- A senior Exxon Mobil (XOM) executive confirms the company is considering a multi-billion dollar project that would double U.S. light crude oil refining capacity along the U.S. Gulf Coast to take advantage of growing shale oil production.
- The plan would add a crude distillation unit at XOM's 362K bbl/day Beaumont refinery and boost refining capacity at plants in Baytown, Tex., and Baton Rouge, La., Senior VP Jack Williams told Wall Street analysts last week, Reuters reports.
- The expansion would offer a new outlet for the rising shale oil production from the Permian Basin, which is expected to overwhelm U.S. refining capacity in the next few years, says energy consultancy IHS Markit.
- Reuters reported last month that XOM was near a final investment decision for a project to expand crude oil processing capacity at the Beaumont refinery to as much as 850K bbl/day.
- Now read: Exxon Mobil Vs. BP (LON:BP): Big Oil Dividend Stock Showdown
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