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Exxon announced a final investment decision to expand its
Beaumont, TX, refinery capacity by 250,000 barrels/day, making it the largest U.S. plant, and
then confirmed an investment with Plains All America and Lotus Midstream to build a 1M barrel/day pipeline to ship crude to its Beaumont and Baytown, TX, refineries.
In the same week,
Chevron announced its purchase of the 110 mb/d Pasadena, TX, Houston Ship Channel refinery from
Brazil’s national oil company Petrobras.
Both Exxon and Chevron boasted record Permian production in
their fourth quarter 2018 earnings calls. This note reviews Chevron’s purchase and Exxon’s expansion
considering the changing Gulf Coast refining market.
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