Exxon Mobil Corp on Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc for $310 million.
The sale ends a years-long effort by the U.S. oil giant to further reduce its refining footprint and concentrate production on plants along the U.S. Gulf Coast and in the Midwest. It also has been selling oil producing properties to boost returns.
Profit margins for processing crude into gasoline, diesel and jet fuel hit five-year highs in the United States earlier this year, helping the sales appeal. Rising travel and fewer refineries from pandemic-shutdowns have pushed the average U.S. gasoline retail price to $3.84 a gallon this week, up from $3.36 a year ago.
"This acquisition expands our fully integrated downstream network in the western United States," said Par Pacific Chief Executive Officer William Pate.
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