ExxonMobil Sells Share of Chalmette Refining, LLC in Louisiana
June 18 2015 - 11:46AM
Business Wire
- PBF Energy Inc. to purchase refinery
from ExxonMobil and PDVSA
- ExxonMobil committed to ongoing
operations in Louisiana
- Decision results from careful
assessment of strategic priorities in Downstream
ExxonMobil has reached an agreement with PBF Energy Inc. for the
sale and purchase of its 50 percent interest in Chalmette Refining,
LLC in Chalmette, Louisiana.
PBF Energy will purchase 100 percent of Chalmette Refining, LLC,
which is a joint venture between affiliates of Petróleos de
Venezuela, S.A. (PDVSA) and ExxonMobil.
The agreement includes the Chalmette refinery and chemical
production facilities near New Orleans, La. and the company’s 100
percent interests in MOEM Pipeline, LLC and 80 percent interest in
each of Collins Pipeline Company and T&M Terminal Company.
ExxonMobil operates Chalmette Refining, LLC and Mobil Pipeline
Company, an ExxonMobil affiliate, operates the logistics
infrastructure.
“This decision is the result of a strategic assessment of the
site and how it fits with our large US Gulf Coast Refining
portfolio,” said Jerry Wascom, president of ExxonMobil Refining
& Supply Company.
“We regularly adjust our portfolio of assets through investment,
restructuring, or divestment consistent with our overall global and
regional business strategies,” said Wascom. “ExxonMobil remains
committed to doing business in Louisiana through ongoing 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. All of these businesses are unaffected by this
agreement.”
Subject to regulatory approval, change-in-control is anticipated
to take place by the end of 2015. Details of the commercial
agreements are proprietary.
Cautionary Note: Statements of future events or conditions in
this release are forward-looking statements. Actual future results,
including future business plans and closing of the sale and
purchase agreement, may differ depending on market conditions
affecting the oil and gas industry and long-term oil and gas
prices; political and regulatory events, including granting of
regulatory approvals for closing of the agreement; satisfaction of
other conditions specified in the agreement; the outcome of
commercial negotiations; and other factors discussed under the
heading “Factors Affecting Future Results” on the Investors page of
our website at exxonmobil.com and in Item 1A of ExxonMobil’s most
recent Annual Report on Form 10-K.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources and is one of the world’s largest integrated
refiners, marketers of petroleum products and chemical
manufacturers. For more information, visit www.exxonmobil.com or
follow us on Twitter www.twitter.com/exxonmobil.
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