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Exxon prepares to start up $2 billion Texas oil refinery expansion

By Erwin Seba (Reuters) - Exxon Mobil Corp (NYSE:XOM) in coming days will sharply boost gasoline and diesel production at its Beaumont, Texas, refinery, people familiar with the...
Exxon prepares to start up $2 billion Texas oil refinery expansion © Reuters. FILE PHOTO: A general view of a new crude distillation unit under construction at Exxon Mobil's refinery in Beaumont, Texas, U.S., November 23, 2022. REUTERS/Erwin Seba
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By Erwin Seba

(Reuters) - Exxon Mobil Corp (NYSE:XOM) in coming days will sharply boost gasoline and diesel production at its Beaumont, Texas, refinery, people familiar with the matter said, completing a $2 billion expansion first considered nine years ago.

Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd refinery is expected by Jan. 31, the sources said, making the Beaumont refinery the second largest in the United States.

It is the first major expansion to U.S. oil processing in nearly a decade, adding the equivalent of a mid-sized refinery, and coming online as scheduled at a time when U.S. President Joe Biden has been urging refiners to produce more fuels, or face penalties.

(This story has been corrected to say that the cost of refinery expansion is $2 billion, not $1.2 billion, in the headline and story)

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    GBP/USD 1.1982 Neutral  
    USD/JPY 131.90 ↑ Sell  
    AUD/USD 0.6887 ↑ Sell  
    USD/CAD 1.3468 ↑ Buy  
    EUR/JPY 140.76 ↑ Sell  
    EUR/CHF 0.9882 ↑ Sell  
    Gold 1,881.95 ↑ Buy  
    Silver 22.195 ↑ Sell  
    Copper 4.0042 ↑ Sell  
    Crude Oil WTI 75.40 Buy  
    Brent Oil 81.99 Neutral  
    Natural Gas 2.547 ↑ Sell  
    US Coffee C 174.10 ↑ Sell  
    Euro Stoxx 50 4,201.65 Buy  
    S&P 500 4,099.56 ↑ Sell  
    DAX 15,293.85 Buy  
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    Hang Seng 21,298.70 ↑ Sell  
    Small Cap 2000 1,937.90 ↑ Sell  
    IBEX 35 9,155.30 ↑ Sell  
    BASF 52.865 ↑ Buy  
    Bayer 58.93 ↑ Buy  
    Allianz 219.10 ↑ Buy  
    Adidas 152.88 ↑ Sell  
    Lufthansa 9.636 Neutral  
    Siemens AG 141.03 Buy  
    Deutsche Bank AG 11.493 ↑ Buy  
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