Business Strategy Par Pacific Holdings to Acquire Exxonmobil’s Billings Refinery in USA
Exxonmobil has plans to sell its Billings refinery as well as a few select midstream assets in Montana and Washington, USA to Par Pacific Holdings. The deal also includes associated pipelines along with product terminals.
Texas/USA – Exxonmobil and its affiliates have reached an agreement with Par Pacific Holdings for the sale of the Billings refinery and select midstream assets in Montana and Washington. The sales agreement includes the Silvertip pipeline, Exxonmobil’s interest in the Yellowstone pipeline and Yellowstone Energy, and its interests in product terminals in both states.
“Exxonmobil is focused on investing in facilities where we can manufacture higher-value products such as lubricants and chemicals,” said Karen Mckee, president of Exxonmobil Product Solutions. “We have proudly operated the Billings refinery since 1949 and we thank our more than 300 talented employees for their dedicated service.”
Employees directly supporting these assets will be offered positions at Par Pacific. Exxonmobil remains focused on safe and reliable operations and ensuring compliance with commitments made to customers and the relevant government agencies and regulators.
Exxonmobil will work with Par Pacific to carefully manage the transition with dedicated teams assigned to maintain customer, vendor, personnel, community relations and environmental protection, subject to applicable law. Par Pacific has agreed to continue to supply Exxon- and Mobil-branded service stations in the region.
The transaction is expected to close in the second quarter of 2023, subject to standard conditions and applicable legal requirements, including approval from regulatory authorities.