| ExxonMobil Inks Sale & Purchase Agreement with PBF Energy - Analyst Blog | |
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Oil giant ExxonMobil Corporation XOM has inked a sale and purchase agreement with PBF Energy Inc. Per the deal, the company will hand over the 50% interest it holds in Chalmette Refining, LLC in Louisiana to PBF Energy.
PBF Energy, however, intends to gain the complete ownership of Chalmette Refining, LLC a joint venture between the affiliates of Petróleos de Venezuela, S.A. (“PDVSA”) and ExxonMobil.
The assets included in the sale and purchase agreement are the Chalmette refinery and chemical production facilities near New Orleans, LA. The deal also comprises ExxonMobil’s 100% interests in MOEM Pipeline, LLC and 80% interest in each of Collins Pipeline Company and T&M Terminal Company.
Chalmette Refining, LLC is operated by ExxonMobil, while an affiliate of the firm – Mobil Pipeline Company – operates its logistics infrastructure.
The decision follows ExxonMobil’s strategic assessment of the site and a careful analysis of its position within the company’s enormous U.S. Gulf Coast Refining portfolio. The constant reorganizing of the company’s portfolio through investment, reorganization or divestment is in sync with its overall global and regional business strategies.
ExxonMobil’s commitment to carry on with business in Louisiana can be recognized through many of its activities in the area. These include the company’s continuing operations at the Baton Rouge refinery and chemical plants, the development and production of oil and natural gas resources, and sales of fuels and lubricants. Notably, these businesses remain unaffected by the aforesaid agreement.
The transaction is expected to be effective from the end of 2015, subject to regulatory consent. Details of the commercial agreements were not disclosed.
ExxonMobil is the world’s largest publicly traded oil company. The supermajor is engaged in oil and natural gas exploration and production, petroleum products refining and marketing, chemicals manufacture, and other energy-related businesses.
ExxonMobil currently carries a Zacks Rank #2 (Buy). Some other stocks from the same space that warrant a look are Transmontaigne Partners L.P. TLP, EQT Midstream Partners, L.P. EQM and CNOOC Ltd CEO. All these stocks sport a Zacks Rank #1 (Strong Buy).
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Exxon Mobil is a and oil producing company based in United states of america. Exxon Mobil is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is US$ 499.8 billions as of today (€ 467.1 billions). Its stock quote reached its lowest recent point on March 14, 1997 at US$ 100.12, and its highest recent level on April 26, 2024 at US$ 117.96. Exxon Mobil has 4 237 270 016 shares outstanding. |