Houston Company Announces Purchase of ExxonMobil Refinery in Lockwood
10.31.2022 By TankTerminals.com - NEWS

October 31, 2022 [missoulacurrent] – A Houston-based company announced Thursday it has purchased the ExxonMobil refinery in Lockwood.


Par Pacific Holdings, Inc. announced in a statement “it has signed a definitive agreement to acquire the 63,000 bpd Billings refinery and associated marketing and logistics assets (collectively, the “Billings Assets”) from ExxonMobil Corporation and two of its subsidiaries for a base purchase price of $310 million, plus hydrocarbon and other inventory to be valued at closing

Par Pacific expects to fund the acquisition with cash on hand and availability under existing credit facilities, based on liquidity of approximately $495 million on September 30, 2022.”

“This acquisition will significantly enhance our scale and geographic diversification and underpins our focus on pursing strategic growth initiatives,” said William Pate, President and Chief Executive Officer of Par Pacific. “We look forward to welcoming the dedicated and highly skilled Billings employees to our team. This acquisition expands our fully integrated downstream network in the western United States.”

Kim Jakub, ExxonMobil’s Billings refinery manager said Par Pacific will offer jobs to all of the approximately 340 employees.

“That includes the refinery employees as well as some of our midstream employees that work at terminals here in Billings and across Montana and Eastern Washington,” Jakub said.

Karen McKee, president of ExxonMobil Product Solutions, released this statement, according to businesswire.

“ExxonMobil is focused on investing in facilities where we can manufacture higher-value products such as lubricants and chemicals. We have proudly operated the Billings refinery since 1949 and we thank our more than 300 talented employees for their dedicated service.

Reports surfaced in late 2019 that ExxonMobil was looking to sell the 60,000-barrel-a-day oil refinery and that representatives from two oil companies – Valero Energy Corp. and Marathon Petroleum Corp. – had toured the refinery.

Pro Trial: Access 10,390 Tank Terminal and Production Facilities

10,390 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Tangier Island Awarded $2.3 Million Grant for Fuel Storage
06.20.2024 - NEWS
June 20, 2024 [National Fisherman]- Tangier Island, Va., sits in the middle of Chesapeake Bay wit... Read More
Sweco Supports VoltH2 in Design and Development of New Green Hydrogen Plant in The Netherlands
06.20.2024 - NEWS
June 20, 2024 [Public Now]- The European energy company VoltH2 has selected Sweco as its partner ... Read More
ONEOK Completes Acquisition of Gulf Coast NGL System
06.20.2024 - NEWS
June 20, 2024 [ONEOK]- ONEOK, Inc. announced that it has completed its acquisition of a system of... Read More
Phillips 66 Refining Margins Tighten on TMX Expansion Start-Up
06.20.2024 - NEWS
June 20, 2024 [Market Screener]- U.S. refiner Phillips 66 said on Tuesday its margins have tighte... Read More