An earlier version of this article incorrectly characterized it as a new investment, when Exxon announced it more than four years ago. The news today is the start of the expansion project. It has been corrected.
Exxon Mobil Corp. XOM, -4.97% said Thursday it has started work on its biggest refinery expansion in the U.S. since 2012 in the form of a $2 billion project at its Beaumont refinery, equal to adding a medium-size refinery. The oil major said the move would increase capacity for transportation fuels by 250,000 barrels a day. That will bring overall capacity to more than 630,000 barrels a day. “Supported by the company’s growing crude production in the Permian Basin, the largest refinery expansion in more than a decade will help meet growing demand for affordable, reliable energy,” the company said in a statement. The refinery links to pipelines from Exxon’s operations in the U.S. Permian Basin. The operations in Beaumont also include chemical, lubricants and polyethylene plants with about 2,100 employees accounting for one in every seven jobs in the region. The stock has gained 31.6% in the last 12 months, while the S&P 500 SPX, -0.70% has fallen 10.7%.
This article was originally published by Marketwatch.com. Read the original article here.
