Exxon's Refinery Revamp On Track, Nears Sale Of Major LNG Terminal: Report

Exxon Mobil Corporation XOM reportedly plans to finish an overhaul of the hydrocracker at its Beaumont, Texas refinery, which produces 619,024 barrel-per-day (bpd), by the end of March.

The plant’s 60,000-bpd hydrocracker was shut down on March 1 for the planned overhaul and the company also shut down 80,000-bpd PTR-4 catalytic reformer for work, reported Reuters.

As per the report, Exxon also plans to shut down the 35,000-bpd CHD-1 hydrotreater for two weeks of work in April.

Also Read: Exxon’s Lithium Experiment Could Be Winner For Oil Company, State Of Arkansas

Apart from this, Vitol-backed energy storage company VTTI is reportedly close to acquiring a majority stake in Italy’s biggest liquefied natural gas import terminal from Exxon Mobil and QatarEnergy, as per Reuters.

The Adriatic LNG terminal is about 9 miles (15 km) off the Veneto coastline and has a regasification capacity of 9 billion cubic meters of natural gas annually.

The deal would give VTTI a role in the European LNG market when the liquefied gas flows to Italy are on the rise, as per the report.

Also Read: Exxon’s Guyana Project Seen Boosting Cash Flow, Analyst Predicts Dividend Bump

In February, Exxon reportedly considered its first offshore natural gas production in Guyana, close to the country’s maritime border with Suriname.

Price Action: XOM shares are trading higher by 1.15% at $105.56 on the last check Tuesday.

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