XOM Exxon Mobil Corp

By Sabela Ojea

Oil giant Exxon Mobil Corp. agreed to sell its Montana-based oil refinery to Pacific Holdings for a base purchase price of $310 million.

Exxon also signed a deal to sell a number of midstream assets in Montana and Washington to the energy, infrastructure and retail company Pacific, the companies on Thursday said.

The transaction includes Exxon's Silvertip pipeline, Exxon Mobil's interest in the Yellowstone pipeline and Yellowstone Energy LP, located in the state of Wyoming, Exxon said.

The price of the acquisition, which is expected to close in the second quarter, could increase once hydrocarbon and other inventory have been valued, Pacific said.

Exxon's oil refinery, located in the Montana city of Billings, is capable of refining 63,000 barrels of crude oil per day and processes low-cost Western Canadian and regional Rocky Mountain crude oil grades, Pacific said.

"This acquisition expands our fully integrated downstream network in the western United States," Pacific's Chief Executive William Pate said.

Pacific expects to fund the acquisition with cash and resources coming from existing credit facilities, it said, noting that its liquidity balance sheet stood at $495 million as at Sept. 30.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 20, 2022 12:49 ET (16:49 GMT)

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