Exxon Mobil Corporation (NYSE:XOM) To Expand Beaumont Refinery


Exxon Mobil Corporation (NYSE:XOM)’s ambitious expansion plans appear to be afoot, with the company filing for new permits to upgrade and expand its Beaumont refinery.

By far the largest in size in the world, Exxon is the most publicly-traded oil company in the world as well. The company had, in October 2014, applied for four permits to operate in Texas.

Exxon Mobil Corporation spokesperson Lee Dula, however, failed to confirm the nature of specific filings. The organization deferred to answer questions on further expansions based on the issue of the current permits.

Lee Dula, referring to the proposed request for approval to increase emissions, as well as installation of equipment at the Beaumont refinery, confirmed that the application does not mean final plans have been drawn. The application to seek regulatory approval was the standard process in planning and evaluation, the spokesperson commented.

In July last, Reuters had reported that Exxon Mobil Corporation (NYSE:XOM) was toying with the idea of starting a third crude distillation unit at the Beaumont refinery. The production capacity with the new distillery would see the capacity double, the report had stated. The expected production from the distillery is roughly at 344,600 barrels per day.

However, the July report was further updated, by Reuters, on Monday. The latest news report indicates that Exxon Mobil Corporation (NYSE:XOM) may not be looking at only doubling its production capacity, but may have massive expansion plans in the pipeline.  The news report suggested that the company was aiming to increase the production to 850,000 barrels per day in the next five years, by 2020. If such a capacity is achieved, the refinery would be the fourth-largest in the world, opine analysts. Thus far, the largest refinery is the Motiva Enterprise-backed Port Arthur facility and is now built to expand the production from 325,000-barrels per day to 600,000 barrels per day, by 2012.

Lisa Ray

Lisa Ray primarily covers Retail and Healthcare. Lisa Ray has completed her MBA (Finance) and an avid market tracker. She is a stock market analyst who closely tracks US markets along with other global markets like India. She has been expressing her views for years about markets and also advises various clients.

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