| ExxonMobil to Sell its Torrance Plant to PBF Energy for $537M | |
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ExxonMobil Corporation XOM announced its decision to sell its Southern California refinery to New Jersey-based energy company – PBF Energy Inc. – for $537 million.
The refinery had been crippled by an explosion over six months ago, which wounded four contractors, caused heavy damage at the plant and shocked nearby residents. The Southern California refinery, which is known as the Torrance plant, remained shut ever since. This resulted in substantial gas deficiency and hence, an increase in gas prices in California. The Torrance plant has a capacity to process 155,000 barrels of crude oil per day.
ExxonMobil was charged over $566,000 by California regulators for workplace safety and health violations.
Spread over an area of 750 acres, the refinery yields 1.8 billion gallons of gasoline per year. This is equivalent to 8.3% of the state’s total refining capacity. Other storage facilities and pipelines are also up for sale. This includes a 116-mile section that carries San Joaquin Valley crude to the refinery as well as pipes that provide access to the Ports of Long Beach and Los Angeles.
The refinery currently has about 700 staff members and 700 contractors in its employment. PBF Energy intends to employ these personnel at the plant.
Per PBF Energy, the plant will be restarted before the sale is concluded next year. Interestingly, PBF Energy recently purchased another ExxonMobil refinery in Louisiana. Subsequent to these purchases, PBF Energy will be capable of processing 900,000 barrels of oil daily.
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Exxon Mobil is a and oil producing company based in United states of america. Exxon Mobil is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is US$ 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. |