largest refiner by quantity, Marathon Petroleum Corp, Collectively with Par Pacific Holdings  and CVR Power are potential consumers, the people said.

Marathon Petroleum spokesperson Jamal Kheiry declined to remark. Par Pacific and CVR Did not reply to requests for remark.

A minimal Of 1 purchaser Is claimed by the sources to be discussing the phrases of a Deal with Exxon for the refinery And will announce a sale settlement sometime this summer time.

ExxonMobil put The energy Out there on the market To Scale again its U.S. refining footprint to 4 crops: a trio of refineries in Baton Rouge, Louisiana, Baytown and Beaumont, Texas, That are Amongst The …….

Source: https://www.bicmagazine.com/industry/investment-banking/buyer-interest-in-exxonmobil-s-montana-refinery-rises-with-fuel-margins/

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